i put in the compitition policy, infrastructure and labour dereg which all decrease cost push via decreasing costs of production.Are they wrong though?They have been used by the government are they available to the government?
Band 6 responses usually feature an integration of these policies in your argument, ie structured so that u talk about monetary policy in its entirety, but acknowledge supply side factors that affect inflation, therefore requiring the microeconomic reform.
my focus was on monetary policy namely pre epmtive monetary policy, then talked also about fiscal very breifly but how it is not used much and more focused on surpluses. then a few pages on micro economic reform polices ie price and incomes, national competitions policy, labour reform and trade reform
is it alright if you totally forgot to add any statistics in your response??
I only explained how monetary and fiscal policies operate and mentioned reduction in protection for microeco - i knew SO much more but panicked as i ran out of time and didn't add it in. I only wrote 8 pages but covered everything very generally :-(
what mark should i be expecting with such length and no statistics and only ONE microeco reform?!? I'm worried.
I did a paragraph on each cause of inflation (demand pull, cost push, infl' expectations, and imported infl'n). Then talked throroughly about monetary policy, and went on to say how it is argued that the recent interest rise was to keep the aussie dollar high (a depreciating aud causes imported inflation). Then talked about supply side economics, i didnt say "prices and income policy" etc... only "structual change, micro eco reform" - but i mentioned AWA's ---> wages not tied to inflation, instead productivity. talked about privatisation, deregulation of financial sector, etc etc.. then did a page on the trade off between infl'n and unemployment (showed how micro and macro combined can achieve both eco goals ---> recent aussie figures).