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dc.contributor.authorGuest, Ross
dc.date.accessioned2017-05-03T11:35:35Z
dc.date.available2017-05-03T11:35:35Z
dc.date.issued2011
dc.date.modified2012-02-10T02:01:58Z
dc.identifier.issn0004-9018
dc.identifier.doi10.1111/j.1467-8462.2010.00625.x
dc.identifier.urihttp://hdl.handle.net/10072/42314
dc.description.abstractThe Global Financial Crisis (GFC) of 2008 and 2009 was the deepest global cyclical downturn since the Great Depression of 1929-1933. Historically, major worldwide economic events have influenced economic thought and this has been reflected in the economics curriculum. For example, the Great Depression ushered in Keynesian economics; and the oil price shocks of the 1970s contributed to stagflation,1 which led to recognition of the role of aggregate supply and expectations through the expectations-augmented Phillips curve. The GFC and its aftermath have already challenged established thought in some areas of macroeconomics, which has implications for undergraduate macroeconomics. A proper understanding of the causes and effects of the GFC must draw on some ideas that do not normally feature in undergraduate macroeconomics subjects and must pull together strands from other economics subjects as well as subjects from the disciplines of accounting and finance. This article first explains that debt and asset prices can be integrated into the standard aggregate demand (AD)-aggregate supply (AS) model and discusses the importance of understanding the relationship between equity, assets and liabilities. This is followed by a brief discussion of the implications of the GFC for monetary and fiscal policy.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoen_US
dc.publisherWiley-Blackwell Publishing Asia
dc.publisher.placeAustralia
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom113
dc.relation.ispartofpageto120
dc.relation.ispartofissue1
dc.relation.ispartofjournalThe Australian Economic Review
dc.relation.ispartofvolume44
dc.rights.retentionY
dc.subject.fieldofresearchMacroeconomics (incl. Monetary and Fiscal Theory)
dc.subject.fieldofresearchEconomics
dc.subject.fieldofresearchcode140212
dc.subject.fieldofresearchcode14
dc.titleThe Global Financial Crisis and Undergraduate Macroeconomics
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.date.issued2011
gro.hasfulltextNo Full Text
gro.griffith.authorGuest, Ross


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