Economists perform a variety of roles in Australia and in other countries. These include policy analysis and advice to governments (at all levels including local) and international institutions, analysis and advice regarding economic conditions to both big and small business, forecasting, work in the finance sector, agriculture, trade, taxation – the list is large!
For Part A, research the role of an economist in an institution/business/sector of your choosing. This means finding out about the economist’s role. You need to reference an actual position description for an economist. Provide the reference for where you found the position description. (Note that this does not need to refer to an actual vacancy; many organisations describe what economists who work for them might do, even if they are not actively recruiting at the moment.)
Write a report that includes:
. (a) A brief introduction to/information about the organization you have chosen: their role and mission statement or similar. ?
. (b) A description of the role you have chosen, including the (economics) skills required for the role. ?
. (c) One question you would like to ask an economist in that role, and a brief reason why you are interested in the answer (you do not have to provide an answer). The question must be related to the organisation, not just, for example: “Do you like your job?”! For example for an economist at the Reserve Bank of Australia, you might want to ask what conditions would need to change in Australia before the Board is likely to lift the cash interest rate, or something similar. Be creative! ?
Include a brief introduction (one or two sentences), then address the three points above separately.
Hint: many organisations advertise their graduate program on their websites, and list requirements/position descriptions for graduate economists.
Choose one of the following, or find another that interests you. There must be a 1
macroeconomics element to your choice.
Suggestions: In Australia: The Commonwealth Government – various departments; the Australian Bureau of Statistics; the Australian Bureau of Agricultural and Resource Economics (ABARE); the Reserve Bank of Australia (RBA); the Productivity Commission; State Governments – various departments; The Australian Council of Social Services (ACOSS); NATSEM (The National Centre for Social and Economic Modeling); Major banks; financial intermediaries, big accounting firms, consulting firms such as McKinsey and credit rating agencies such as Standard and Poor’s.
Overseas: The European Central Bank (ECB); The Organization for Economic Cooperation and Development (OECD); The International Monetary Fund (IMF); The World Bank, United Nations Conference on Trade and Development (UNCTAD), the Asian Development Bank (ADB); The World Trade Organization (WTO).
Part B: Theory and policy
1.Describe briefly the process by which the monetary authorities can seek to implement the ?official interest rate.
2.Explain the expected relationships in theory between interest rates and the other variables ?above, that is GDP growth, investment growth, unemployment and inflation, making use of diagrams. ?