The paper "Business Cycle Properties and Macro Forecasting of the Australian Economy" is a great example of a micro and macroeconomic case study. Australia is the fourteenth largest economy worldwide, with a GDP of U$755.1 billion in 2009 (IMF, 2009). The GDP declined by 25.3% in 2008-2009 (IMF, 2009). The nation has developed into a superpower in the past 1-2 centuries. In 1900, the gross domestic product stood at US$419 million which increased to US$593 billion by 1999 (Australian Bureau of Statistics, 2001). There has been an enormous development in the gross fixed capital formation related to the Australian economy which increased from US$55 million to US$141 billion by the end of 20th century (1900-1999).
Thus it could be seen that Australia is one of the richest and strongest economies worldwide. The GDP per capita has been stable and slightly improved for the past decade. In 1999, the GDP per capita stood at US$20,582 increased to US$23,936 in January 2008. On the other hand, gross national income stood at US$3.9 billion in September 1959 increased to US$283 billion by June 2009 (www. abs. gov. au). The net savings in Australia increased from US$497 million to US$129 billion in September 1959-June 2009.
It could be seen from the above observation that the majority of macroeconomic indicators increased sharply for Australia as a nation (www. abs. gov. au). Although the majority of national account-related economic indicators showed higher growth rates, the miscellaneous indicators or elements such as total earnings across Australia slowly improved to US$312 to US$923 (1959-2009). The unemployment rate has declined slightly from 6.5% in February 1978 to 5.8% in June 2009 (Australian Bureau of Statistics, 2009).
On the other hand, the total employed base across Australia stood at 6 million in February 1978 to 10.7 million in June 2009 (www. economagic. com). The Federal fund rate stood at 14% per annum in January 1980 which later on declined to 0.13% per annum by August 2009. On the contrary, the exchange rate of the Australian dollar to the US dollar stood at 1: 0.9175 in December 1983 to 1: 0.8904 in October 2009 (www. abs. gov. au). In 1985, private consumption across Australia stood at 47.7 and increased drastically to 108 in June 2009 (www. abs. gov. au).
• Miller, Daniel (2009). A Theory of Shopping (paperback). Ithaca, N.Y: Cornell University Press.
• Frum, David (2009). How We Got Here: The '70s. New York, New York: Basic Books