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Question 1: (a) From Sep 2019 till Feb 2020, Australia experienced serious bushfires around the country....

Question 1:

(a) From Sep 2019 till Feb 2020, Australia experienced serious bushfires around the country. Please use aggregate supply and aggregate demand curves to analyse the impact of bushfire on the Australian economy.

Notes: Please make your graph clear and clearly explain your answer. I believe we are expected to use LRAS as well as Short Run Aggregate Supply and Short run Aggregate Demand.

(b) Discuss what policies the government should use to stimulate the economy and its impact in the short and long run (after the bushfires)

Notes: We are expected to discuss monetary policy. Please clearly state what policies to use and explain why.

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