Using oil price shocks to teach the AS-AD Model in a blended learning strategy

Publisher:
University of Queensland
Publication Type:
Journal Article
Citation:
Australasian Journal of Economics Education, 2011, 8 (2), pp. 63 - 87
Issue Date:
2011-01
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This paper reports a pedagogical strategy employed to teach the AS-AD model. Dolan & Stevens (2006) stress the importance of teaching macroeconomics with relevance, and in this vein the issue of the macroeconomic effect of substantial increases in oil prices was used as a focus for teaching the AS-AD model in the first semester of 2006. This strategy also had a substantial blended learning dimension which Fox & MacKeogh (2003) argue can generate deeper student learning than traditional, pure, face to face strategies and which Hughes (2007) suggests can enhance the confidence with which students approach learning tasks, improving what they take away from these experiences. The paper describes the behaviour of oil prices in the years leading up to 2006 and the factors affecting this price. It outlines the structure of the AS-AD model presented to students and how oil prices can be incorporated into this model. It then discusses details of the overall strategy used for teaching the model and finally presents some evidence that students reported better and more relevant learning experiences than did students in the three prior semesters which had not used this strategy.
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