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ECO202Y1Y, Fall 2021

Macroeconomics Theory and Policy Writing Assignment #1

The purpose of this assignment is to write a short essay about the recent history of the monetary and fiscal policies to deal with macroeconomic shocks, during the period of 2006-2021, and prospect of these policy from now onward.  Specifically, we try to focus on two major shocks, the Global Financial Crisis in 2008-2009, and the current Global Virus Crisis. You need to discuss how these policies were implemented during these two crises, and debates about how these policies should continue in future. These debates are around the current fears of a persistent inflation. Last year at this time, some economists warned about possibility of high inflation rates, while some denied it. However, after emerging a continuous inflation rate above 5% since last May, some economists are arguing for “tapering” to avoid a persistent inflationary episode.

Please note that your final paper must have a complete essay structure from introduction to conclusion and references with an internal coherence. But, in order to help you with what you are supposed to include, I suggest the following steps and components. These steps are just to help you to organize your paper, and not to be treated like questions to get your answer mechanically. They also serve as a mark breakdown or rubric for grading. Do not forget to put the references at the end, and the tables and graphs in the appendix.

The Structure of the Essay:

1)- Focussing on the US economy, for the period of 2006-2021, briefly elaborate on the status of the economy and implemented macroeconomic policies, in terms of major indices, like the real GDP, inflation rate, consumer confidence index, unemployment rate, Federal Funds Rate (the US Federal Reserve lending interest rate), money supply, government budget deficit, especially during the Global Financial Crisis (2008-2009) and current Global Virus Crisis. You can create or use proper graphs to back up your views. (30)

2)- Discuss if the policies were sufficient and applied on time. (20)

3)- Given the information about the above indexes for the last few months, do research to review different views across the world and among well-known economists and policy makers (government officials and central banks authorities) about the inflation rate and the future trends of the fiscal and monetary (tapering) policies. You need to mention several of them with different stands on this issue and with their line of reasoning. (30)

4)- Discuss your own views about how the economic policies should be done in the next few months and years, given the information. (10)

5)- General organization, quality of analysis and presentation, creativity, elaboration of the paper, and proper referencing. (10)

Administrative issues:

- This assignment should be done only by yourself alone. Any assignment copies from others leads to penalizing both sides. You should report all your references in a proper way to show the external resources that you used. As you know plagiarism is a violation that is prosecuted based on the university rules. You can choose any citation format, but it should be used consistently along your essay.

- The quality of analysis always matters more than quantity. However, an ideal assignment should be around 2000 words (8 pages) long.

- The assignment must be submitted before December 6, 2021, at 9pm, sharp, through the Quercus course webpage.

- The assignment must include your name and student ID Number, on all its pages.

-The only acceptable submission format is ONE file in PDF format, with following name. Marks will be deducted if the rules are not followed.

ECO202_lastname_Student#.pdf For example: ECO202 _Jones_123456789.pdf

- The file must be submitted only once. If you send several versions or several times, one of them is selected, RANDOMELY, by the computer.

- You must start the project early to avoid the last-minute rush, just to avoid last minutes technical issues or sickness, … The deadline will not be extended. No excuse like network failure, system interruption, or sickness … is acceptable. If you miss this assessment, according to the outline, it cannot be substituted by anything else.