Great Recession What factors will determine the future path of the economy? Consider the role of fiscal and monetary policy both in explaining what has happened and what we can expect in the coming years

Hello, below is the topic for this essay, and it would be really helpful if you could find some data from FED or WORLDBANK that could back up the opinion. Please let me know if you have any questions, thank you! This semester we have explored a variety of perspectives on macroeconomics and considered the logic and evidence that helps to distinguish them from each other. This discussion has taken place in the context of the most significant slowdown in U.S. macroeconomic activity that has occurred in the past 70 years. Your assignment is to write an essay that analyzes the sources of the current economic crisis, its implications for the future, and how the future path of the economy could be affected by various policy choices. *** I encourage you to consider the following broad questions as you organize your thinking: • What is the source of the current economic crisis? (Hint: Consider consumer spending, the housing market, and household debt. You can certainly discuss other sources, but do not ignore the household finance issue.) • Link your analysis of what has happened to the main theoretical perspectives that we have covered in class. While you may choose to emphasize a subset of the theoretical ideas as the most helpful in explaining current events, try to compare different approaches. Discuss how aspects of different theories are (or are not) helpful in explaining current events. Also, your grade will be better if you can build a somewhat nuanced story that demonstrates a deep understanding of the theories. For example, in discussing Keynesian perspectives, consider the difference between short-run and long-run outcomes and how that difference depends on the role of price adjustment or monetary policy. • How does your understanding of the Great Recession inform you about U.S. economic experience over the next few years? Any forecast is necessarily somewhat speculative, but I encourage you to link your analysis of what has happened to possible future outcomes. Will recovery proceed? How quickly? What factors will determine the future path of the economy? • Consider the role of fiscal and monetary policy both in explaining what has happened and what we can expect in the coming years. Also think about policies or institutional changes that might go beyond typical monetary and fiscal “stabilization†policy. Be careful to link your policy discussion in a consistent way to the theoretical analysis that you develop in your essay.  • What evidence can you point to that helps distinguish between various explanations and policy recommendations? You have received a number of readings that discuss aspects of the current economic crisis (everything is posted on the course web site). You should use these readings to help guide your thinking about the essay. Try to use quotations from the readings to illustrate and support the points that you make. Your paper will likely draw primarily on analysis that we have covered in class. While you may use outside sources about the current U.S. economy if you find them helpful, it is not necessary to do outside research that goes beyond the class discussions and readings. Make every effort to show that your personal writing style has achieved clarity, and hopefully even some grace.1 This ambitious objective for this assignment suggests that you will need to write a first draft and revise it, hopefully multiple times, over a rather extended period. While material we talk about in the final few weeks of the class will be relevant for this assignment, you have everything you need to begin work on it immediately.

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