In: Economics
Part I: Description of the State of the U.S.
Economy
Describe the state of the U.S....
Part I: Description of the State of the U.S.
Economy
- Describe the state of the U.S. Economy for the years between
2006 and now in terms of macroeconomic measures discussed in the
course (GDP, unemployment, and inflation rates). Use data from the
National Bureau of Economic Research (NBER),
http://www.recovery.gov, and other government agencies and
departments, such as Department of Labor (Bureau of Labor
Statistics), Department of Commerce (Bureau of Economic Analysis),
etc. and present the data in charts, graphs, or tables.
- As you will notice from your data analysis, the economy passes
through different phases and turns. Discuss the implications of a
given state (for example, recession) in terms households,
businesses, and the entire society as a whole. Share your thoughts
as to why it is important for you to understand the different
states through which the economy passes. Share personal examples
and experiences.
Part II: Analysis of Economic Policies
- In your analysis of the macroeconomic data, you will notice
that the U.S. economy passed through a major recession. Based on
research, discuss the underlying causes of the recession. Identify
monetary and fiscal policies implemented by the Federal Reserve and
the government to deal with the recession.
- Evaluate the expected and actual effects of each policy. Your
response needs to include the name of the policy, description of
the policy, the year it is implemented, and discussion of expected
and actual outcomes in terms of the GDP, unemployment and inflation
rates.
- After close observation of the different perspectives discussed
in the course, share your position on the effectiveness of fiscal
and monetary policies to deal with recession or inflation.
- As part of the economy, each of us will be affected by the
state of the economy and the actions policy makers take to
stabilize or advance it. Conclude by sharing why understanding
these actions and outcomes matter to you as an individual who is
part of the economic system. How do they affect the
society/economy? What could be done differently? Share personal
examples and experiences