470 San Diego State University economics for public decision making – Description
This exercise asks you to assess the pros and cons of fiscal and monetary policy, in the context of the current economic environment. You will draw on the different fiscal and economic tools that we have learned about in this module and module 8, as well as engage with the debates surrounding their use. This exercise covers material primarily from Module 7 but also can touch on material from Module 8, thus you have two weeks to complete it.
Directions:
Given current economic conditions, and political circumstances, address the following:
1) You are advising the president on the optimal fiscal policy at present. What is your advice? (40%)
2) The Federal Reserve has called for your help in determining what the optimal monetary policy should be at present. What is your advice? (40%)
3) Finally, in your response, assess the interaction between the two policies, again taking current circumstances into account. (20%)
Scoring:
There are three parts to the response, the fiscal and monetary policy component are weighted at 40% each and the discussion of the interaction between the two is worth 20%.
Excellent Responses (A/A-): Excellent responses will cover all the main types of fiscal and monetary policy, and will explain their merits in the current environment. If relevant, more unconventional policies may also be discussed. Appropriate real-world past examples will be used to support the argument. The answer will discuss potential critiques of their advice and respond accordingly.
Good Responses(B/B+): Good responses will cover some of the main policy tools but may miss some or mischaracterize them. Real-world past examples may be used to support the argument. Potential critiques are briefly dealt with.
Poor Responses (B-/C): Poor responses will not address most of the main policy tools or may mischaracterize them. There may be no or irrelevant examples used. Potential critiques are not addressed.
Format: Your answer should have 3 sections of around 2 paragraphs each i.e. Presidential Advice, Federal Reserve Advice, General assessment (this last can be written as an outsider observing the two policies recommended in the first two sections). Page limit is 2 pages with some flexibility.
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