1000 word essay see attachments Inflation, Unemployment and the Fed Status: Scheduled COMPETENCIES TO MASTER Can identify and explain basic macroeconomic principles Can analyze current macroeconomic and financial news Can research a topic of general interest and summarize findings in writing Can read critically in order to identify main ideas, supporting evidence, and conclusions Overview You have been hired as an economic advisor to Peter Politico, who is running for U.S. Congress. Unfortunately, Mr. Politico does not know very much about economics. You have been asked to write a briefing to prepare him for a debate about the role of the Federal Reserve (?the Fed?) in controlling unemployment and inflation. Directions To prepare to write your briefing, explore the resources to make sure you understand all the concepts that will come up in the debate. The Project Resources explaining these concepts are listed in the order you should review them. Also, read the two articles about the Federal Reserve. Write a briefing that explains to Mr. Politico the important background concepts in a way that someone without knowledge of economics can understand. Structure your briefing in the following way: Begin by explaining the background concepts of: real GDP inflation unemployment Explain the concepts of aggregate supply and aggregate demand, including recessionary and inflationary gaps. Explain what the Fed does. Use the background concepts in your explanation. What is the Fed?s ?dual mandate?? What tools does the Fed use to achieve its goals? What happens when the Fed pursues an expansionary or contractionary policy? To provide Mr. Politico with two specific examples of how the Fed works, summarize the two news articles. For each, explain the main ideas presented, the evidence given for these ideas, and the conclusions. Throughout the briefing, you will need to translate any economics jargon into simple, clear language for Mr. Politico. Look up any concepts that you don?t understand to help your analysis and be sure to use your own words as you write this briefing. DELIVERABLES Briefing document (approximately 1,000 words) Project Resources These are links to public external resources. Any comments or statements made on these public websites are not representative of College for America. Principles of Economics Read Sections 20.1, 20.2, and 20.3 on GDP, inflation and unemployment (starts on page 751). VIEW ADD TO LIST Aggregate Demand Video VIEW ADD TO LIST Shifts in Aggregate Demand Video VIEW ADD TO LIST Long-Run Aggregate Supply Video VIEW ADD TO LIST Short-Run Aggregate Supply Video VIEW ADD TO LIST Principles of Economics Read Sections 22.3 (skip “Restoring Long-Run Macroeconomic Equilibrium”), 24.1, 24.2, 24.3, 25.1 (skip “Foreign Exchange Markets”), and 26.1 on recessionary and inflationary gaps, the nature of money, the banking system, the Federal Reserve, the bond market and U.S. monetary policy. VIEW ADD TO LIST New York Times: “Fed Defends Stimulus in Testimony to Senate” Summarize and explain this article. VIEW ADD TO LIST Time: “What Happens When the Fed Really Does Run Out of Ammunition?” Summarize and explain this article. VIEW ADD TO LIST Skill-Building Resources These are links to public external resources. Any comments or statements made on these public websites are not representative of College for America. Goal Question and Answer Sessions Read this document to learn how to join a live question and answer session about this Goal hosted by a College for America Goal Mentor. VIEW ADD TO LIST Principles of Economics Read Chapter 1: Economics: The Study of Choice, Sections 1.1, 1.2 (skip “Putting Economics to Work”) and 1.3 for background information on economics. VIEW ADD TO LIST Introduction to Economics VIEW ADD TO LIST Supply and Demand VIEW ADD TO LIST Principles of Economics Read Chapter 22: Aggregate Demand and Aggregate Supply for an alternative to the video explanations. VIEW ADD TO LIST Overview of the Federal Reserve VIEW ADD TO LIST
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