Business School London Campus
Session 2021-22 Trimester 2
Module Code: (ECON08005)
GLOBAL MACROECONOMIC POLICIES
SEEN CLASS TEST
Global Macroeconomic Policy Seen Class Test London 2022
Assignment Weighting
This assignment accounts for 40% of the module mark.
Word limit
2000 words
Date of submission
The coursework will be submitted through turnitin towards the end of the trimester. Details will be confirmed in due course.
Referencing
Use the Harvard method to reference sources.
Class test
Identify the impact of the following events on an advanced economy, and critically assess the merits of the possible policy responses of macroeconomic policy makers.
Due to rapid growth in emerging and developing markets the price of commodities such as oil increases.
Stock market booms in advanced economies.
Use the Aggregate Demand and Aggregate Supply framework to explain your answer. State any assumptions you have made in your answer.
Guidance
The main theme of this wide-ranging assignment is how macroeconomic policy can be used to cope with macroeconomic shocks. Give an equal (roughly) to your answer to each scenario. There are two main elements to the assignment. Firstly, to identify how the event will affect an advanced economy. Secondly, to examine the merits of the potential policy responses available to policy makers in the economies affected by these events. Please note that this should be treated as a theoretical/analytical exercise and so do NOT simply describe events taking place in the world economy.
Recommended Reading
To say the recommended reading is by no means exhaustive is understatement if ever there was one. I have tried to select material that is accessible to you given your stage of development and that hopefully will be of some interest but there is plenty more to explore should you wish to do so.
Mankiw, N.G. and Taylor, M.P., (2020) ‘Economics’, Chapters 28 and 29, 5th edition, Cengage.
The above chapter is where you should start. This will provide you with what you need to explain the basic theory examined in the assignment.
Some additional useful resources available on Moodle are listed below.
Ramey, V.A. (2019) Ten Years After the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research? Journal of Economic Perspectives, Volume 33 (2), Spring, Pages 89–114*
Devereux, M.P et. al (2020) “Discretionary fiscal responses to the COVD-19 pandemic”, Oxford Review of Economic Policy, Volume 36, Number S1, pp. S225–S241*
Mishkin, F.S. (1995) “Symposium on the Monetary Transmission Mechanism”, Journal of Economic Perspectives, Vol 9(4) p3-10.*
Friedman, M. (1968), “The Role of Monetary Policy”, American Economic Review 58, March 1968, pp. 1-17 *
*Available on Moodle.
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