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In the paper, students will discuss macroeconomic theory as it relates to the topic and will include appropriate citations and references. Relevant data must be researched, collected, and communicated in table or chart format. The paper is due on the last day of class, and students must present a 5-minute summary with class discussion. Here is the 3-part assignment:
I – It is early 1981 and Presdient Ronald Reagan has just been inaugurated to replace President Jimmy Carter. You are assigned the duty of providing economic advice to President Reagan.
1) What is the state of the economy regarding the 5-year trend in economic growth, inflation, interest rates, and unemployment?
2) What have been the trends in fiscal policy and the monetary policy (M2)?
3) According to standard Keynesian macroeconomic theory, should those policies have resulted in making the economy stronger?
II – What macroeconomic policies would you recommend, and why? Be sure to address both fiscal policy and monetary policy. What other general economic policies would you recommend?
2) What have been the trends in fiscal policy and the monetary policy (M2)?
3) According to standard Keynesian macroeconomic theory, should those policies have resulted in making the economy stronger?
II – What macroeconomic policies would you recommend, and why? Be sure to address both fiscal policy and monetary policy. What other general economic policies would you recommend?
III – What kind of economic policies did President Reagan actually put in place? Would you describe them as short-run Keynesian demand-side policies, or long-run Supply-side policies? Explain.
IV – What happened to the economy following the implementation of Reagan’s policies? Be sure to discuss the new the 5-year trend from 1983-1988 in economic growth, inflation, interest rates, and unemployment
