Principles of Macroeconomics
Description
Note: Answer all four questions. Points are in parenthesis. Most questions have no one correct answer, but keep in mind that this assignment focuses more on the technical analysis that
Discuss the responses in detail about all possible models and channels of impact, as well as your assumptions you deem appropriate. Cite all sources, including the data, for each question. Submit your response in pdf format.
1. Pick one country that is not either the U.S. or Korea and see if the country has experienced any recessionary periods between 1990 and 2019 that are not directly related to the Global Financial Crisis, the European fiscal crisis, and the Asian Financial crisis. Describe the economic situation of the country before, during, and after the recessionary period. Also, discuss the causes behind such a sluggish economy and the monetary and fiscal policy responses by the government and the monetary authority. (40)
2. Read the two articles cited below. Identify the challenges of the traditional long-term growth model and propose a policy for sustainable economic growth that is not related to increasing birth rate or immigration.
(i.e., a policy that accommodates the changing population structure). 25) Cave, Damien, et al. “Long Slide Looms for World Population, With Sweeping Ramifications.” The New York Times, 24 May 2021,
Wang, Vivian. “Have Three Children? No Way, Many Chinese Say.” The New York Times, 1 June 2021,
3. Read the below-cited article and evaluate the argument of both sides. Do you agree with the Biden Administration’s emphasis on full employment, and the central banks should prioritize unemployment than the inflation? Why or why not? (25)
Levitz, Eric. “Letting the Economy Create Jobs for Everyone Is (Sadly)
Radical.” Intelligencer, 4 June 2021,
4. Go to Bank of Korea’s Economic Statistics System (, available in English). Retrieve the quarterly data of inflation, base rate, and GDP growth rate between the 1st quarter of 2000 and the 4th quarter of 2019. Draw the graph (you can use the graph feature in the website) and discuss the trends. Do you see any interesting patterns? (10)
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