Research Paper

ECO 306 Final Project II Guidelines and Rubric

Overview The final project for this course is the creation of an informative research paper. In the paper, you will compare and contrast the structure and operation of the central bank of the United States—the Federal Reserve—and the central bank of another country. This final project will provide an opportunity for you to deepen your understanding of the role of a central bank, or monetary authority. By analyzing the structure and operation of our domestic central bank, the Federal Reserve, in comparison to a foreign central bank chosen from the list below, you will develop an understanding and appreciation for the various tools of monetary policy. In doing this, you may learn that the domestic structure is superior or inferior to an international counterpart, leading to recommendations for potential changes in central bank structure and behavior. The pre-work for this project is divided into two milestones, which will be submitted at various points throughout the course to scaffold learning and ensure a quality final submission. These milestones will be submitted in Modules Four and Five. The final project will be submitted in Module Seven. In this assignment, you will demonstrate your mastery of the following course outcomes:

 Compare national monetary models in terms of the financial structures of their economies and their process for financial intermediation

 Analyze regulation and conduct of monetary policy for its impact on international and domestic economics

Prompt In Final Project II, you will write a research paper comparing and contrasting the structure and operation of the central bank of the United States—the Federal Reserve—and the central bank of another country, chosen from the list below. You will identify the foreign central bank you have chosen, describe its financial structure, the primary tools it uses to control the money supply, and the role it has in the process of financial intermediation. You will also compare the macroeconomic conditions in each country and the banking regulations of the two central banks.

 Central Bank of Ireland

 Central Bank of Iraq

 Bank of Canada

 Reserve Bank of India

 Bank of Japan

 Reserve Bank of New Zealand

 Central Bank of Syria

 Central Bank of Brazil

 Central Bank of the Russian Federation

Specifically, the following critical elements must be addressed:

I. Introduction A. Identify the foreign country you have chosen and explain how its central bank was established. B. Describe the financial structure of both the central bank you have chosen and the Federal Reserve. Do these central banks operate as

independent entities with monetary autonomy? C. Describe the process of financial intermediation and what role the central bank you have chosen and the Federal Reserve play in that process.

How do firms borrow and lend, and how do the central banks help facilitate that process?

II. Central Banking: Explain the current macroeconomic conditions (unemployment, inflation, and economic growth [GDP] rates) that the Federal Reserve and the central bank you have chosen observe in each country, and compare the performance of the two countries.

III. Monetary Policy

A. Explain the primary tools used by the central bank and the Federal Reserve to control the money supply in each country. B. Describe how each monetary authority uses these tools to impact macroeconomic performance. C. Compare banking regulations of the central bank you have chosen and the Federal Reserve.

IV. Conclusion: Using your research as a guide, assess the overall performance of each entity. Could one bank learn a lesson from the other?

Milestones Milestone One: Draft of Introduction In Module Four, you will submit a 2- to 3-page draft of the Introduction (Section I, above) of the final project. You will identify the foreign country you have chosen and explain how its central bank was established, its financial structures, as well as the role it plays in the process of financial intermediation. This milestone will be graded with the Milestone One Rubric. Milestone Two: Draft of Central Banking and Monetary Policy In Module Five, you will submit a 3- to 4-page draft of the Central Banking (Section II) and Monetary Policy (Section III) sections of this paper. You will explain the current macroeconomic conditions in each country and compare their performance. You will also examine each central bank’s monetary policy performance. This milestone will be graded with the Milestone Two Rubric. Final Submission: Research Paper In Module Seven, you will submit your final research paper. It should be a complete, polished artifact containing all of the critical elements of the final product, including the Conclusion (Section IV). It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project II Rubric.

Final Project II Rubric Guidelines for Submission: Your paper should be 5 to 7 pages, double-spaced, include one-inch margins, use 12-point Times New Roman font, and adhere to the latest edition of APA formatting.

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Introduction: Identify Meets “Proficient” criteria and explanation shows in-depth knowledge of the establishment of a central bank

Identifies the foreign country chosen and explains how its central bank was established

Identifies the foreign country chosen and explains how its central bank was established, but explanation is illogical or incomplete

Does not identify the foreign country chosen or explain how its central bank was established

4

Introduction: Financial Structure

Meets “Proficient” criteria and description demonstrates a nuanced understanding of the financial structures of both banks

Describes the financial structure of the central bank chosen and the Federal Reserve

Describes the financial structure of the central bank chosen and the Federal Reserve, but description contains inaccuracies or gaps

Does not describe the financial structure of the central bank chosen and the Federal Reserve

16

Introduction: Financial

Intermediation

Meets “Proficient” criteria and description demonstrates a nuanced understanding of the role of the banks in the process of financial intermediation

Describes the process of financial intermediation and what role the central bank and the Federal Reserve play in that process

Describes the process of financial intermediation and what role the central bank and the Federal Reserve play in that process, but description is cursory or incomplete

Does not describe the process of financial intermediation and what role the central bank and the Federal Reserve play in that process

16

Central Banking

Meets “Proficient” criteria and comparison demonstrates a sophisticated awareness of how macroeconomic conditions relate to economic performance

Explains the current macroeconomic conditions in each country and compares performance of the two countries

Explains the current macroeconomic conditions in each country and compares performance of the two countries, but explanation contains gaps or comparison is cursory

Does not explain the current macroeconomic conditions in each country or compare performance of the two countries

11

Monetary Policy: Primary Tools

Meets “Proficient” criteria and explanation demonstrates a complex grasp of how primary tools are used to control money supplies

Explains the primary tools used by the central bank and the Federal Reserve to control the money supply in each country

Explains the primary tools used by the central bank and the Federal Reserve to control the money supply in each country, but explanation is missing components or illogical

Does not explain the primary tools used by the central bank and the Federal Reserve to control the money supply in each country

11

Monetary Policy: Impact

Meets “Proficient” criteria and description demonstrates a sophisticated awareness of the impact of primary tools on macroeconomic performance

Describes how each monetary authority uses its primary tools to impact macroeconomic performance

Describes how each monetary authority uses its primary tools to impact macroeconomic performance, but description is incomplete or contains inaccuracies

Does not describe how each monetary authority uses its primary tools to impact macroeconomic performance

11

Monetary Policy: Regulations

Meets “Proficient” criteria and comparison demonstrates a complex grasp of banking regulations

Compares banking regulations of the central bank and the Federal Reserve

Compares banking regulations of the central bank and the Federal Reserve, but comparison is cursory or contains inaccuracies

Does not compare banking regulations of the central bank and the Federal Reserve

11

Conclusion

Meets “Proficient” criteria and assessment demonstrates a nuanced understanding of what considerations are used to measure the overall performance of each entity

Assesses the overall performance of each entity, using research as a guide

Assesses the overall performance of each entity, using research as a guide, but assessment is cursory or illogical

Does not assess the overall performance of each entity

16

Articulation of Response

Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to- read format

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

4

Total 100%