Macro economic paper
luisgasilva
Macro-TermPaper-Copy.pptxTerm Paper
Guide, questions and requirements
Dr. Christian Hernandez
Macro and microeconomics term papers
THE BASICS | Style
APA, HARVARD, CHICAGO,
MLA IS FINE BUT NOT USED MUCH IN SOCIAL OR SCIENTIFIC RESEARCH
THE BASICS | YOUR COVER PAGE
TITLE
NAME
COURSE#, DAY, HOUR
Instructor
THE BASICS |ABSTRACT
AN ABSTRACT IS A 150 WORD MAX, SYNOPSIS OF YOUR PAPER
4 KEY ELEMENTS THAT SHOULD BE IN THE ABSTRACT:
SHOULD EXPLAIN OR INTRODUCE YOUR TOPIC / POSITION.
DISCUSS THE LITERATURE IN THIS FIELD AND ANY GAP YOU FOUND.
EXPLAIN YOUR POSITION, argument.
CONCLUDE WITH YOUR FINDINGS.
THE INTRODUCTION 2-3 PARAGRAPHS
NECESSARY ELEMENTS
THE INTRODUCTION SHOULD READ MUCH LIKE AN ABSTRACT
IT SHOULD DO ALL THE THINGS IN THE ABSTRACT, BUT WITH A LITTLE MORE DETAIL.
THE LAST PARAGRAPH SHOULD HAVE A BRIEF OUTLINE OF THE PAPER( 2-3 SENTENCES).
BODY (A) | 4-7 PARAGRAPHS EXPLAIN THE DEBATE OR LITERATURE (most important)
THE MOST IMPORTANT PART FOR YOUNG SCHOLARS.
AT THE BEGINNING OF A PAPER YOU WANT TO FIRST GIVE A DISCUSSION ON WHAT HAS BEEN WRITTEN ON THE SUBJECT.
IN THIS CASE YOU HAVE TO THOROUGHLY EXPLAIN THE ECONOMIC CONCEPTS (definitions) YOU ARE ENGAGING WITH
TRY TO CITE AT LEAST 5-10 WORKS
WORKS TO CITE INCLUDE RESEARCH PAPERS (SEE CANVAS FILE SECTION & GOOGLE SCHOLAR), BOOKS, YOUTUBE (FROM PROFESSOR/ACADEMIC LECTURES), AND YOU CAN ALSO CITE MY LECTURES.
BODY (B) | 2-3 PARAGRAPHS (MAX) CRITICAL ENGAGEMENT (your voice)
IN THE LAST SECTION YOU EXPLAINED THE ECONOMIC CONCEPTS.
HERE, YOU’RE GIVEN THE OPPORTUNITY TO PUT IT ALL TOGETHER.
SPECIFICALLY, HEREIN YOUR TASK IS TO TRY TO PROVIDE YOUR OWN UNDERSTANDING, POINT OF VIEW, CRITIQUE, OR AGREEMENT WITH THE LITERATURE.
IN OTHER WORDS, HERE IS WHERE YOU CAN BEGIN TO STAND OUT A BIT.
AGAIN YOU CAN USE WORKS COUNTER TO MAKE YOUR POINT.
IF YOU AGREE, JUST REITERATE YOUR MOST IMPORTANT TAKEAWAYS— OR WHAT YOU MIGHT ADD.
THIS WOULD INCLUDE OTHER SCHOLARS WITH A VARIED POINT OF VIEW, ETC.
CONCLUSION 1-2 PARAGRAPHS
SUM IT ALL UP FOR US.
1 PARAGRAPH (P) SHOULD RECAP EVERYTHING.
THE FINAL P SHOULD REITERATE THE MAIN POINT(S) YOU MADE IN THE CRITICAL ENGAGEMENT.
REQUIREMENTS & TIPS
YOU CAN ONLY CHOOSE 1 TOPIC (SEE FOLLOWING SLIDES).
MAKE SURE YOU DO ANSWER OR DELIVER ON ALL THE QUESTIONS POINTS!!!
TIPS IF YOU DON’T FEEL YOU CAN CONTRIBUTE TOO MUCH TO THE CRITICAL ENGAGEMENT PORTION— ITS OK, JUST EXPAND THE EXPLANATION (BODY A).
Note some of the questions may require you to do more explaining than critical engagement anyways!
NO PLAGIARISM.
BUT I DO ENCOURAGE YOU WORK AS GROUPS.
HAVING THE SAME PAPER TOPIC IS FINE
BUT DON’T TURN IN THE SAME OR A COPIED PAPER!!!
TOPIC 1 What is globalization?
Theory:
What is globalization?
Is globalization an unalterable or uncontrollable phenomenon?
Hyper-globalist position (explain)
Is globalization a real constraint for economic policy makers and business?
Regionalist/skeptical globalization thesis (explain)
Explain the idea of globalization as a social construction?
Explain ideational or constructivist globalization
Provide an example (pick 1): critical engagement
explain some ways individuals, firms, and governments are affected by globalization?
Or Explain the concept of de-globalization in the context of global protests in Chile, France, and/or Brexit.
Topic 2 Minsky’s financial instability hypothesis (FIH)
Explain the business cycle (literature)
Briefly (1 paragraph) outline the Austrian Economist, Hayek business cycle and neoclassical equilibrium.
This can be done in terms of how Minsky explains or critiques them.
You can also use your notes on supply, demand, equilibrium here .
Explain the concept of FIH and how it works.
Is the business cycle one that is one of a positivist or subjectivist ontology (i.e., based on math or based on ideas/biases?)
Explain the 3 phases and the type of borrowers in each:
hedge, speculative, Ponzi
What is deflation (deleveraging) and what and who can be affected?
TOPIC 4 | Explain Neoliberal v. Keynesian economics
Explain the two prevailing economic logics:
Hayek (Austrian), Milton Friedman (monetarism); Neoclassical synthesis, neoliberalism (equilibrium models)
Keynes/Keynesianism, post-Keynesianism (Minsky & MMT).
Explain these two underlying assumption about the macroeconomy and which of the two groups ascribes to it:
Economic equilibrium theory
instability theory or hypothesis
What are their respective views on inflation and deflation (which one prefers which)
Lastly, and tied to the last question how do they regulate the following; do they prefer one or the other?
aggregate supply
aggregate demand
TOPIC 3 Explain the 4 key macro policy levers
Explain the 4 key macroeconomic policy levers.
Explain how a neoclassical economic approach differs from a Keynesian economic approach in each:
Monetary
Central Bank independence (i.e., controlled by banks, deflationary/tight money)
Political Central Bank (inflationary/loose money)
Taxing (fiscal a), taxing + trade tariffs
(MMT / protectionism v. globalism
Spending (fiscal b)
Austerity (cuts)
Government programs (spending)
Regulatory Policy
Regulation & allowing state-run firms, utilities (post-office, public schools, public hospitals.
De-regulation & privatization (loose labor (hiring/firing), lax financial rules).
TOPIC 5| Explain the functions of the International Monetary Fund (IMF)
Explain the IMF’s purpose
how/when it was created
its role in the economy
and who/how it’s Managing director is appointed?
Describe the IMF’s policy stance in terms of inflationary vis-à-vis deflationary policies?
Also, describe the IMF’s policy in terms of its emphasis on stimulating aggregate demand vis-à-vis aggregate supply.
Give an example of a country and the results of its interactions with the IMF.
TOPIC 6 |The FED, the US’s Central Bank Explain the functions of the Federal Reserve
Explain the purpose and function of the Federal Reserve
how/when it was created
its role in the economy
how it’s Chairman is appointed?
Who owns the FED?
Describe the Federal Reserve’s policy stance in terms of inflationary vis-à-vis deflationary policies?
Also, describe the Federal Reserve’s policy in terms of its emphasis on stimulating aggregate demand vis-à-vis aggregate supply.
To this end, give examples of Federal Reserve stimulus (i.e., who or what does it stimulate?).
Topic 7 |Modern Monetary Theory (MMT)
Explain what is money?
Is it physical, is it real, or is it social or something else?
Explain M1 v. M2
What does MMT say it is?
Explain the overnight rate (FED funds rate)
What is its purpose?
How does it work? (Explain the FED and private banks role here)
How does this rate control interest rates?
Explain how the Treasury manages its account balances (suppresses or deficits)
What are surpluses or deficits in the economy?
Use Stephanie Kelton’s Paper to retrace/explain the 3 buffers used by the Treasury (email for this paper):
Taxes
Bonds
FED coordination/money printing
So is High Powered Money (HPM) more important to government spending than taxes and bonds?
TOPIC 8 | Unemployment
Describe the various ways unemployment is measured (the 3 below). Respectively, that is alongside each, also describe the various degrees of “real-world” relevancy or accuracy:
Official Rate
Real Rate
Labor Force Participation Rate
Explain Minimum Wage via 3 key concepts: Structural unemployment, under employment, Full Employment:
Explain structural employment as a result of a minimum wage. Is this a neoclassical argument?
In contrast, how does this relate to the concept of under-unemployment?
And the Keynesian focus on full employment?
