Basic Description
In groups of one to three, you will write a five to ten page typed report on a policy proposal from a presidential candidate. The report should introduce the policy proposal, analyze it though the lenses of a short run model, long run steady state model, and an Economic Growth
model. It should then conclude with a description of the costs and benefits of the proposal combining both the model results along with any other aspects of the policy you feel are relevant but do not fit within the context of the models. Note that very few policies are unambiguously good or bad, rather most have costs and benefits (one can often reasonably argue that the costs vastly outweigh the benefits or the reverse, but both are nonetheless present), and your reports should reflect this. Grading for the project will be based on the three mandatory components listed in the next section for a total maximum of 100 points. Any component submitted late will take a 5-point penalty to the grade (if all three are submitted late, you will take three penalties of 5 points each and start at an 85/100 – a B).
2. Details
1. Form a group, decide on a topic, and email me with your group members’ names and the chosen topic.
i. Groups can be of one, two, or three members.
ii. You may choose a policy of any candidate that was in the race.
iii. The policy you choose should have economic implications, and your choice of policy may make the project easier or harder.
i. An introduction to the policy with an emphasis on the economic aspects of the policy. What is the policy you are analyzing? Who is proposing the policy? Who is this policy meant to appeal to? Why? What is the policy intended to achieve? What are some of the criticism of the policy?
ii. Analyze the model in the context of one of the growth models (Solow/Romer preferred, talk to me if you think the model of production is more appropriate for your topic).
1. Explain how the policy can be thought of in the model and why.
2. Use the model to explain the effects of the policy. Include a graphical analysis (this can just be a hand drawn figure, which you insert into the report).
3. Analyze the results: do the results seem reasonable? Are there things missing in the model that are likely affecting the results? Etc.?
iii. Analyze the model in the context of one of the short run models (IS-MP-Phillips Curve or AS/AD).
1. Explain how the policy can be thought of in the model and why.
2. Use the model to explain the effects of the policy. Include a graphical analysis (this can just be a hand drawn figure, which you insert into the report).
3. Analyze the results: do the results seem reasonable? Are there things missing in the model that are likely affecting the results? Etc.?
iv. Analyze the model in the context of one an additional model. If possible, this should not be a short run model or a growth model. Labor markets, long run inflation, international trade, government budget constraints, and the model of production are some possibilities for the last model. If you feel that none of these models are appropriate or that it would be more meaningful to examine the policy in the context of the other short run or growth model talk to me (as long as you have a good reason, I will probably approve it).
1. Explain how the policy can be thought of in the model and why.
2. Use the model to explain the effects of the policy.
3. Analyze the results: do the results seem reasonable? Are there things missing in the model that are likely affecting the results? Etc.?
v. (Optional) analyze the model in additional models.
vi. Conclude by summarizing and discussing the results. At a minimum:
1. Summarize the long run and short run effects of the policy based on the models.
2. Discuss (and explain) whether the results seem reasonable and if there are any inconsistencies in the results across the models you used.
3. Discuss if the results are consistent with what the policy promises to do and any the criticism of the policy.
4. Evaluate the policy. Do you think this is a good policy that should be implemented? While you should relate this to the model results, you may also use any outside knowledge or preferences. This is a subjective question and there is no right answer.
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