The Great Recession – that unfortunate period during which economies around the world experienced massive contraction – reminds us that economic fates of nations are closely linked to each other. Your assignment is to pick a country (any country) and analyze its economic situations during the Great Recession (or “the crisis”). My expectations for analysis are higher for more commonly mentioned countries, for example the U.S. or the U.K., than for less commonly mentioned countries, for examples, Niger or Cambodia. A minimally competent essay should address the following questions with relevant economic theories that we discussed in class in a style that caters to non-specialist audiences:
What did the economic situation look like before and after the crisis? Specifically, what happened to key economic indicators, such as, real GDP growth, un-employment rates, inflation rates, and wages?
More importantly, what are the factors, in your opinion, that can potentially ameliorate or exacerbate the effects of the crisis? Hints: Is the country exportand/or import- dependent? Are the major industries counter-cyclical, pro-cyclical, or acyclical?
What did the governments (either the central bank or the fiscal authority) do to reduce the negative effects of the crisis (if any)?
(Bonus) What can the governments (either the central bank or the fiscal authority) do to reduce the negative effects of the crisis (if any)?
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