Competencies In this project, you will demonstrate your mastery of the following
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Competencies
In this project, you will demonstrate your mastery of the following competencies:
Make decisions informed by macroeconomic principles and the business cycle
Determine the economic impact of historical and current events using models of macroeconomics
Assess how changes to macroeconomic policies impact the economy
Scenario https://forio.com/app/harvard/econland/index.html#…
You have just completed your seven-year term as the chief economic
policy advisor responsible for managing the economy of the nation of
Econland. You are expected to create a report for the incoming
administration. In this outgoing report, you will summarize your
macroeconomic policy decisions and the economic outcomes for Econland.
The purpose of this report is to share the lessons you’ve learned over
your term and promote sound macroeconomic decision making moving
forward.
Directions
First, assemble the materials that you will need to complete this assignment: https://services.hbsp.harvard.edu/lti/links/8725-H…
Access the Macroeconomics Simulation: Econland from Harvard Business Review and select either the Rollercoaster or Stagnation scenarios. Once you have completed your final year of your seven-year term, you can access the final reports under the Dashboard and Reports
tabs at the top of the webpage. You will use these charts, graphs, and
other visualizations to illustrate your report in the indicated areas of
the template (for example, Table 1.1). Reach out to your instructor if
you have any questions about accessing these resources.
Review and use the Project Template located in the What to Submit section.
The cover page, Table of Contents, and Introduction sections of your
report are provided and should remain standard in all submissions
except where indicated in the template. You should read the brief
Introduction section, as it provides insight into the purpose and
structure of the deliverable, and add the high-level descriptions where
prompted.
There are placeholders in the template for your data visualizations
(e.g., charts, graphs, tables, etc.). These placeholders are meant to
give you a rough approximation of the placement of the visualizations
that are required. You should replace the placeholders with the
appropriate, indicated images in each case. To create an isolated image
from the simulation data, it is recommended that you use a snipping tool
or other image-editing software to copy and paste your data
visualizations into the template. See the relevant tutorials in the
Supporting Materials section for more information.
You are expected to reference any source material used in your
report with appropriate citations. To support you, a References page has
been added to the project template with the citation for the course’s
reading already provided. Any other references you add should be cited
according to APA format.
Once you have assembled the required materials listed above, you can
now begin publishing your economic summary report by completing the
following steps:
The first section of your report is the Introduction, in which you
will personalize the provided content with the particular information
related to your term (i.e., your simulation results) as the chief
economic policy advisor for the nation of Econland. Follow the
instructions in the template for contextualizing this section, including
adding Table 3 from your simulation report to the indicated area of the
template (i.e., Table 1.1). Then, add a two- to three-sentence summary
specifying which underlying scenario you chose and your overall
performance and approval rating.
Taxation Policies: In the Fiscal Policies: Taxation
section of your report, discuss the taxation policies of Econland for
the public and your successor. Within this section, you should add an
image of Table 1 from your simulation results to the indicated area of
the template (i.e., Table 2.1). Then, answer the following questions in
the paragraphs below the table:
Explain your intent for the taxation policy decisions you made over your seven-year term. What were the macroeconomic principles or models that influenced your decision making?
Identify the impact of your changes to the income
and corporate tax rates. How were consumption and investment affected by
your tax-policy decisions? Explain these dynamics using specific
macroeconomic principles from the course reading.
Compare and contrast the impact of your tax policy decisions with those of current or historical examples in the United States.
What do these examples demonstrate about the validity of macroeconomic
models? Be sure to cite your research appropriately. (See the Supporting
Materials section.)
Government Spending: In the Fiscal Policies:
Government Expenditure section of your report, discuss government
spending policies of Econland for the public and your successor. Within
this section, you should add an image of the “Real GDP Growth” and
“Unemployment Rate” graphs from your simulation results and use an
aggregate demand and aggregate supply (AD/AS) model to the indicated
area of the template (i.e., Figures 3.1 and 3.2). Images of the AD/AS
model can be found in the course reading or any reputable online source.
Then, answer the following questions in the paragraphs below the
figures:
Explain your decision making regarding government
expenditure and how it changed based on the macroeconomic conditions.
What was the intent of your fiscal policy decisions in response to the
given economic climate?
Evaluate your fiscal policy decisions, including how they impacted
key macroeconomics factors such as real GDP growth and unemployment. To
what extent did your policies yield positive or negative outcomes?
Refer to the AD/AS model to support your analysis in this section of your report.
Monetary Policies: In the Monetary Policies section
of your report, discuss the monetary policies of Econland for the
public and your successor. Within this section, you should add an image
of the “Inflation Rate” graph from your simulation results to the
indicated area of the template (i.e., Figure 4.1). Then, answer the
following questions in the paragraphs below the figure:
Explain how you changed the interest rate levels and how these changes impacted
other macroeconomic factors such as inflation, consumption,
investments, GDP, and foreign trade. Provide specific examples to help
illustrate.
Compare and contrast the impact of your monetary policies with those of current or historical examples in the United States.
What do these examples demonstrate about the validity of macroeconomic
models? Be sure to cite your research appropriately. (See the Supporting
Materials section.)
Global Context: In the Global Context section of
your report, you will expand your discussion from the particular case of
Econland to consider the wider global context. Analyze the impacts of
openness to trade in general. Why and how are the impacts of monetary
and fiscal policies different in a closed economy versus an open
economy? Support your claims with specific details from the course
reading.
Conclusions: In the Conclusions section of your
report, draw your overall conclusions about the relevance and
significance of macroeconomics for the public and your successor.
Assess the effectiveness of your economic policy decisions. Did your
economic policy decisions produce the anticipated results? Did your
macroeconomic principles and models behave in ways that you expected? Provide specific examples to illustrate.
Evaluate how consumer confidence might have
impacted the outcomes of your policy decisions for the economy of
Econland. Why is consumer confidence a relevant factor for making
informed macroeconomic decisions?
Finally, ensure that all of your sources are properly cited using in-line citations and references according to APA format.
What to Submit
To complete this project, you must submit the following:
Economic Summary Report
Your economic summary
report should outline the key principles and takeaways of your Econland
simulation for your successor. It should also illustrate how the
macroeconomic ideas are relevant to the nation’s future economic
success.
Template: Project Template Word Document
Use
this template to submit your economic summary report, and submit it as a
Word document. Sources should be cited according to APA style.
