Drafting a country’s report is at the heart of mainstream economics today. Therefore, it is important to familiarize students with handling and analysing economic problems by looking at real life data from international and reliable sources. This project will thus fulfil most of the learning outcomes the students are expected to acquire by the end of the semester.
Working as a group is both a challenge and advantage in today’s business world. Therefore you will be working in groups of four students to achieve the project at hand. You will benefit from the positive spill over effects of brainstorming.
II. LEARNING OUTCOMES
• Understand the importance of data in macroeconomic analysis.
• Discover well-renowned data sources available for everyone to investigate.
• Thoroughly understand important macroeconomic measures such as GDP, inflation, unemployment, an economic growth and their behavior in the business cycle.
• When given a major decision made by the Central bank, analyze its aggregate impact on the economy.
III. PROJECT FILES
1. A full description of the project is available on Moodle
2. This project is a group work. You will form groups of 3-to-5 students each.
3. Complete four out of four questions for full credit.
4. The assigned marks are shown in brackets by the questions.
5. For each question clearly indicate the source of your data. If you are providing a Table or a Figure, clearly state the data source within the caption.
6. Use the APA guidelines for general formatting. For free tutorials click the following link http://www.apastyle.org/learn/tutorials/basics-tutorial.aspx
7. A soft copy of each deliverable must be uploaded as a Turnitin assignment.
8. The project’s final deliverable must be submitted a Turnitin assignment. A hard copy is optional. Ask your instructor.
International data sources
IV. PROJECT SUMMARY (SCENARIO)
You wish to open a new branch of your company in your assigned country. You want to investigate the economic stability of this new market. You start working on a country report which includes analysis of the following main economic indicators:
• Real GDP and real GDP per capita
As you gather and analyse the data, certain economic patterns will start to appear. You will start answering the following questions:
• Is the country expensive to live in?
• Has the standard of living been lately improving in the country?
• Is the country open to international trade?
• Does the country benefit from good education and health systems? This should be reflected in the Human Development Index.
Based on your analysis, you will now have a solid understanding of the current economic situation in the country.
V. DELIVERABLES& PROJECT MANAGEMENT
Deliverable 1: GDP, the price level, unemployment and the business cycle (Week 6, March 19, 2016)
The standard of living of the average citizen has tremendously increased during the past hundred years. But a closer look at the evolution of real GDP reveals that this indicator did not increase every year during this time. In this question, you will be asked to analyze the short-run fluctuations in real GDP, unemployment and inflation, better known as business cycles.
a) For the country Slovenia, find data for real GDP, unemployment and the CPI (last twenty available years).
b) Using MS Excel, plot the time series for each variable.
c) After defining a recession and an expansion, identify historical recessions and expansions periods on the real GDP evolution plot and try to give a historical explanation
Compare the evolution of unemployment and inflation to the GDP one. Analyze using clear arguments
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