Individual Memo Assignment 8: Managing the 2020 COVID Crisis
Assignment Overview – Write a 400-word essay explaining the macroeconomic impact of the 2020 COVID Crisis on the US economy, discussing the government policy response and the implications for one sector of the US economy.
Assignment Objective – The learning objective for this assignment is to apply the models of the macroeconomy you studied in this course to a major economic event that has shaped the world economy. You will focus on one aspect of the crisis, describe one of the government’s macroeconomic policy responses, and discuss how the economy might return to its long-run equilibrium. You will also be asked to discuss the general implications of your analysis for one particular sector of the US economy without reference. Note: For this assignment,
assume a closed economy for simplicity.
1. Identify one of the initial direct effects (shocks) of the COVID crisis on the macroeconomy and describe the circumstances surrounding the specific effect you selected. Analyze the impact of this shock by using the AD-AS model and its corresponding diagram. Describe the impact on the aggregate price level and output and identify the resulting short-run equilibrium in a diagram. Assume that the economy was in long- and short-term equilibrium before the shock. Your summary for requirement 1 is limited to 100 words or less. (Please note that while COVID affected the US economy in multiple ways, the assignment asks you to focus on one effect of your choice. For simplicity at this point, you can assume that COVID affected the economy only through the channel you selected.)
2. Using the AD-AS diagram created in Requirement 1, identify and evaluate the impact of one government policy response to the shock and its effect on the short-run equilibrium of the economy. Your summary for this requirement is limited to 100 words or less. You can draw a new AD-AS diagram or use the diagram created in Requirement 1. For simplicity at this point, you can assume that there was only one policy response.
3. Using your AD-AS diagram created in Requirement 1 and modified in Requirement 2, describe the process by which the economy may return to its long-run equilibrium. What are your long-term predictions for equilibrium output and the price level? Your summary for this requirement is limited to 100 words or less. For simplicity at this point, you can assume that there are no additional shocks from COVID and no additional governmental policy responses.
4. Based on the predictions for output and the price level from Requirement 1, 2, and 3, discuss one implication for the business or industry in which you are currently employed. Alternatively, discuss one implication for an industry of your choosing. Discuss both the short-run and long-run implications for this industry. Your summary for this requirement is limited to 100 words or less. For more information on macroeconomics check on this: https://en.wikipedia.org/wiki/Macroeconomics
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