TERM 2 2023/24
COURSEWORK ASSESSMENT COVER SHEET
ECON0038 Economics of Money and Banking
ASSESSMENT COMPONENT: 65% Coursework, i.e. Individual Take-Home Essay
ASSESSMENT RELEASE: Friday, March 8th 2024 at 12:00 pm
SUBMISSION DEADLINE: Thursday, March 27th 2024 at 12:00 pm
Assignment: write an essay on ONE topic.
You need to provide JUST ONE ANSWER TO ONE TOPIC.
Please check the Assessment’s coversheet for word-count and other instructions.
ESSAY TOPICS
1. Assess the success of quantitative easing and forward guidance in the countries which have utilised these policies during the Global Financial Crisis (GFC). Discuss the benefits (if any), as well as the downsides.
This essay invites you to critically assess the effectiveness of quantitative easing and forward guidance as monetary policy tools in the countries that have implemented them during GFC. You are encouraged to explore and evaluate both the positive outcomes and potential drawbacks associated with these policies. Consider the broader economic context within which these policies were applied, including their impact on inflation, employment, and overall economic growth. Additionally, reflect on any long-term consequences or challenges that have emerged. Your analysis should draw on specific examples and, where possible, incorporate relevant economic theories and data to support your arguments.
2. Analyse the impact and effectiveness of monetary policies by various countries during the COVID-19 pandemic.
This topic calls for an in-depth analysis of how different monetary policies, including but not limited to interest rate adjustments, quantitative easing, and fiscal stimulus, have influenced economies during the COVID-19 pandemic. Discuss the immediate and potential long-term effects of these policies, evaluating their effectiveness in stabilizing economies and promoting recovery. Consider the unique challenges the pandemic presented and how monetary policies were tailored to address them.
3. Analyse the challenges and effectiveness of monetary policy in economies that are near or at the Zero Lower Bound (ZLB). Highlight the potential benefits and limitations of these strategies.
This essay topic requires a comprehensive analysis of the intricacies and efficacy of monetary policy in economies that areator nearthe ZLB on interest rates. Explore the challenges central banks face under such circumstances and evaluate both traditional and unconventional monetary policy tools they have implemented to spur economic activity. Your discussion should cover the potential advantages and drawbacks of these strategies, providing insight into their overall effectiveness in stimulating economies constrained by the ZLB.
Structure
Title Page:
Your title page must include your candidate number, the Essay Topic Title, and the Word Count. This ensures anonymity in grading and helps in managing submissions efficiently.
Introduction:
- Consider starting with a hook to engage the reader, such as a compelling factor question about the significance of monetary policy in economic crises.
- Clearly state your topic or main argument, outlining what your essay will demonstrate about the effectiveness and challenges of monetary policy.
Body:
Analysis of Monetary Policies:
- Make sure to provide a brief background on each central bank's economic context before detailing their policies. This helps readers understand why specific measures were chosen.
- Incorporate examples or case studies, if possible, to illustrate the policies in action.
Effectiveness of the Policies:
- Use data, studies,or expert analyses to support your evaluation of the policies'effectiveness. Quantitative evidence can strengthen your argument.
- Discuss any disparities in policy effectiveness among different demographic or economic sectors within the economies studied.
Global Implications and Comparative Analysis:
- Include considerations of international cooperation or conflict arising from these policies. How do central banks'policies affect each other on a global scale?
- You might also explore the role of international institutions like the IMF or World Bank in shaping or supporting these policies.
Conclusion:
- Reinforce your essay, summarizing how the essay's analysis supports your initial argument.
- Discuss the broader implications of your findings for monetary policy and economic theory. What do your conclusions suggest about the future of economic policy-making in similar situations?
Critical Reflection:
This is a strong addition, but ensure it integrates well with your conclusion. Reflect not just on
improvements but also on the feasibility and potential challenges of implementing these improved strategies.
Requirements
Your essay should be 1000 words.
Support your analysis with data, evidence, and examples from credible sources.
Cite all references according to theHarvard Referencing styles.