Monetary Policy

Write a research project discussing a topic on Monetary Policy
The paper should follow the basic structure:
I. The paper should start with a short introduction/motivation section. Why should anyone care about your topic? Here talk about specifics, current events, politics, etc. (~1 pg). Be sure to establish a clear thesis (argument/focus) and lay out preliminary support you will reference throughout the next section.
– Use sources from reputable publications here (NY Times, Wall Street Journal, Economist, etc)
II. Next, you are expected to review the major contributions on the topic and the current state of the literature, citing at minimum five sources scholarly sources. This should be the bulk of your paper (~3-4 pgs). It is a literature review of your topic. If you have a specific topic (e.g. a specific trade deal, etc) then be sure to generalize your topic for this section. So if you were discussing NAFTA or Brexit, you would want to discuss recent literature on free trade agreements/areas for the literature review. Here you want to discuss general theories on your topic so that you can establish the necessary economic relationships.
– Use scholarly sources here (Journal Articles, Federal Reserve, IMF or NBER Studies, etc)
III. Extension. You just reviewed the literature on a specific subject. Here you should suggest an extension to the current literature (~.5 pgs). What is missing from the literature you reviewed (could be a new data set, case study, research methodology)?
IV. Conclusion. Wrap it up. Tie together the support presented above to call back to main thesis (~ .5 pg).
V. Reference Section that links to in-text citations. Use any citation format you choose (APA, MLA, etc), just be consistent throughout the paper. If you choose to, you can simply footnote within the text and forego this section.

Sample Solution

Monetary policy is a set of actions taken by a central bank to influence the money supply and interest rates in an economy.

Full Answer Section

Introduction

Monetary policy is a set of actions taken by a central bank to influence the money supply and interest rates in an economy. The goal of monetary policy is to achieve a set of macroeconomic objectives, such as low inflation, high employment, and economic growth.

Monetary policy is a complex and controversial topic, and there is no single “correct” approach. However, there are a number of key theoretical frameworks that have been developed to understand how monetary policy works.

In this paper, we will discuss the role of monetary policy in the economy, and we will review the major contributions to the literature on monetary policy. We will also discuss some of the challenges facing monetary policymakers today, and we will suggest some extensions to the current literature.

Literature Review

The literature on monetary policy is vast, and it is impossible to do justice to all of the different perspectives in a single paper. However, we can highlight some of the key contributions that have been made in recent years.

One of the most important contributions to the literature on monetary policy has been the development of new models of the monetary transmission mechanism. These models attempt to explain how changes in monetary policy affect economic activity.

Another important contribution to the literature has been the study of the relationship between monetary policy and financial stability. This research has shown that monetary policy can play a role in preventing financial crises.

Finally, there has been a growing body of research on the effectiveness of unconventional monetary policy tools. These tools, such as quantitative easing, have been used by central banks to stimulate the economy during periods of financial crisis.

III. Extension

One of the challenges facing monetary policymakers today is the need to balance the goal of low inflation with the goal of economic growth. This is a difficult task, as there is a trade-off between these two goals.

Another challenge facing monetary policymakers is the increasing globalization of the economy. This makes it more difficult for central banks to control the money supply and interest rates, as these factors can be affected by events in other countries.

Conclusion

Monetary policy is a complex and challenging task, but it is an essential part of the economic policy toolkit. Monetary policymakers need to be able to understand the different theoretical frameworks that have been developed to understand how monetary policy works, and they need to be able to use this knowledge to make informed decisions about monetary policy.

In this paper, we have discussed the role of monetary policy in the economy, and we have reviewed the major contributions to the literature on monetary policy. We have also discussed some of the challenges facing monetary policymakers today, and we have suggested some extensions to the current literature.

References

Bernanke, Ben S., and Frederic S. Mishkin. “Monetary Policy and the Great Recession.” Journal of Money, Credit and Banking 42, no. 4 (2010): 741-96.
Clarida, Richard, Jordi Gali, and Mark Gertler. “Monetary Policy Rules in an Estimated DSGE Model.” Journal of Monetary Economics 50, no. 3 (2003): 573-600.
Friedman, Benjamin M. “The Role of Monetary Policy.” The American Economic Review 68, no. 1 (1978): 1-17.
Taylor, John B. “Monetary Policy Rules and the Great Inflation.” The American Economic Review 79, no. 2 (1989): 236-64.

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