Critical Review of Kuttner
To allow students an opportunity to review the Federal Reserve’s (Fed) use of unconventional monetary policy in response to the Great Recession and to see how economists attempt to evaluate the ex post impact of the policy on the economy. The essays is intended to be complementary to the Cline essay on fiscal policy and is extra credit – see below.
The review will be based on Kuttner (2018) and should include the following elements:
Describe one of the two major policy employed by the Fed: quantitative easing or forward guidance. Discuss the how the Fed formulated and then executed the policy and how it differs from the Fed’s conventional or traditional policy tools.
Explain the mechanism of how the policy was intended to impact the economy
Through what channels in the economy was the policy expected to work?
Present Kuttner’s evaluation of the policy: Kuttner reviews several studies that attempt to quantify the policy’s impact – this is rather technical and beyond the scope of this essay. Rather focus on his conclusions.
The written portion of the essay should be four to six pages long (typed, double spaced using normally sized fonts and margins). Your paper should begin with a cover page with your name, the title and date and a reference page.
I encourage you to include any appropriate figures – diagrams, charts or graphs of data – these does not count toward the page-minimum. I also would suggest using the equation editor in Word or some other software to present the equations. Please see me if you need help with the former.
Use Mankiw to support your discussion and analysis of the working paper.1 Cite Mankiw and Cline by using end-of-sentence citations, e.g. Mankiw (p. xx) or Kuttner (p. xx)
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