Critically evaluate various schools of macroeconomic thought and their suggested policy responses to a range of events and conditions.

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Learning Goal: I’m working on a economics question and need guidance to help me learn.OverviewYou are required to write a report for the quarterly State of the Nation government meeting. The report provides an overview of the current economic events and the condition of the economy, including policy recommendations to improve the outcomes and well-being of residents supported by economic modelling. The purpose of this assessment is to develop your capacity to access quality data and verifiable information and undertake data analysis to write a formal report that assesses the conditions in the economy, presented in a clear, logical, factual and visually impactful manner that provides direction to the public or private sector with the necessary information to support their decision making. Learning OutcomesThe targeted Course Learning Outcomes for this assessment are:CLO1: Apply economic models and frameworks to inform macroeconomic policy and business decision making.
CLO2: Source, analyse and interpret economic data to inform macroeconomic policy and decision making.
CLO3: Critically evaluate various schools of macroeconomic thought and their suggested policy responses to a range of events and conditions.
CLO4: Communicate the findings of economic analyses to diverse audiences in a professional manner.
Assessment detailsAssume you have been hired as an economic analyst by the government. In your role you are required to produce a state of the nation report for government ministers. Use the report template provided and insert your ‘answers’ and graphs into the appropriate sections in the report template. Be sure to follow the instructions for each section – where you are required to produce ONE chart/diagram for a section, you must only produce one – if you produce more than one chart you will receive a zero mark for that rubric requirement. This report must address each of the sections below and it’s important that you consider how you will present your work. For instance, simply stating a statistic or the name of an industry is inappropriate – you will need to contextualise the information. Assignments must be submitted electronically via Canvas and must constitute your own work (this is not a group assignment). Submission for this assignment is via Turnitin and any form of plagiarism will not be tolerated and will be penalised. Sections/paragraphs/sentences that are not your own work (as identified by Turnitin) will be excluded from marking. Remember that you are producing a report for ministers in government therefore your writing and expression should be professional and succinct (these are very busy people). Your wording needs to be structured as a report not simply as an answer to a question like in a test. If using bullet points, each should not exceed 50 words. Note: Bullet points that simply describe the chart generated are duplicating information that is clearly visible and will not earn any marks. Be sure to observe word limit requirements and provide well-crafted answers that provide adequate information and explanation without being either too brief (insufficient detail) or too long (long winded). Use RMIT Harvard (Links to an external site.) for referencing and citing.Use the Report Template Download Report Templatefor your assessment piece.Section 1: Events Overview In this section, provide an overview of conditions/events that have been taking place in the economy over the past 6 months and why these issues are important for the Singaporean economy and therefore the wellbeing of residents. Consider how these events may already be impacting and how they will continue to impact the household sector, the business sector and thus the potential wellbeing of the population in general. Section requirements: You can (and should) identify more than one event (and no more than three). These events must be macroeconomics in nature – in other words they have the potential to affect the entire economy or whole sectors of the economy and therefore impact the well-being of a significant proportion of the population.
Identify the sector(s) directly impacted and outline how this may spread to other sectors and thereby the economy in general.
Discuss why/how this affects the well-being of residents – short-run and long-run impacts.
[Remember to cite references where necessary and be sure to only use reputable sources. Do not quote full sentences or paragraphs – you can paraphrase where necessary, but you must cite the sources of the information you use. (Plagiarism of any type will not be tolerated). Section 2: Economic Activity In this section you will prepare charts and conduct analysis of Singapore’s economic performance. Using the Department of Statistics Singapore (Links to an external site.) website – SingStat Table Builder – download the following excel data files: Economy – National Accounts – Expenditure on Gross Domestic Product – Expenditure On Gross Domestic Product In Chained (2015) Dollars, Quarterly, Seasonally Adjusted
Economy – National Accounts – Gross Domestic Product – Gross Domestic Product In Chained (2015) Dollars, By Industry (SSIC 2015 Version 2018), Quarterly, Seasonally Adjusted
Economy – Labour, Employment, Wages and Productivity – Unemployment Rate – Unemployment Rate (End Of Period), Quarterly, Seasonally Adjusted
Economy – Labour, Employment, Wages and Productivity – Employment – Changes in Employment By Sector (Compared To The Previous Period), Quarterly
Prices and Price Indices – Consumer Price Index – Consumer Price Index (CPI), 2019 As Base Year, Monthly, Seasonally Adjusted
Using the downloaded data generate: ONE Excel chart showing the quarterly growth of GDP, Private Consumption Expenditure, Government Consumption Expenditure and Gross Fixed Capital Formation from the first quarter of 2019 through to the 3rd Quarter of 2021.
ONE Excel chart showing the year-ended growth of GDP, Private Consumption Expenditure, Government Consumption Expenditure and Gross Fixed Capital Formation from the first quarter of 2019 through to the 3rd Quarter of 2021.
Provide a brief discussion of the two charts generated above. Provide insight into the movements of the variables and the differences observed between quarterly and year-ended growth.
Consider the percentage changes in the industry outcomes. Focusing on the 2nd Quarter of 2020, identify the industries most severely impacted and provide some insight into their recovery progress based on the data since the 2nd Quarter of 2020 and observations on any industries that may have ‘benefitted’.
Provide your projections into the future for these variables and briefly identify your reasoning.
(Remember to link to the discussion in section 1 when relevant)ONE Excel chart showing the quarterly total, resident and citizen unemployment rates from the first quarter of 2019 through to the 3rd Quarter of 2021.
Provide insight into the differences between the unemployment rates and using the Changes in Employment By Sector (Compared To The Previous Period), Quarterly data discuss how (and if) employment has recovered since 2020. Identify any industry that has shown full recovery since the 2020 falls in employment. Is there any industry that actually grew in terms of employment numbers over the whole 2020 and 2021 periods?
Provide your projections into the future for these variables and briefly identify your reasoning.
(Remember to link to the discussion in section 1 when relevant)ONE Excel chart showing the monthly inflation rate for ‘All Items” and each of the major CPI groups (Food; Food Serving Services; Clothing & Footwear; Housing & Utilities; Household Durables & Services; Health Care; Transport; Communication; Recreation & Culture; Education; Miscellaneous Goods & Services) for August, September and October 2021.Over the August to October period, the inflation rate has been rising. Identify which CPI groups are contributing the most to the increase in the inflation rate and provide insights in the movement of prices in these CPI groups.
Provide your projections into the future for the inflation rate and briefly identify your reasoning.
(Remember to link to the discussion in section 1 when relevant) Make sure your charts have clearly labelled axes and include a chart titles. Section 3: Recommendations You now need to conclude your report with 2 recommendations. Considering what you have prepared in the earlier sections, provide 2 key recommendations for the government ministers who will be using your report. These two recommendations should be focused on what you think the government should be doing to respond to the economic conditions/events you identified in section 1 for short-term support and long-term prosperity. These need to be your recommendations based on your understanding of the situation, what you have prepared for the report and the data you have presented. Section 4: Technical Appendix Use the Phillips Curve analysis to support your recommendations in the main body of the report. Illustrate and explain the potential impact on the economy – inflation, unemployment, economic activity – as a consequence of the recommendations you have made in the report. For required diagram(s) you can either draw directly in the word document using ‘shapes’ and ‘text boxes’ for labelling (please remember to ‘group’ all your diagram items as they are likely to move on in your document – especially when you upload the word file and you will lose marks if we cannot ‘see’ it properly – OR you can draw the diagram free-hand on paper, take a photo and paste into the Word document. Do not copy and paste diagrams out of textbooks, web pages, provided lecture slides…….This must represent your own work.
Requirements: 1300   |   .doc file

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