My friend Phill Swagel gives his students the next assignment:
Imagine that y'all are a staff fellow member working for a fellow member of Congress who sits on the Joint Economic Committee (JEC). Fed Chair Janet Yellen is most to evidence earlier the JEC as well as y'all are assigned to write a three-page memo to create your boss—the fellow member of Congress. You are to focus on economics. This is non a political enquiry as well as y'all should assume for this assignment that the fellow member of Congress y'all operate for is interested inwards economic science as well as non politics.
The showtime business office of this assignment is for y'all to furnish your boss amongst a concise briefing on the nation of the United States of America economy, focusing on the aspects of the economic scheme that are relevant for the determination facing Chair Yellen. The 2nd business office of the assignment is for y'all to write a enquiry that your boss volition enquire Chair Yellen, as well as and then explicate to the fellow member of Congress the information that the enquiry is intended to elicit from the Fed chair. You tin dismiss carve upwardly the 3 pages yet y'all wishing betwixt the questions.
Question 1. Your fellow member of Congress wants to sympathise what policy determination the Fed is probable to get got next, when, why, as well as what volition hold upwardly the touching on on the United States of America economy. Your memo should response this asking for understanding. Focus on the most of import macroeconomic indicators – the telephone substitution information that explicate the words inwards underline only above. The most of import business office of this memo is the explanation: y'all volition desire to include to a greater extent than or less telephone substitution numbers from the information that y'all get got been next all semester (and that nosotros hash out each week), but hold upwardly certain to explicate what those numbers hateful as well as why they matter. Before starting to write, I urge y'all to measurement dorsum as well as retrieve most the floor as well as message y'all volition select to the fellow member of Congress.
Question 2. Your fellow member of Congress volition get got 5 minutes to enquire questions of Chair Yellen. What is the showtime enquiry your fellow member should ask? And as well as then explicate why y'all advise this question: what information produce y'all promise to elicit from Chair Yellen as well as how volition that help your fellow member of Congress to improve sympathise the Fed’s stance of the economic scheme as well as the pregnant of that stance for the Fed’s policy decision? This department should showtime pose downwards the question. Then explicate why this is an of import question, as well as what information y'all promise to larn from it. Presumably at that spot volition hold upwardly something that y'all as well as your fellow member of Congress are non certain most inwards damage of the Fed’s thinking, as well as asking this enquiry volition help y'all to improve understand. Again, this is a enquiry entirely most economics, as well as non most politics.
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