Policies in the Philippines Country Discussion


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Final Project
This semester each student will complete an end-of-semester project that allows them to
apply some of the concepts we’ve learned in ECON 101 to analyze a “real-world” economic
incident. As COVID-19 continues to sweep through the United States, there are many ways
that the virus continues to impact our macroeconomy. Students will use the economic
problem solving tools they have developed in order to study some of the many effects we are
observing on our economy as a result of the coronavirus pandemic. You will utilize many of
the key economic concepts, terms, and models we have discussed in class as they apply to
the current economic situation. Your final project will have a combination of graphs, tables,
numerical analyses, written analyses, and background research. It will be due by noon on
Wednesday, May 6th.
You may choose among four project structures:
1. A lecture-style visual presentation (Beamer, PowerPoint, Google Slides, Prezi, etc.)
2. A short video (10-15 minutes)
3. An essay (6-8 pages)
4. Other ideas for ways to present your knowledge and understanding of the topics
willbe accepted, but must be approved with me ahead of time, so feel free to get
While the form of your projects can vary greatly, each project must include four key topics:
an AS-AD modeling of the fallout of the COVID-19 pandemic; a study of the policy response
to the crisis; a description of how macroeconomic indicators have shifted since the outbreak;
and a case study of a particular market that was affected by the situation. Each of these will
be described in greater detail below.
COVID-19 and AS-AD
In Chapters 7 and 8 we learned about the workhorse macroeconomic model of this class:
Aggregate Supply and Aggregate Demand. We learned not just how this model is structured,
but also what causes shifts in the different curves (SRAS, LRAS, and AD). For the first part of
this project, I’d like you to model an economy using the AS-AD approach before the COVID19 outbreak (I would recommend modeling the United States here, but you are more than
welcome to use another country if you check in with me about it first). We can talk more
about what this will look like later, but I would like you to make the model as realistic as
possible (Hint: doing some background research on Real GDP levels would likely be helpful).
Be sure to depict the “macroeconomic equilibrium” in this model.
After you have depicted the AS-AD model, use your economic intuition show what you
think would happen to each curve following the outbreak of COVID-19 (on a separate graph).
Provide an extensive discussion about why each curve shifts the way that you think it does
(or why you think there is no shift). If you are doing a visual presentation, you should create
about one slide per shift. If you’re writing an essay/video script, this should be about one
paragraph per shift. If any of the shifts in your model lead to a gap, discuss what kind of gap
is there and why. After you have explained all the shifts, show and explain your new
macroeconomic equilibrium, and explain why it’s different than the original equilibrium.
How do the concepts of sticky prices and sticky wages apply to this situation?
Policy Responses to COVID-19
For this part of the project, you will independently research policy responses to the outbreak.
You will highlight three different monetary or fiscal policies being proposed, considered, or
enacted to remedy the economic impact of COVID-19. At least one of your policies should
have been enacted (either by a government or central bank). For each of the policies you
choose, you should do the following:
• Provide a bit of background/context on the policy. Who suggested it? Was there any
opposition? Was it passed?
• Identify if this policy would be categorized as a Monetary or a Fiscal policy? Why?
• Determine what “curve” in the AS-AD model is this policy targeting? Why? If it’s more
than one, discuss why it targets multiple curves.
• Use your own economic intuition to discuss whether this policy is a viable solution in
the wake of COVID-19? Why or why not?
• Cite any and all sources (APA or MLA citation style)
Changes in Macroeconomic Indicators
Just like economic policymakers, you will track the economy over the course of the
coronavirus outbreak by monitoring several macroeconomic indicators. Select three of the
• Real GDP
• Consumer Price Index (CPI) or Price
• GDP per capita
• Velocity (monetary)
• Unemployment
• Interest Rates
• Money Supply
• Inflation
• Disposable Income
You should first construct well-thought hypotheses about how each indicator is likely to
change as the pandemic runs its course. Your hypotheses should be based on some
combination of your own intuition/reasoning, economic modeling, and historical precedent.
After stating and defending your hypotheses, you should collect data on each of the
indicators you’ve selected since before the beginning of the outbreak (roughly November of
Make sure to not only define what your indicator means, but also discuss what changes
in your indicator mean and why they are important for an economy as a whole. Discuss the
specific changes that you observe in your indicator. Discuss how the policies you chose to
study have or would affect the indicators you’ve chosen. Display the evolution of your
indicators graphically. Pay careful attention to how you display this information—your
depictions should be simple and clear, but also contain as much information as is needed.
Finally, study how these indicators changed during the Great Recession of 2008. Offer a
discussion of the similarities (or dissimilarities) between the behavior of this indicator
during the last recession and its behavior now.
To summarize, you should have:
• Data on your indicators since before the beginning of the outbreak
• An analysis of the impacts of your policies on these indicators
• Visualizations of the indicators
• A comparison to the 2008 economic downturn
Microeconomic Case Study
For the final part of your project, I would like you to choose a particular market for a good
or service, and discuss how the COVID-19 incident has or will affect that market. Once you
have selected a market, start by creating a microeconomic supply and demand model of the
good/service (it would be wise to do a bit of research on the equilibrium price/quantity of
the product, ideally prior to COVID-19). Then, on a separate graph show the anticipated
shifts in the supply and/or demand curve(s) following the outbreak of coronavirus in the
country you selected. Display the new equilibrium price and quantity (can be real or
theoretical), and using your economic intuition explain why this new equilibrium makes
sense. Provide commentary on the following microeconomic concepts we discussed in the
early part of the semester:
• Why did the Supply and Demand curves shift in the ways that you depicted?
• Give an example of a substitute and a complement of the good/service you selected.
What changes would you anticipate happening in the market for those goods?
• Historically, have there ever been a price ceiling or floor on the good/service you
selected? How would a price ceiling/floor impact the market for this good/service
following the outbreak of COVID-19? Would this create a shortage or a surplus?
• Using your knowledge of inferior vs. normal goods, describe a type of good you think
would have its demand increase as more and more people lose their jobs. Why?
Checklist of Deliverables
Your final project should include all of the following:
1. Deliverable project (essay, PowerPoint, video, etc.)
2. Discussion of three monetary/fiscal policies
3. Analysis of three macroeconomic indicators
4. Twelve graphs
(a) A graph of the AS-AD model before the COVID-19
(b) Three graphs showing the shifts in each curve in the AS-AD model
(c) One graph showing the macroeconomic equilibrium following COVID-19
(d) Three graphs showing the trends in economic indicators
(e) One graph showing supply and demand for microeconomic market of your choice
(f) Two graphs showing the shifts in these curves
(g) One graph showing the new market equilibrium
5. Explanations for the shifts observed in these models
6. A bibliography section with at least seven citations of sources you used when
researching your project (APA or MLA format)
7. At least twelve definitions covered in this class should be included in your project.
Be aware that these are individual projects; no two projects should look the same.
Everyone will have a “project update” due to me at noon on Friday, April 10th in order me to
confirm that everyone’s projects are taking shape and so that I can ensure everyone’s
projects are differentiated enough (I don’t want 40 copies of the same project idea turned in
to me, so some of you might be nudged in a slightly different direction if there are too many
overlapping ideas). More details on what this update should look like will come after Spring
Break, so start researching ideas and following the news now.
The following is a list of key dates for this project:
• April 10, 2020: One-page project proposal. You should submit a one-page proposal
that demonstrates that you’ve given substantial consideration to the direction of your
project. This does not need to be especially formal, but it should include:
– The country you plan to analyze (if not the United States)
– The policies you are considering analyzing (include several, in case you end up
abandoning one or more of them).
– The indicators you are planning on tracking
– Thoughts on how you plan to structure your project
• April 17, 2020: One-page update. Provide a one-page update on the progress of your
project. Discuss what is completed, what is in progress, and what obstacles need to be
• April 29, 2020: First draft. You will turn in a first draft of your project. This does not
mean a rough draft. You should aim to have your project complete by this point. Your
project will be distributed to one of your peers for evaluation. This is a chance to get
feedback on project while you still have time to work on it. The more complete your
project, the more meaningful feedback your peer can provide.
• May 1, 2020: Peer review. You will be assigned to provide peer review of one of your
classmates’ projects. You will provide a filled-out rubric with detailed comments. The
substance of your peer evaluation will be part of your grade, so please take this
• May 6, 2020: Final project due. Turn in your completed project by 12:00 PM (PDT).
Project Aspect
AS-AD Model
Does Not Meet Less than
4 points
8 points
12 points
Student shows an
Student shows a mostly Student has an accurate inaccurate AS-AD
accurate graph of
AS-AD model, most model, doesn’t show AS-AD
model, but shifts displayed are
shifts in AS-AD curves, inaccurate shifts. Little accurate, uses decent explanation of shifts
economic intuition
economic intuition, lacks economic intuition,
identifies a gap. no gaps identified.
Monetary and
4 points
8 points
12 points
More than
16 points
Student’s AS-AD model
utilizes factual
information on GDP, displays
accurate shifts in curves, uses
strong economic intuition,
identifies correct gap.
16 points
20 points
Student displays a strong
grasp of the AS-AD model
before and after the COVID-19
economic intuition, correct
gap identified and explained
20 points
Fiscal Policies
Analysis of the
Market of Your
and Originality
Student doesn’t highlight a
policy that could be
categorized as monetary or
fiscal, completely inaccurate
understanding of the policy’s
impact on AS-AD model.
4 points
Student displays no
understanding of
macroeconomic indicators,
doesn’t include citations for
their sources.
4 points
8 points
12 points
Student highlights policies
that directly targets economic
recovery post COVID-19,
displays understanding of this
policy’s impact on AS-AD
model, research for this
section uses quality citations.
Student highlights policies
directly targeting economic
recovery post COVID-19 and
clearly understands how it
impacts the AS-AD model
their economic intuition, not
only uses quality citations but
also clearly
utilizes their information.
16 points
20 points
Student understands Student understands the Student identifies Student correctly some understanding of
macroeconomic mostly accurate changes identifies changes in macroeconomic indicators they selected, in
macroeconomic macroeconomic
indicators, but identifies but may have errors in
indicators across time,
indicators they selected inaccurate
their changes across
uses mostly quality
at all points in time across time, uses
time, uses
required, uses only citations that are not quality citations.
quality citations. quality.
8 points
12 points
16 points
20 points
Student shows
Student shows accurate Student shows clear satisfactory
understanding of
understanding of supply understanding of
supply/demand model
and demand, goes above supply/demand shifters,
Student clearly doesn’t
Student exhibits understand
and its shifters, graphs
and beyond to prove graphs are mostly are accurate, analysis is
concepts of minimal grasp of the supply, demand or their
consistent with
the way
supply and demand shifters, graphs are model, graphs are why the curves shift in accurate, analysis is
incomplete, incorrect
inaccurate, analysis of analysis of they do, and mostly consistent with
microeconomic theory.
their analysis is
the markets selected is inconsistent with some microeconomic theory.
completely consistent
microeconomic theory discussed in this course.
with microeconomic theory.
2 points
4 points
6 points
8 points
10 points
Cannot interpret
Graphs can be
Graphs can be
Graph are easy to
Graphs are clear, paper
graphs, hard to read,
interpreted but difficult interpreted, paper or
interpret, paper has
or slides have no very little effort overall, to
do so, paper or slides slides have some
minimal grammatical
grammatical errors and no sources cited. have many grammatical grammatical
errors, the errors, quality citations
is easy to read, more Project in general seems errors, not enough
required seven citations are used in the
research than required sources to have no flow.
sources cited. Project
are included, project
process. The project
cited from
seems choppy at times.
flows fine.
flows easily, clearly
sources. Unique markets
understanding how the
chosen to study and/or
different topics in this
creative display of class
relate to one
economic intuition. another.
Peer Review
2 points
Did not demonstrate basic
understanding of peer’s
assignment, little or no
constructive feedback,
showed little effort in
providing peer evaluation.
Student highlights a
Student highlights policy that is
unrelated policies relating to to economic recovery
economic recovery post post COVID-19, some
COVID-19, analysis of misunderstanding on the
impact on AS-AD is policy’s impact on
mostly correct, did
AS-AD model, citations decent background used for this
research for this section lack quality.
the project.
4 points
6 points
Demonstrates poor
understanding of peer’s
work, provided little by way
of substantive feedback.
8 points
10 points
Showed complete
Showed deep
Showed deep
understanding of peer’s understanding of peer’s understanding of peer’s work, provided
work, provided extensive work, provided
meaningful, constructive constructive feedback.
substantial feedback
that greatly improved
peer’s work.

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