You are also required to write a longer paper that analyzes one of the economic concepts covered in class. You should collect data relating to a monetary economics issue, and then analyze the data using theories developed in class. For instance, you might look at how monetary policy affects other macro variables such as interest rates, prices, output, or exchange rates. You may want to take an important course concept such as the quantity theory of money, the Philips curve, purchasing power parity, the interest parity theorem, or the Fisher effect, and test that concept using real world data. You can use U.S. data, or data for one or more foreign countries. You can use time series data or cross sectional data. Those who don’t have a good background in statistical analysis should use graphical analysis.
Organization of Paper:
- Discuss the theory that you plan to test. Why is it expected to hold true?
- Discuss the country or countries that you plan to examine, and the time period.
- Discuss the data you plan to use. What are your data sources?
- How is the data modified? Real or nominal variables? Levels or rates of change?
- What statistical tests will you use? Eyeball examination of graph? Regression analysis?
- What does the test show? Is that consistent with your hypothesis?
- What might explain discrepancies between your findings and the theory’s predictions.
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