The paper consists of four chapters. The first chapter is already finished! I put it in the uploaded files. This time it’s about chapter 2.
Now we discuss the medium run model. We talk about how the labor market anchors the medium run equilibrium and how this impacts the whole economy. For this second chapter,you study the dynamics of the labor market (i.e. unemployment) and of inflation. You should also try your best to estimate a Phillips Curve for your country, for the time period that you are studying. What is the best way to visualize the PC in your case? And what information does this give us on the changes in your country from the beginning to the end of your time period? Again, note that is not an `exercise where you can google the correct answers. Think on your feet and get a bit practical, while reading the textbook for actual tips on the best ways to visualize the PC, and what this means for the coverging of the business cycle to the medium runpath.
Finding data (and working with it) – general information
For the paper you will need macroeconomic data from various sources. Since this is your paper, you are responsible for collecting the data. Blanchard (2020, Appendix Chapter 1) provides some public international data sources that can be used. The university eLibrary provides (sometimes restricted) access to sources like Datastream, Eurostat, OECD iLibrary, World databank and others. Make sure you use data from a trusted source. Working with data and describing it in a meaningful way is not at all straightforward. Besides the standard writing skills, you have to also worry about the data itself: how to visualize it in an orderly fashion and how to interpret it according to what your model suggests you to do. All these aspects appear in the content evaluation of your paper. Finding, presenting and interpreting data are crucial skills for economists. You will mostly learn these skills by trial-and-error and learning-by-doing during your studies. Describing and interpreting both hinge on a fair understanding of the topic. Still there might be a number of data presenting skills that can be worth reading about and experimenting with. Klass (2012) available in the Learning and Resource Centre Economics of the University Library deals for example with these issues, though not specifically for macroeconomics:
Klass G.M. (2012), Just Plain Data Analysis, Finding, Presenting, and Interpreting Social Science Data, 7th edition, Rowman & Littlefield Publishers, Lanham.
Additional Criteria
Only need to write chapter 2.
Minimum of 800 words (excluding tables, graphs and references).
Accurate grammar, spellings and punctuation; appropriate style and tone.
APA 7 style
Times New Roman 12
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