Assignment 3 assesses students’ understanding of the implementation of monetary policy, fiscal
policy and other unconventional policies to address recessions and stimulate economic growth.
Instructions:
In groups of 3 students you are expected to prepare a 2 000 word research report. For the
introduction and conclusion you can use up to 200 words. The report should address the following:
The global financial crisis (GFC) of 2008 to 2010 resulted in a downturn in many economies around
the world.
(a) Select two macroeconomic variables and discuss the impact of the GFC on the following
developed countries: USA, Canada, Singapore, New Zealand and Japan. (400 words) (10 marks)
(b) In order to minimize the negative impact of the recession a number of industrialised countries
significantly reduced their key interest rates – the overnight rate (known by different names in
different countries). From the list of countries i

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