Response To Recent Negative Shock And Fiscal Policy In Recessionary Times - The WS/PS Model In Post COVID - Economics Assignment Help

Assignment Task -

Questions:

Q1 - Modules L3 and L4. Aggregate Demand and Fiscal Policy in Recessionary Times

1. Use the multiplier model to illustrate and explain in some detail how the aggregate demand function will shift due to the pandemic-led “household recession”.

2. On the same diagram in Part A, illustrate and explain how fiscal stimulus measures are helping to mitigate the macroeconomic shock from the coronavirus.

3. Elaborate on the different ways in which Australian households (more vs. less credit-constrained) have responded to the government stabilisation policies.

Q2 - Modules L5 and L6. Unemployment the WS/PS model in a Post-COVID-19 world

In this context, use the WS/PS model to illustrate and explain in some detail what happens to an economy’s equilibrium unemployment in a post-COVID-19 world.

Q3 - Modules L7 and L8. Monetary Policy Response to the Recent Negative Shock

How effective are reductions of nominal interest rates at stimulating domestic aggregate demand in a recession? In your answer, discuss the limitations of monetary policy and the problems of persistent low or negative inflation.

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