1. Using information from your class notes and research, you and your group will create a 2-3 page report that illustrates your understanding of current U.S. economic conditions and your recommendations for government policy actions that will keep the U.S. economy on course toward achieving its goals.

2. The Report Introduction – a summary of your group’s recommendations for both fiscal and monetary policies you believe would help the US meet its goals Section I: A summary of current U.S. economic conditions with citations for your sources Section II: Discussions of Classical and Keynesian economic policies economists of these schools of thought would support based on the conditions you reported in Section I. Section III & Conclusion: Your group’s recommendations for both the fiscal and monetary policies you believe would move the US toward its long-term goals

3. Sources Class notes, assignments, and readings Textbook Bureau of Labor Statistics (BLS) – to find the current unemployment rate Other sources on your project handout A Brief History of U.S. Unemployment http://www.washingtonpost.com/wp-srv/special/business/us- unemployment-rate-history/#clinton http://www.washingtonpost.com/wp-srv/special/business/us- unemployment-rate-history/#clinton http://www.washingtonpost.com/wp-srv/special/business/us- unemployment-rate-history/#21st-century http://www.washingtonpost.com/wp-srv/special/business/us- unemployment-rate-history/#21st-century The U.S. Inflation Rate 1996-2013 http://www.usinflationcalculator.com/inflation/consumer-price- index-and-annual-percent-changes-from-1913-to-2008/ http://www.usinflationcalculator.com/inflation/consumer-price- index-and-annual-percent-changes-from-1913-to-2008/ U.S. Real GDP http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&s tep=3&isuri=1&910=x&911=0&903=5&904=1996&905=2013&906=a http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&s tep=3&isuri=1&910=x&911=0&903=5&904=1996&905=2013&906=a

4. Pick your groups! Groups of 3 Pick your role: A. Writer – responsible for typing the report and makes sure that each draft is submitted on time. B. Fact Checker – makes sure that all directions are being followed for the project and asks questions for the group as needed. C. Editor – Makes sure each draft is submitted on time and that all information written in the report makes sense. Write your group members’ names, e-mails, phone numbers, and roles.

5. Section I. Current U.S. Economic Conditions 1 paragraph – summary of current US economic conditions (compared with 2011 and 2012) with citations. Must use the following in your summary: The unemployment rate (UR) The rate of consumer price inflation (CPI) Rate of real GDP growth Sources for this information: websites from the project directions or the BLS and class notes

6. Section I. Current U.S. Economic Conditions Structure: Topic sentence generalizing the US economic conditions compared to previous years (2011 and 2012) Example The U.S. economy is currently experiencing _______ based on the changes in the unemployment rate, consumer price inflation, and real GDP growth since 2011. Description of each condition with citation compared to previous years (2011 and 2012). Concluding sentence summarizing the conditions of the US economy Restate the topic sentence using different words and details

7. Current Unemployment Rate Use the following websites to find the current unemployment rate and the unemployment rates for 2011 and 2012 Compare the unemployment rate from this year to the past years. How has it changed? What does this say about the condition of the economy? Compare the unemployment rate from this year to the past years. How has it changed? What does this say about the condition of the economy? http://www.bls.gov/cps/ http://www.washingtonpost.com/wp- srv/special/business/us-unemployment-rate- history/#clinton http://www.washingtonpost.com/wp- srv/special/business/us-unemployment-rate- history/#clinton

8. Consumer Price Index Use the website to find the CPI for 2013, 2012, and 2011. How has it changed from these years to now? What does this say about the current condition of the economy? http://www.usinflationcalculator.com/inflation/consu mer-price-index-and-annual-percent-changes-from- 1913-to-2008/ http://www.usinflationcalculator.com/inflation/consu mer-price-index-and-annual-percent-changes-from- 1913-to-2008/

9. Real GDP Growth Use the website below to compare real GDP Growth across 2011, 2012, 2013 How has it changed this year from past years? What does this say about the condition of economy? http://www.bea.gov/iTable/index_nipa.cfm You may also calculate and include the real GDP per capita or standard of living for each year as another measure of the condition of the economy.

10. Homework Tonight Writer – Tonight, Find the CPI for 2011, 2012, and 2013. Then, answer the following questions: 1. How has the CPI changed from 2011 to 2012? 2. How has the CPI changed from 2012 to 2013? 3. From 2011 to 2013? 4. What does this evidence say about the condition of the US economy? Fact Checker – Find the unemployment rate (UR) for 2011, 2012, 2013. Then, answer the following questions: 1. How has the UR changed from 2011 to 2012? 2. How has the UR changed from 2012 to 2013? 3. From 2011 to 2013? 4. What does this evidence say about the condition of the US economy? Editor – Find the real GDP growth for 2011, 2012, and 2013. Then, answer the following questions: 1. How has real GDP growth changed from 2011 to 2012? 2. How has real GDP growth changed from 2012 to 2013? 3. From 2011 to 2013? What about changes in real GDP per capita? 4. What does this evidence say about the condition of the US economy?

11. Goals for Today : 1. Meet with your group and talk about what data you found last night. What does your evidence say about the condition of the US economy? 2. Start writing your report.

12. Section I. Current U.S. Economic Conditions Structure: Topic sentence generalizing the US economic conditions compared to previous years (2011 and 2012) Example The U.S. economy is currently experiencing _______ based on the changes in the unemployment rate, consumer price inflation, and real GDP growth since 2011. Description of each condition with citation compared to previous years (2011 and 2012). Concluding sentence summarizing the conditions of the US economy Restate the topic sentence using different words and details

13. Roles: A. Writer – responsible for typing the report and makes sure that each draft is submitted on time. B. Fact Checker – makes sure that all directions are being followed for the project and asks questions for the group as needed. C. Editor – Makes sure each draft is submitted on time and that all information written in the report makes sense. Rough draft due Friday!

14. Section II: Classical and Keynesian Policies 2 paragraphs explaining the policies Keynesian and Classical economists would suggest based on the economic conditions you found in Section I 1 paragraph on Classical policies 1 paragraph on Keynesian policies Be sure you clearly explain how the economic conditions you reported in Section I are connected to the Keynesian or Classical policies you describe

15. Readings: Keynesian and Classical Take Notes Homework

16. Section II: Classical and Keynesian Policies Structure: 2 paragraphs Topic sentence summarizing the policies based on your findings of economic conditions Example Keynesian economists would suggest using __(policies)__ due to the fact that the economy is __(conditions)_____. Explanation of the policies you suggest with evidence Concluding sentence summarizing the policies Same as topic sentence but using different words

17. In your group, discuss the policies you wrote as homework for both the Classical and Keynesian policies. Choose 3 to include in your paragraph. Then, start writing your paragraph. A. Writer – responsible for typing the report and makes sure that each draft is submitted on time. B. Fact Checker – makes sure that all directions are being followed for the project and asks questions for the group as needed. C. Editor – Makes sure each draft is submitted on time and that all information written in the report makes sense. Draft is due on Friday!

18. Section III and Conclusion: Recommendations for fiscal and monetary policy actions 2 paragraphs: 1 each on fiscal and monetary policy recommendations to reach the U.S.’s long-term goals Be sure to thoroughly explain each policy you recommend including: what the policy is, the evidence you have for why it is a good policy at this time, and its intended outcomes. Example: We support the fiscal policy of increased taxation given the fact that __(condition)__. This policy will increase taxes on __(type of tax) ___ which will have the intended outcome of ___________. This will impact the U.S. economy and help reach the long term goals of ________ by doing ______.

19. Today, discuss the fiscal and monetary policies you suggested as homework based on the current conditions of the US economy. Outline 2 fiscal and 2 monetary policies to include in each paragraph. Then, start writing. A. Writer and Editor – responsible for typing the report and makes sure that each draft is submitted on time. B. Fact Checker – makes sure that all directions are being followed, the report makes sense, and asks questions for the group as needed. Project is due on Friday!

20. Introduction Summarize your group’s recommendations for both the fiscal and monetary policies you believe would move the U.S. toward its long-run goals based on your findings of the U.S.’s current economic conditions. This is a brief discussion of fiscal and monetary policies ending with a thesis statement. Example: Because the U.S. economy is _(short summary of current U.S. economic conditions from Section I__, we believe that the best fiscal and monetary policies to support the long-run goals for the U.S. would be to ___(short summary of your group’s recommendations from Section III)___.

21. Friday! Project is due on Friday! Homework Packet: 1. Data from Project Research Day 1 2. 15.1 Fiscal Policy Questions 3. 14.2 Federal Taxes Questions 4. 2 Keynesian Policies based on Section I conditions 5. 2 Classical Policies based on Section I conditions 6. 16.3 Monetary Policy – 7. 16.4 Monetary Policy and Macro Stabilization – 8. Report Reflection – to be completed in-class on Friday

22. Project Reflection Write 2 paragraphs on the following: Paragraph 1 – Describe your role in the project, how you contributed to your group, and how well you think you did on the project. Paragraph 2 – How did your other group members contribute to the project? What worked well? What would you do differently next time?