Debate “Should the Fed respond to the Coronavirus?”

Debate “Should the Fed respond to the Coronavirus?”.

I need support with this Economics question so I can learn better.

1. Write a 700-800 word Op-Ed taking a side on this issue. Please make sure it is double spaced, includes your name on the top-left corner, is properly cited using APA format (ideally you should have 3-5 references; they can include news articles, research papers, books, etc.), and draws from sound economic arguments. Completing this is the bare minimum requirement for receiving credit. Remember that in addition to printing out your Op-ed and turning it in at the end of class you MUST upload a copy of this to the in-class debate #2 assignment in Canvas in order to receive credit so that I can run it through the plagiarism scanner.

2. If you would like to enhance your grade (and potentially earn extra credit on the assignment), I would also like you to actively participate in the in-class discussion of this topic. I will try to set aside 10-15 minutes at the end of class to let any of you who might wish to speak give a summary of your opinion and respond to any objections and counter-arguments you would like to address. One of the goals of this in-class discussion is to foster a civil and respectful environment, so be sure to act appropriately and respect other’s opinions.

Here are some articles and videos on what certain prominent figures think the Fed should do in its response:

President Donald Trump: https://www.politico.com/news/2020/03/03/trump-fed-economy-coronavirus-119372 (Links to an external site.)

Senator Elizabeth Warren: https://abc13.com/politics/elizabeth-warren-addresses-coronavirus-at-houston-town-hall/5972608/ (Links to an external site.)

Fed Chairman Jerome Powell: https://www.nytimes.com/2020/02/28/business/economy/federal-reserve-says-ready-to-act.html (Links to an external site.)

Here is Jerome Powell’s press conference explaining his decision to reduce interest rates in an effort to combat the negative economic impact of Coronavirus:

Fed Chair Powell on interest rates cut to combat coronavirus outbreak impact – 3/3/2020 (Links to an external site.)
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Here is a great podcast interview with one of my favorite economists, Scott Sumner, where he discusses how the Fed should respond to Coronavirus: http://macromusings.libsyn.com/scott-sumner-on-how-central-banks-should-respond-to-the-coronavirus-threat (Links to an external site.). The first 15-20 minutes should be sufficient.

Finally, here’s an article from my friend Dr. Jim Caton from American Institute for Economic Research that outlines the difficulty for monetary policymakers in combating negative supply shocks. I’ll also have an article that should be posted sometime soon responding to Elizabeth Warren’s call for the Fed to make loans to affected companies.

https://www.aier.org/article/the-coronavirus-reveals-the-limits-of-monetary-policy/

Debate “Should the Fed respond to the Coronavirus?”

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