grammar check and paper integration need people with professional acknowledge on economics
it is an academic paper writing by 5 people, 6300 words.
the essay is finished, but need someone to check the grammar(rewrite bad sentence) and integrate each part all together making it a good smooth essay. Please finish it before 2pm march 24th
The full instruction of essay is posted below( Chosen country: Australia) ,
Starting Point of your Hypothetical Scenario: At the beginning of January 2020, your chosen small-open economy and the world economy are hit by a series of shocks and a subsequent financial crisis. Equity markets, both domestic and around the world, are down by more than 50% (on average, by market capitalization) during the first week of January, while bond spreads have widened significantly. Key domestic financial markets have become illiquid while the exchange rate has become highly volatile as investors and markets engage in a flight-to-quality. Catalysts for the world-wide financial market shocks include a recent global economic growth rate slowdown and indications of a rapid increase in corporate loan defaults in many economies. Also, credit in China is “drying up†or falling quickly which is affecting both the real and financial sectors of that country. There are adverse knock-on effects for both Chinese firms, many of which are significant suppliers of goods in global value chains, and Chinese consumers, that purchase foreign goods. Both need access to greater credit. Recent data is suggesting that growth rates in advanced economies around the world are slowing and international trade in goods is falling precipitously. In many economies, the central bank policy interest rate is already relatively low (i.e., nearer the “effective lower bound†versus the last financial crisis), so there are fewer options today in terms of conventional monetary policy options.
Write a policy paper of between 5500 and 6500 words (around 1250 words per student, excluding charts, figures, tables, footnotes and bibliography) that includes the following mandatory sections (Note: Use these underlinedsection headings in your report and notice the weights and recommended word counts for each section):
- Macroeconomic Environment and Financial Market Conditions – Provide a complete description of your chosen economy, the international macroeconomic environment and financial market conditions before the financial crisis begins (in January 2020). Then, using previous crises as your guide, describe in detail the recent economic and financial market dynamics in your local economy and around the globe since the January hypothetical “starting point” described above. You must add additional elements to the scenario to ensure that a severe financial and economic crisis takes place in your economy. You should be creative, but you must ensure that the economic and financial market environment in your overall scenario is consistent with the starting point provided above, and that it is plausible. Discuss how your economy, the U.S., European and Chinese economies (e.g., economic growth rates by component, unemployment rates) and financial markets (e.g., exchange rates, market interest rates, credit spreads, equity market returns) have, and are been affected, by the shock(s). See how the IMF presents (write-up and tables) their outlook or forecasts (e.g., https://www.imf.org/en/Publications/WEO/Issues/2019/07/18/WEOupdateJuly2019 (Links to an external site.)). Use graphs, charts and tables based on historical and recent economic and financial data (from official sources such as your domestic statistical agency, your central bank, IMF, OECD, central banks around the world) to illustrate the current environment. Note: graphs, charts and tables must be produced by students by actually downloading data from official sources (No copy and pasting of pictures is permitted). Sources of data should be indicated at the bottom of each graph, chart and table. (About 1000 words, 18% weight in group assignment grade)
- 3% – Full and complete written description of the domestic economic environment (leading up to the crisis)
- 3% – Full and complete written description of recent international macroeconomic environment (leading up to the crisis)
- 3% – Full and complete written description of very recent financial market conditions (leading up to the crisis)
- 3% – Graphs, charts and tables created yourself based on historical and official data
- 6% – Discussion of financial crisis scenario:
- 2% – Scenario is consistent with partial scenario provided in assignment above; Scenario is plausible
- 2% – Elements of scenario are internally consistent
- 2% – Complete discussion of your economy, the U.S., other economies and financial markets, and how they have, and are been affected, by the shock(s)
- Monetary Policy Instrument Options – Given the domestic and international macroeconomic environment and financial market conditions, describe different conventional and unconventional (distinct) monetary policy instrument options (e.g., lower the target overnight policy interest rate to the effective lower bound) that the governing council of your central bank could use to stimulate aggregate demand in the domestic economy or achieve any of its other monetary policy objectives. Look at the various policy instruments developed at your own, and other, central banks during the last financial crisis as your guide. Make sure to explain theoretically and intuitively how each policy instrument works to stimulate aggregate demand, when and where the policy has been used, and remember to cite your references. (About 1000 words, 18% weight in group assignment grade)
- Describe 6 (conventional and unconventional) monetary policy instrument options – 3% for each option
- For each option:
- 1% – Definition: how the policy instrument works in theory and intuitively
- 1% – Discuss when and where the policy instrument has been used
- 1% – Provide extensive references to academic journals and central bank working papers
- Monetary Policy Implementation – For each monetary policy instrument option, describe how your central bank should implement the policy.Describe the implementation process of each option in detail, including recommended timing and magnitudes of all financial market operations. Refer to the operations of central banks around the world over the last 10+ years, and make sure to cite your references. (About 1000 words, 18% weight in group assignment grade)
- Describe implementation of each of 6 policy instrument options – 3% for each option
- For each option:
- 1% – Definition: how each monetary policy instrument option is implemented through financial markets
- 1% – Discuss quantities and timing, and how they compare to policies instruments of other central banks historically
- 1% – Provide extensive references to academic journals and central bank working papers
- Potential Effectiveness and Risks – Discuss the potential effectiveness and risks of each policy instrument. Focus on possible unintended consequences when discussing risks. You must also provide references to economic theory and empirical evidence included in academic journals! Make sure to cite your references. (About 1000 words, 18% weight in group assignment grade)
- Describe risks and effectiveness of each of 6 policy instrument options – 3% for each option
- For each option:
- 1% – Effectiveness
- 1% – Risks (unintended consequences)
- 1% – Provide extensive references to academic journals and central bank working papers
- Financial Market Liquidity Operations – Compare and contrast 3 different financial market liquidity operations available to your central bank and would likely be required based on your economic crisis scenario. The specific financial market liquidity operations should support the different monetary policy options discussed in earlier sections and must be consistent with your scenario. Provide explicit details including the timing of the operations and compare to recent operations of central banks around the world. Make sure to cite your references. (About 1000 words, 18% weight in group assignment grade)
- Describe 3 operations – 6% each
- For each option:
- 2% – Description of operation & discuss quantities and timing
- 2% – Consistency with monetary policy options discussed
- 1% – Provide extensive references to academic journals and central bank working papers
- Policy Recommendations – Provide policy recommendations (including monetary policy instruments, monetary policy implementation and financial market liquidity provision) based on the discussion in Sections 1 to 5. Explain why your group chose one or more monetary policy instrument options and financial market liquidity operations. Discuss the timing and magnitude of each recommended policy. (About 500 words, 10% weight)
- Policy recommendation clear – 3%
- Defense of policy recommendation – 3%
- Follow instructions on formatting – 4 %
- 1% – Sections and subsections of paper clearly defined
- 1% – Figures, charts, tables well-formatted, properly labeled and clear
- 1% – Formatting of references (See https://www.bankofcanada.ca/wp-content/uploads/2013/11/wp2013-41.pdf (Links to an external site.) as an example)
- 1% – Adequate footnotes
- A cover page should include the title of your paper, names and student numbers, course number, instructor’s name, and a 150-word summary of your financial crisis scenario and policy recommendations. Also, include a List of References at the end of your paper. (Mandatory; no weight)
Strong suggestion for group work: Break-up the assignment among individual group members. Each student in a group of 5 could take the lead on one of Sections 1 to 5. Meet weekly as a group starting in early February. By the third week of February, make sure everyone in your group has agreed to an detailed financial and economic crisis scenario. By the second week of March, as a group, jointly agree on a set of policy recommendations. Each student should review the written work of others in the group as you make progress so that there is consistency across sections of the paper including, for example, with respect to economic theory and writing style. Use the rest of March to properly write-up your paper and get feedback.
Organisation, Structure, Length and Format:
- The total length of the group paper should be around 25 to 30 pages (not including tables and charts).
- Mandatory Formatting: 1-inch margins; double-spaced; Use ‘Times New Roman’ with ‘12’ font size.
- Charts, figures and tables and other quantitative material should be included as appendices at the end of the paper, but should be cited or summarized in the main body of the text. Charts, figures and tables must be produced by students by downloading data from official sources (No copy and pasting of charts/figures/tables is permitted). Sources of data should be indicated at the bottom of each chart, figure and table.
- The main text of your paper must be between 5500 and 6500 words (excluding charts, figures, tables, and references, which should be in appendices at the end of your paper).
- Include footnotes as required.
- You should cite peer-reviewed economic journal articles to support your analysis
- See EconLit (https://guides.library.utoronto.ca/econlit) to look for references to economic theory and practice
- Also look at central bank research webpages, IMF, OECD, etc. for policy-relevant papers
- Use the APA Systemto provide information about your sources in your paper
- Use https://www.bankofcanada.ca/wp-content/uploads/2013/11/wp2013-41.pdf (Links to an external site.) as an example of how to organise your references, make citations and use footnotes.
- See https://advice.writing.utoronto.ca/using-sources/documentation/
- Looking for data: Go to national statistical agencies, central bank webpages, IMF, BIS, OECD, etc.
- A list of references must be included at the end of your paper; You must provide appropriate information about all external sources of information used, including websites.
- Your paper should be free of spelling and grammatical errors, clear and well written.
