Shortly after his appointment in 2013, the new Governor of the Bank of England Mark Carney implemented a strategy of “forward guidance”. When presenting this strategy he said that the Bank would not consider raising interest rates until the unemployme Custom Essay

Shortly after his appointment in 2013, the new Governor of the Bank of England Mark Carney implemented a strategy of “forward guidance”. When presenting this strategy he said that the Bank would not

consider raising interest rates until the unemployment rate has fallen to 7% or below.
However, that link could be put aside if the inflation rate threatens to rise above 2.5% in the medium term.

Write an essay, not exceeding 1500 words, explaining the macroeconomic rationale for this strategy. Your analysis MUST include use of the closed economy IS-LM model. However, you may in addition use

any other macroeconomic models or concepts covered in this course.

Important: You must include at least two line diagrams in your essay, although equations may also be used. If you do not include diagrams in your essay, you will not receive a pass mark.

BMAN31722 Macroeconomic Analysis
COURSEWORK 2013-14

Shortly after his appointment in 2013, the new Governor of the Bank of England Mark Carney implemented a strategy of “forward guidance”. When presenting this strategy he said that the Bank would not

consider raising interest rates until the unemployment rate has fallen to 7% or below.

However, that link could be put aside if the inflation rate threatens to rise above 2.5% in the medium term.

Write an essay, not exceeding 1500 words, explaining the macroeconomic rationale for this strategy. Your analysis MUST include use of the closed economy IS-LM model. However, you may in addition use

any other macroeconomic models or concepts covered in this course.

Important: You must include at least two line diagrams in your essay, although equations may also be used. If you do not include diagrams in your essay, you will not receive a pass mark.

Coursework deadline: Friday 02 May 2014 at 3pm

Coursework will be submitted electronically via Blackboard 9. Further information on the procedure for coursework submission will be provided early in the course.

END OF COURSEWORK

(see below for guidance on writing the coursework)

COURSEWORK FAQs/ Advice

What sources shall I use for writing the essay?

A good start is to make sure you understand the material presented in the lectures and in the course text. However, simple regurgitation or rewriting of this will not achieve a high mark, no matter how well it is

done. The quality and quantity your research effort is a significant assessable component of this coursework. Therefore, you will not be provided with extensive references. You will be given credit for the

research effort undertaken (i.e. reading around the topic, reading journal articles & your understanding of technical material in these, and following up of references from these).

One thing to avoid is an over-reliance on web-based resources. The internet is the starting place for most research these days, but only including references to web pages only reflects a superficial and lazy

approach to research.

How will I be assessed?

The general criteria for the marking of the coursework is at the end of this document (“Marking Criteria for coursework and Examination”). More specifically you will also be assessed on:

• How well you apply the IS-LM model and the other concepts and models we have covered in this course in your essay.
• The quality of your writing.
• How well you have organized your thoughts.
• The quality of your referencing and general research effort.
• Whether you have used original real-world examples.
• Whether you have made an effort to find and analyze some original data.

Are references included in the word limit of 1500? Are there any allowances regarding the word limit?

You are allowed 300 words for references/labels/etc. You are also allowed to go 10% over (or under) the limit (i.e. 150 words). This means that the total word count, including everything, should not exceed

1950 words. If your essay is over this you will be penalized. The size of the penalty depends on the size of the excess.

How much help will I receive?

As 3rd year students you should be used to writing essays and assignments by now, and so there should be little need for advice on how to structure your work or how to reference properly, etc.

I will be 1st marking all the coursework and therefore I will not look at drafts of essays or essay plans. Nor will I provide advice on what to write in the essay – apart from what is written here. I will be happy

to speak to students at any time, but the previous statements apply about assistance.

How shall I structure the essay?

Remember that this is an essay, not a report and should be structured accordingly. The Appendix at the end of this document gives advice in structure of your essay.

Have you got any general advice on what to write in this essay?

Here are some helpful “do’s” and “dont’s”

DO

• Structure the essay properly.
• Use original real-world examples wherever possible.
• Define any technical terms you may use.
• Use data to illustrate your arguments. This doesn’t need to be fancy statistics, charts or graphs will do. Macroeconomic data is plentiful and easy to access. See the course outline for some

references.
• Construct a proper reference list (including web sites) at the end of the essay, including ALL the references you have made. No need for a separate bibliography.
• Carefully explain any diagrams you include. I need to know that YOU understand them.

DON’T

• Make unsupported statements or quote facts without references or explanation.
• Include diagrams or graphs with little or no reference to them or explanation in the text.
• Omit references.
• Include long, rambling sections of description or anecdote. Try and be analytical.
• PLAGIARISE!!

What is meant by a “line diagram”?

A line diagram is a graph of the type we have looked at a lot in this course. An example of a line diagram is the simple supply and demand diagram used in the introductory economics courses you studied. (see

below)

How many references should I include?

There is no prescribed number of references. The number of references you include depends on the number of times you cite other authors, or use references to back-up facts you have stated. I cannot over-

state the importance of proper referencing in academic work.

Is text from the diagrams and references included in the word limit?

No. Only words in the main body of the essay are included.

What happens if I miss the deadline?

In general the following rules apply. If you are ill, or have any other genuine reason for missing the deadline, contact the course-coordinator as soon as possible. You should be aware that documentary proof

will be required if you are to avoid the penalties given below.

Penalty for Late Submission of Coursework
Penalties for late submission are as follows:
Submission after the designated deadline on the day of submission For any piece of assessed coursework submitted after the designated deadline on the day of submission:

(i) a penalty of 5 marks will be deducted from the mark for the piece of assessed work if the work is submitted after the designated deadline but on the same day of submission;

For example, assuming the coursework deadline is 2.00pm and the maximum number of marks to be gained is 100, if you submit your coursework at 2.15pm and you would normally get a mark of 65% a

mark of 60% would be given.

(ii) a penalty of 10 marks per day for up to 10 days will be deducted from the mark for the piece of assessed work if it is submitted late.

For example, assuming the maximum number of marks to be gained is 100, if the coursework would normally get a mark of 65% and is submitted a day late, a mark of 55% will be given. If the coursework is

submitted 5 days late, a mark of 15% will be given.

All days including Saturdays, Sundays and Bank Holidays count. This will be regardless of how much the assessed work counts towards the final mark.
Submission after a week (7 days) After a week (7 days) a mark of zero will be given. Weekends will count as two days.

Plagiarism

Please refer to the section on Plagiarism in your Student Handbook.
Marking Criteria for coursework and Examination

70+ 1st

An excellent answer, showing a high degree of mastery of the subject matter, with a well-developed ability to analyse, synthesise and apply knowledge and concepts. The answer is well directed and relevant to

the question set. It is free of all but very minor errors, with a high level of technical competence. There is evidence of critical reflection, and of ability to tackle questions and issues not previously encountered.

Evidence of wider reading. Ideas are expressed clearly and written with authority and insight.

60-69 2.1

A good piece of work, showing a sound and thorough grasp of the subject-matter, though possibly lacking in the breadth and depth required for a first-class mark. A good attempt at analysis, synthesis and

application of knowledge and concepts, but may be more limited in scope than that required for a mark of 70+. Most aspects of the question set are covered. Work is generally technically competent, but there

may be a few gaps leading to some errors. Some evidence of critical reflection, and the ability to make a reasonable attempt at tackling questions and issues not previously encountered. Ideas are expressed

with clarity, with some minor exceptions.

50-59 2.2

A fair piece of work, showing grasp of major elements of the subject matter but with some gaps or areas of confusion. Only the basic ideas of the question set are covered. The attempt at analysis, synthesis

and application of knowledge and concepts is superficial, with a heavy reliance on course materials. Work may contain some errors, and technical competence is at a routine level only. Ability to tackle

questions and issues not previously encountered is limited. Little critical reflection. Some confusion and immaturity in expression of ideas.

<50 3rd A poor piece of work, showing some familiarity with the subject matter, but with major gaps and serious misconceptions. Only some of the basic requirements of question are achieved. There is little or no attempt at analysis, synthesis or application of knowledge, and a low level of technical competence, with many errors. Difficulty in beginning to address questions and issues not previously encountered. Inability to reflect critically on an argument or viewpoint. Ideas are confused, poorly expressed and structured. <40 Fail Not of a passable level. A poor piece of work, showing little or no familiarity with the subject matter. Almost no relevance to the question set. Total inability in beginning to address the question. Answer frequently incoherent. How soon after the deadline will I know my mark and receive feedback? Once the marking is complete I will send the marks to the Examinations Office and the PROVISIONAL marks will be made available to you on the student system. Summative Assessment: MBS policy is for students to receive detailed feedback on their coursework within 15 working days of the final deadline. The final submission deadline should be calculated as 6 days (including bank holidays and weekends) following the 'set deadline' given to students to take into account late submissions (refer to MBS policy on Marking and Feedback). So you should receive feedback on your essay no later than 27 May 2014. Should a student require further feedback about their coursework, or their mark, this can be done via email, or by arranging an appointment with the course co-ordinator. Appendix: Essay Structure The following is the basic essay structure or discernible pattern, which should help you plan your essay and organize your material, expanding the three elements that constitute any essay. INTRODUCTION - to identify the main issue(s), explain and justify the methods(s) of analysis to be use, and assess the quality of the evidence available. MAIN BODY - where the evidence is presented, examined, arguments put forward and supported or refuted. CONCLUSION - where you sum up and draw the threads together. 1. Introduction Your introduction should: (a) Comment on the title or topic of the essay (b) Define or explain any difficult or ambiguous terms in the title; plus keywords (c) Direct the reader by stating which aspects off the topic you intend to cover and why The introduction should be roughly 5% of the total length of your essay, generally one paragraph. 2. Body The main body of the essay should develop your argument or theme. Take each of your main points and support them with examples and illustrations. Break your materials down into paragraphs or sections; one paragraph or section for each aspect of the topic. A paragraph may: (a) raise a particular issue, or (b) develop a particular issue. Often the first sentence is the topic sentence - that is, it explains what the paragraph is about. As you develop your argument, you must move from point to point and from paragraph to paragraph. This involves transitions to smooth the way for the reader. It is important to remind the reader where you have been and where you are going. Linking words are used as 'signposts' to help the reader make the transition from one paragraph to the next. The linking words you use will depend on the way you are developing your argument. The following are ways to develop your essay from one paragraph to the next, and common linking words for each. 1. Cause and Effect: You can discuss the cause in one paragraph and the effect in the next one, or the other way round. In this case you are expressing a relationship or drawing a conclusion. (Linking words: 'as a result', 'thus', 'therefore', 'consequently',' thus', 'for this reason', 'because of'.) 2. Positive and Negative Aspects: You can contrast the positive and negative aspects of something. You might discuss the positive aspects in one paragraph and the negative in the next. (Linking words: 'but', 'however', 'on the other hand', 'although'.) 3. Sequence of Events, i.e. before and after: You can show the next step or the previous step to the event you are discussing. (Linking words: 'then', 'after that', 'finally', 'ultimately', 'following', 'before', 'first', 'previously', 'firstly', ' ...secondly ', ' ... thirdly'.) 4. Illustration: You can illustrate or give an example of what you have been talking about. (Linking words: 'for example', 'for instance', 'such as', 'that is'.) 5. Extension: You can extend an idea, add weight to your argument, give further examples. (Linking words: 'similarly', 'moreover', 'furthermore', 'in addition', 'not only'.) 3. Conclusion Your conclusion should: Summarize your main ideas. Answer any specific questions which were asked, through your answer may be tentative. Draw a general conclusion from your argument. In your conclusion you may also, discuss the wider implications. You should not introduce any new arguments or information. The conclusion should make up about 7-8% of the total length of your essay. It is useful to check the essay for basic errors a day or two after writing it, if you have allowed time for this and you are not then tempted to start re-writing bits of it!