Final Project

Below is a brief description of each final project option. On the subsequent pages is a more detailed
explanation of each option. Options 1,5 and 6 require some outside research. The others should be
based on content covered in the course. The final project is out of a total of 120 points. 10 points are
given for completion of each of the first two checkpoints. The remaining 100 points is for the final
project and the breakdown is given under the detailed description of each final project option.
Option 1: Economic Naturalist (microeconomic based)
This is a project based on Robert Frank’s book called “The Economic Naturalist”. The goal of this project
is to explain an interesting phenomenon that you observe using economic thinking. The goal is to
develop a question that is as interesting as possible. One example from the textbook is: “Why do drive
up ATM machines have braille dots on them, even though blind people cannot drive up to an ATM?”

Option 2: Song or Movie + Analysis

You will write a song explaining key macroeconomic theories or create a movie explaining key
macroeconomic theories. You then provide a written analysis of the movie or song that explains the
concepts in more detail. The movie project can be done in groups as large as 3, but each student must
independently write up the analysis.
Option 3: Make your own podcast
The podcast planet money provides explanations of complex economic theories using language that is
accessible to non-economists. Your task for this project is to create your own planet money style
podcast explaining the macro economy (see below for more details). This podcast can be done with
partner so long as both members contribute equally.
Option 4: Policy Analysis
Politicians hire experts to write policy briefs that describe an issue and highlight key considerations. The
politician then reads the policy brief rather than having to fully understand the topic themselves. Your
task for the policy brief is to write a 4 page analysis that explains the economic role of government and
the Federal Reserve. Since many politicians have no background in economics, you must provide a
careful explanation that could be understood by a general audience.
Option 5: Great Recession Analysis
In this project, you will research the great recession in detail and provide a 3.5 page analysis. The
analysis will include a description of how the great recession began, what were the consequences of the
recession and what the government and federal reserve did to try to fight the recession.

Option 6: Great recession vs great depression

In this project, you will research both the recent great recession and the great depression of the 1930s.
The first components of the 3.5 page analysis will be a comparison of unemployment and economic
growth in the great depression and the 2008 recession. Second, you will report on how the government
response was different in the 1930s vs the 2008 recession.
Option 1: Economic Naturalist

This is a project based on Robert Frank’s book called “The Economic Naturalist”. The goal of this project
is to explain an interesting phenomenon that you observe using economic thinking. The goal is to
develop a question that is as interesting as possible. One example from the textbook is: “Why do drive
up ATM machines have braille dots on them, even though blind people cannot drive up to an ATM?”

Since this is a common final project for students at many universities, the description of the assignment
can be found online.

http://people.oregonstate.edu/~emersonp/201/paper.pdf

While the above document gives you an idea of the assignment goal, you should follow my instructions
below for the details of what I am expecting.

If you choose to do this option, you will write 2 questions and these questions must be approved by me
prior to Final Project Checkpoint #1. To get approval, simply email me your two questions. The key
factor in getting a question approved is that it has to be an interesting question. I will be harsh in
judging what is considered interesting so in most years only a handful of students have their questions
approved. If you are unable to come up with economic naturalist questions that are approved, you can
choose any of the other 5 final project choices. IMPORTANT: Only turn in economic naturalist questions
for the first checkpoint if they have been pre-approved by me.

Outline:

You will write 2 questions and answer them using economic thinking. Each question should be at most
2-3 sentences and the explanation should be slightly under a page. The total length for each question
cannot exceed a page double spaced.

Grading:

20% Question 1
20% Explanation 1
20% Question 2
20% Explanation 2
20% Writing quality

Deadlines

Final Project Checkpoint #1:

Submit 2 questions that have been pre-approved
Final Project Checkpoint #2:
Submit a full draft of the assignment.
Option 2: Song or Movie + Analysis
You will write a song explaining key macroeconomic theories or create a movie explaining key
macroeconomic theories. You then provide a written analysis of the movie or song that explains the
concepts in more detail. The movie project can be done in groups as large as 3, but each student must
independently write up the analysis.

Components:

A. Song or video between 2-4 minutes long. (To turn in the song/video, you must upload
the content to youtube and include the link in an electronic submission)
B. Analysis (written)

Outline of Analysis

1. Song/Movie Summary (1/2 page)

Briefly explain/summarize the key points of the song/video and explain the economic concept
being discussed.

2. Broader implications (1.5 pages)

This section should start off by explaining the goal and basic idea behind fiscal and monetary
policy. You should then go on to explain how the song topic fits into fiscal or monetary policy
and why the concept is important.

Grading:

15% Writing quality

25% Movie/Song (graded for quality (loosely), creativity, and economic accuracy of content)
20% Explanation of concept
25% explanation of fiscal/monetary policy
15% Explanation of how concept (from song/video) fits into monetary/fiscal policy and why it is
important.

Final Project Checkpoint #1:

Statement declaring that you plan on doing a song/movie

Final Project Checkpoint #2:

Script/lyrics of movie/song.
Option 3: Make your own podcast

The podcast planet money provides explanations of complex economic theories using language that is
accessible to non-economists. Your task for this project is to create your own planet money style
podcast explaining the macro economy.

This podcast should be approximately 5 minutes in length and can be done with 1 partner. You only
have to turn in a single podcast if you do it with a partner. (To turn in the podcast, you must upload it to
youtube and include the link in an electronic submission)

Podcast Overview:

This is the only final project option that does not require a written component. That being said, in order
to record the podcast you will need to write out a draft of the podcast.

The podcast should begin with a catchy introduction that motivates why the macro economy is
important. Provide a brief motivation for why the Federal Reserve exists and then explain its key tools.
The main portion of the podcast should explain how the fed tools impact the economy in detail. You
should conclude in any way you see fit.

The important thing to keep in mind throughout is that the audience knows nothing about economics
and is easily bored. You need to explain things in non-technical language and make it interesting!

Grading:

15% Clarity for a non-economist audience

15% Production quality / Fluency of podcast
10% Explanation of Federal Reserve
50% Accurate explanation of how monetary policy impacts the economy
10% Good hook for introduction and clear conclusion

Final Project Checkpoint #1:

Statement declaring that you plan on doing Podcast

Final Project Checkpoint #2:

Outline of podcast
Option 4: Policy Analysis

Politicians hire experts to write policy briefs that describe an issue and highlight key considerations. The
politician then reads the policy brief rather than having to fully understand the topic themselves. Your
task for the policy brief is to write a 4 page analysis that explains the economic role of government and
the Federal Reserve. Since many politicians have no background in economics, you must provide a
careful explanation that could be understood by a general audience. This project does not require
outside research.

OUTLINE

I. Introduction: (roughly 1/2 page)

Motivate why politicians need to understand macroeconomics and try to “hook” the reader by
appealing to something that politicians care about.

II. Macroeconomic indicators and goals (roughly 1/2 page)

Provide an explanation of the key aspects of the macroeconomy (e.g. unemployment, inflation, GDP)
and explain the goal of the federal reserve and the government.

III. Fiscal and Monetary Policy: (roughly 2 pages)

Explain how the government and the federal reserve impact the economy, including a discussion of GDP
and inflation. You must explain the entire process, not just the end result. For example, when
explaining how the fed impacts GDP, you should start with bonds and go through the many logical steps
to GDP increasing. Rather than simply listing these steps, you should why each step logically occurs as a
result of incentives.

IV. Conclusion (roughly 1 page)

Provide conclusion and take away points that are important for a politician to know.

Grading:

15% Section I
15% Section II
40% Section III
15% Section IV
15% Writing quality

Final Project Checkpoint #1:

Statement declaring that you plan on doing policy analysis.
Final Project Checkpoint #2:
Outline of policy brief
Option 5: Great Recession Analysis
In this project, you will research the great recession in detail and provide a 3.5 page analysis. The
analysis will include a description of how the great recession began, what were the consequences of the
recession and what the government and federal reserve did to try to fight the recession.
This option requires some outside research since not all of the necessary material will be covered in
class. You should include a works cited page if you choose this option.
OUTLINE

I. Introduction: (roughly 1 page)

Start with a “Hook” to draw the reader in and then explain in broad terms how the most recent
recession began.

II. Consequences of great recession (roughly 1/2 page)

Provide a description of the consequences of the most recent recession. Think about how individual
people were affected, but be sure to provide hard numbers and facts regarding what happened to
unemployment/GDP/inflation or other key economic indicators.

III. Fiscal and Monetary Policy: (roughly 1.5 pages)

Explain how the government and the federal reserve responded to the recession. Provide a brief
description of what the fed and government did and when. Also explain theoretically how these actions
should have impacted the economy.

IV. Conclusion (roughly 1/2 page)

Write whether the fed/government acted appropriately and provide some evidence. Briefly conclude.

Grading:

25% Section I
15% Section II
30% Section III
15% Section IV
15% Writing quality

Final Project Checkpoint #1:

Statement declaring that you plan on doing the great recession analysis.
Final Project Checkpoint #2:
Outline of great recession analysis
Option 6: Great recession vs great depression
In this project, you will research both the recent great recession and the great depression of the 1930s.
The first components of the 3.5 page analysis will be a comparison of unemployment and economic
growth in the great depression and the 2008 recession. Second, you will report on how the government
response was different in the 1930s vs the 2008 recession.

This option requires some outside research since not all of the necessary material will be covered in
class. You should include a works cited page if you choose this option.

OUTLINE
I. Introduction: (roughly 1/2 page)
Begin with a “hook” that draws the reader in. You should begin by discussing the most recent recession
and explain that you will be providing historical context.
II. Recessions (roughly 1/2 page)
Provide an explanation of the key factors that define a recession and briefly discuss how we should think
about whether one recession is worse or better than another.
III. Compare and contrast (roughly 1 page)
Keeping in mind what you wrote in the second section, compare and contrast the severity of the most
recent recession with the great depression of the 1930s.
IV. Fiscal and Monetary Policy: (roughly 1 page)
Compare and contrast the government and federal reserve actions in the most recent recession and the
1930s depression.
V. Conclusion (roughly 1/2 page)
Provide a conclusion that gives the reader an overall sense of how severe the most recent recession was
and evaluates the government’s/fed’s actions during the 2 economic downturns.
Grading:
10% Section I
15% Section II
25% Section III
25% Section IV
10% Section V
15% Writing quality

Final Project Checkpoint #1:

Statement declaring that you plan on doing the great recession vs great depression analysis.
Final Project Checkpoint #2:
Outline of great recession vs great depression