Expert answer:Inflation, Unemployment and the Fed

Solved by verified expert:OverviewYou have been hired as an economic advisor to Peter Politico, who is running for U.S. Congress. Unfortunately, Mr. Politico is not very well informed about economic issues. You have been asked to write a briefing to prepare him for a debate about the role of the Federal Reserve (“the Fed”) in controlling unemployment and inflation.DirectionsTo prepare to write your briefing, explore the Project resources to make sure you understand all the concepts that will come up in the debate. The Project resources explaining these concepts are listed in the order that you should review them. Also, read the two articles about the Federal Reserve.Write a briefing that explains the important background concepts to Mr. Politico. The report should be written so that someone without much knowledge of economics can understand. Your briefing does not need to follow a specific format, but it should include the following information and follow this basic structure:Begin by explaining the background concepts of: real GDP.inflation.unemployment.Explain the concepts of aggregate supply and aggregate demand, including recessionary and inflationary gaps.Explain what the Fed does. Use the above background concepts in your explanation, and answer the following questions: What is the Fed’s “dual mandate”?What tools does the Fed use to achieve its goals?What happens when the Fed pursues an expansionary or contractionary policy?To provide Mr. Politico with two specific examples of how the Fed works, summarize the two news articles. For each article, explain the main ideas presented, the evidence given to support these ideas, and the conclusions.Throughout the briefing, you will need to translate any economics jargon into simple, clear language for Mr. Politico. Look up any concepts that you don’t understand to help your analysis and be sure to use your own words as you write your briefing.

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