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Use IS/LM or AD/AS analysis (or both) to explain and justify your answers.
Do not confuse the March 2011 budget with the autumn statement or with the March 2012 budget!
1. Obtain the Budget Report at the Treasury website
www.hm-treasury.gov.uk
2. Concentrate particularly on section 1 “Budget Report” (all parts)
3. But also read selectively from other sections especially:
2. Budget policy decisions
B. Financing
C. Office for Budget Responsibility Budget forecast
3. Further reading (from the main page of the Treasury website)
** Follow the “UK economy” link to: “Monetary Policy in the UK”:
http://www.hm-treasury.gov.uk/ukecon_mon_index.htm
Assessed essay: Possible issues
1. What is the macroeconomic situation? (pp. 7-8, 15-18)
2. What is the current macroeconomic strategy and why? (pp. 8-15)
what is the concept of ”fiscal sustainability” and….
why is it important in the budget strategy? (pp. 7-9)
how effective are current policies likely to be? (pp. 18-21)
3. What were the main fiscal measures announced in the budget?
the measures are set out in detail on ……..…..…. (pp. 27-37)
What is their likely impact?…………………………. (pp. 41-46)
4. Office for Budget Responsibility
what is the OBR, and what does its forecast say? (pp. 13-14, 89-97)
5. What is the role of monetary policy? (pp. 8-9, 14-15)
6. What are the prospects – especially for growth? (pp. 21-26)
Method of Assessment
The essay as a whole will be marked out of 100; within this total, marks will be awarded out of
10 or 20 as follows:
1. Clarity of Introduction (10) A good introduction must state clearly and succinctly what the
essay is all about, and not plunge into the middle of some ill-defined topic. Credit is also
given for the way in which the essay follows the introduction.
2. Structure of Essay (10) The argument of the essay must follow a logical order. A topic
should not be half-explained in one paragraph and finished off randomly elsewhere unless
there is a good, clearly explained reason.
3. Clarity of Expression (10) Unintelligible gibberish and unexplained jargon will be
penalized; marks will particularly be awarded for clear explanation of concepts and good
judgement about how much needs explanation.
4. Selection of Material (20): Credit will be given for the way in which you select the pertinent
subjects to include in the essay, avoiding long-winded argument about marginal issues,
and focussing on the most relevant points.
5. Answering The Question (10) The essay must focus on the assignment which you are
asked to do.
6. Argument and Critical Analysis (10) The essay must have a coherent economic argument
as well as a logical structure. This involves linking together each different part to key
themes which you select.
7. Insight (Understanding) (10) You must understand what you are writing about.
8. Originality (10) Credit is given for (sensible) interesting and original views, and for
evidence of reading beyond the lecture notes and main text. No bibliography loses 1
mark.
9. Conclusion (10) The essay must stop at a well-defined point, not in the middle of a
paragraph when the computer beeps 1250 words. Credit will also be given for useful
summaries elsewhere in the text, such as at the end of a section; and for the way in which
the essay leads to its conclusion.
References
You must show evidence that you have read relevant sections of the June budget report and
used relevant references for this module (eg. Sloman and Wride or Lipsey and Chrystal). It is
also ESSENTIAL for you to carry out some research of your own, especially to read reviews of
the budget in the national press (Financial Times/Times/Guardian/Independent). You should
also check for commentary, especially in the Financial Times and The Economist.
The budget is published on the Treasury’s website: www.hm-treasury.gov.uk. Follow the link
to “budget”. This automatically opens the page for the 2011 budget. Click on “main
documents” to open the link to the budget papers. Be sure you download the “complete
document” for the March 2011 budget, from:
http://www.hm-treasury.gov.uk/2011budget_documents.htm
You may find it useful for background to also look at the previous budget, the first of the
present government, presented as an “emergency budget” in June 2010. From the “budget”
page, click on “2010 budget” and “budget document”. Again, click on the “complete
document”.
These reports will also be available on LEARN and can be downloaded directly from there in
.pdf format. If you have trouble viewing .pdf files, right click on the link to the file and choose
“save target as”; save it to your own space or computer and open the file from there rather
than direct from the WEB or LEARN.
Your essay must be based on the March 2011 Budget Report.
At last, that’s all I can provide you,and I am an international student also You MUST Use IS/LM or AD/AS analysis (or both) to explain and justify argument.
if anything missing pls let me know ASAP.
by the way, if the mark of the essay is more than 65 percent, all the essays I need in the future will be written by you.
thank you very much.
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