Answer Question 1 and 2.

Please use various models/frameworks studied in detailing your answers and back your reasoning with data from (official) sources or published studies using Harvard referencing/citing.

Question one: Why has productivity growth been so low in the industrialized world since the Great recession of 2007-2009?

Question two: Is the zero lower bound on nominal interest rates a constraint for monetary policy?

750 word maximum for each essay (including tables but excluding references). Each essay is equally weighted.

The lists below can be used as a starting point for investigation and research. Please, feel free to add other references you think are appropriate.

reading/reference LIST FOR ESSAY 1.

Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity, NBER, January 2011 https://www.nber.org/papers/w16717

Paul Krugman Reviews ‘The Rise and Fall of American Growth’ by Robert J. Gordon, New York Times, 25 January 2016 (Review here) https://www.nytimes.com/2016/01/31/books/review/the-powers-that-were.html

The UK productivity puzzle: an international perspective, Bank of England, 8 December 2014 (https://www.bankofengland.co.uk/-/media/boe/files/speech/2014/the-uk-productivity-puzzle-an-international-perspective )

How to Solve the Productivity Puzzle, Uni Bocconi, June 2018 (https://www.youtube.com/watch?v=Nfmcunk2yS0 )

Mend the gap: solving the UK’s productivity puzzle, University of Cambridge, 28 June 2018 https://www.cam.ac.uk/research/features/mend-the-gap-solving-the-uks-productivity-puzzle

reading/reference LIST FOR ESSAY 2.

Monetary policy using negative interest rates: a status report, Swiss National Bank discussion paper, 24 October 2016 https://www.snb.ch/en/mmr/speeches/id/ref_20161024_tjn/source/ref_20161024_tjn.en.pdf

Monetary Policy in a Low Interest Rate World, Brookings Papers on Economic Activity, Spring 2017 https://www.brookings.edu/wp-content/uploads/2017/08/kileytextsp17bpea.pdf

Dealing with monetary paralysis at the zero bound, The Journal of Economic Perspectives, 31(3), 47 – 66, Summer 2017

https://scholar.harvard.edu/files/rogoff/files/dealing_with_monetary_paralysis_at_the_zero_bound.pdf

Monetary policy with negative nominal interest rates, Vox CEPR Policy Portal, 31 January 2018 https://voxeu.org/article/monetary-policy-negative-nominal-interest-rates

Breaking Through the Zero Lower Bound, International Monetary Fund, 23 October 2015 https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Breaking-Through-the-Zero-Lower-Bound-43358

 
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