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

Paul Krugman Reviews ‘The Rise and Fall of American Growth’ by Robert J. Gordon, New York Times, 25 January 2016 (Review here)

The UK productivity puzzle: an international perspective, Bank of England, 8 December 2014 ( )

How to Solve the Productivity Puzzle, Uni Bocconi, June 2018 ( )

Mend the gap: solving the UK’s productivity puzzle, University of Cambridge, 28 June 2018

reading/reference LIST FOR ESSAY 2.

Monetary policy using negative interest rates: a status report, Swiss National Bank discussion paper, 24 October 2016

Monetary Policy in a Low Interest Rate World, Brookings Papers on Economic Activity, Spring 2017

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

Monetary policy with negative nominal interest rates, Vox CEPR Policy Portal, 31 January 2018

Breaking Through the Zero Lower Bound, International Monetary Fund, 23 October 2015

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