J. Bradford DeLong
Office Hours: Th 10-12, Evans 601

Pawel Dyczewski
Office Hours: Tu 10-12, Evans 508

Essay 1 Assignment

Due in my mailbox in Evans 611 before 5:00 PM on Wednesday November 21.

Surf to the Federal Reserve's Federal Open Market Committee [FOMC] website at <http://www.federalreserve.gov/fomc/>. Pick either the minutes of FOMC meetings for one of the past six years 1995-2001 (at <http://www.federalreserve.gov/fomc/#calendars>), or the transcripts of FOMC meetings for one of the previous eleven years 1984-1994 (at <http://www.federalreserve.gov/fomc/Transcripts/>). Read through that year's minutes (or if you have chosen an earlier year the longer transcripts) with an eye toward understanding how the FOMC is making its decisions to raise or lower interest rates over the course of that year.

Then write a short essay--five pages, 12-point, Times font, double-spaced, with graphs and diagrams if you think they are worth more than the words they displace, longer than five pages only if you are confident that the extra length adds sufficient value--summarizing how the FOMC made its decisions, and explaining how the thinking of the members of the FOMC does or does not make sense in terms of the models of the economy and of economic policy taught in this course.