1 THE UNIVERSITY OF ILLINOIS AT CHICAGO ECON 221: MACROECONOMICS IN THE WORLD ECONOMY AUTUMN 2017 Prof. George Karras Country Project - Due Thursday, December 7 The Country Project consists of two parts: (i) Data Analysis and (ii) Policy Recommendation. Part One: Data Analysis 1. You will use data from the IMF's World Economic Outlook (WEO) database. Currently, the latest edition is April 2017. To access the dataset, go to http://www.imf.org/external/pubs/ft/weo/2017/01/weodata/index.aspx Alternatively, follow the path: IMF web page (www.imf.org) Data and Statistics World Economic Outlook Databases (WEO) World Economic Outlook Database April 2017 Download WEO data: By countries (country-level data) 2. Select one of the \"Advanced Economies\" or one of the \"Emerging and Developing Economies\". Collect available data series for the 5-year period 2012-2016. Analyze the data focusing on the presentation (graphs, charts, or time plots) of 5 or 6 major macroeconomic variables: real GDP growth, inflation, unemployment, government budget, current account, etc. Briefly discuss each of the series (one to two sentences each). Part Two: Policy Recommendation 1. Identify one macroeconomic problem that you think is the most pressing (i.e., low growth, high inflation, a large deficit, etc) for the country of your choice. 2. Suggest fiscal or monetary policies that can address this problem. Use the IS/LM/FE and/or the AD/AS models to derive the short-run and long-run effects of these policies on the identified problem and on the rest of the macroeconomy