Review the monetary and fiscal policies which were employed to counter the Great Recession of 2007-2009. For fiscal policy, see if you can find the full name of the stimulus package of 2009, and explain its key components. For monetary policy, what interest rate target was the Federal Reserve using in an attempt to end the recession?

Do you think these policies were effective? What was the result of the fiscal policy, including the effect it had on the deficit and national debt? Do you think this recession illustrated the limits of monetary policy? Why or why not?

Do you think monetary policy should follow a "rule"? Do you think automatic stabilizers should be relied upon rather than active fiscal policy?

How would you describe the current economic situation in the U.S., and what policies would you recommend? Explain your answers and opinions.