This team project builds on the macroeconomic data analysis conducted under Project II. Based on the evidence observed in Project II, assess selected countries' monetary and fiscal policies by focusing on the major economic shocks. This work accounts for 10% of your total grading of the course. In this work, focus on the following key points. 1. Fiscal and Monetary policy: Discuss how fiscal and monetary policy can be used in combination for macroeconomic stability 2. Stabilization Policies: Based on your macroeconomic data analysis and results under project II, investigate major policy measures that contributed to the economic performance of the countries under consideration. Here focus on two different regions (group of countries) based on the data specification you had for those countries with the same (converging) living standards(e.g., OECD member countries and non-member countries, or Developed and Developing countries, or Oilproducing and non-Oil-producing countries, etc. )

3. Economic Shock and Policy measures: From the categories under question number 2, select one sample country from each category. For the years between 1960 to 2020, consider an economic shock that significantly affected these countries and provided an extensive discussion about the economic shock. The Issue's coverage can range from the effect of the economic shock on the local economic units (businesses and households) and further on the regional or global economy (e.g. the 2008-2009 Financial crisis). Once you identify the economic shocks, discuss the monetary and fiscal policy measures that the government took to stabilize the economy from the aforementioned economic shocks. NB: You will be observing differences in the policy measures depending on the Issue and the countries under consideration. Here, see the changes to government spending and revenue, public debt, money supply, interest rate, etc. Here, your analysis should consider the following key points for each of the countries under consideration. a. Identify the Issue (the economic shock) b. Point out the social-economic and political consequences of the economic shock. c. Use aggregate supply-and-demand analysis to look into the macroeconomic equilibrium,

out-put gap, etc, following the shock. d. Explain the policy measures in place. e. Outcome: Discus how effective the policy measure has been in stabilizing the economy from this economic shock. Was the policy measure in place effective? If the policy measures were not successful, what policy measures could have better addressed this Issue. NB: Please, provide a proper citation of any resource used in this work. Use APA Standard for the format of your final submission