You are required to submit an essay on the Fed's monetary policy effectiveness. Your essay should be a minimum of 600 words, well-written and organized, using outside sources with appropriate citation. Be sure to check spelling and grammar before uploading your essay. It is expected that you will support your views with relevant empirical and guantitative data. Mere opinion on the efficacy of the Fed's monetary policy initiatives will not be sufficient to earn full points. To avoid plagiarism, it will be necessary to appropriately cite all sources being used, whether direct quotations or ideas and content derived from athers. Specifically, you are required to address the following topic questions: 1. How effectively has the Federal Reserve used monetary policy over the past decade to achieve its goals of price stability and maximum employment? (Relevant inflation and unemployment rates are required as part of a sufficient answer. These rates can be found in the Week 7 module by selecting "FRED Website: Inflation (CPI-U)", "BEA Website: Inflation (PCEPI)", and "BLS Website: Unemployment\".) For CPI-U inflation rates, go to the FRED website and choose "10Y" where you see the selections "1Y | 5Y | 10Y | Max". Note that you can read the precise rates on the CPI-U graph by placing your cursor on the graph lines for the CPI-U (blue line) and CPI-U core (red line). * for PCEPI rates, go to the BEA website and see the chart listing PCEPI rates for a period of one year from the stated month. Additional information is available by clicking on the "Current Release" box. * for unemployment rates, go to the BLS website and under "Employment\" check the box "Unemployment Rate (Seasonally Adjusted)". Then, scroll down to click on the box "Retrieve data". Once the data is retrieved, use "Change Output Options:" to set your "From:" and "To:" years to cover the past decade.) 2. What are some of the variables influencing price stability and employment that are largely beyond the Fed's control? (Examples include such variables as supply shocks, fiscal policy, the pandemic, etc.) 3. Would it be preferable for the Fed to operate with a single mandate of price stability instead of its current dual mandate? (Your answer should consider the implications for achieving both price stability and full employment.) These 3 questions are to be addressed separately, in the order above. You will need to write at least a substantial paragraph for each question, using sources to support your answers. At the end of your essay, you will need to list the sources you referenced. You can label this section "Sources" or "References". It is expected that each of the sources used within the body of your essay will be included in your list. BEA Website: Inflation (PCEPI) Visit the following website to review the PCE Price Index (PCEPI) provided by the Bureau of Economic Analysis (BEA).\fFRED Website: Inflation (CPI-U) Visit the following website to review the Consumer Price Index for All Urban Consumers (CPI-U) provided on the Federal Reserve Economic Data (FRED) website