1.Explain in words how hyper-inflation takes off. What role does fiscal policy play in causing hyper-inflation?

2. Why is it important that a central bank be independent from the fiscal authorities (the government)?

3. Explain how an increase in inflation expectations is self-fulfilling and self-perpetuating and can lead to explosive inflation or hyper-inflation.

4. Consider a standard IS curve which is downward sloping in (Y, r) space. Explain why any point underneath this IS curve is a point in which S < I.

5.  From yesterday’s newspaper, “The Fed’s current monthly purchases of about $80 billion in US Treasuries have kept a lid on government borrowing costs as the government budget deficit has exploded.” What does it mean that the Fed’s purchases of Treasury bonds have kept the lid on government borrowing costs? Describe in words what is happening to the IS curve and the LM curve, output, consumption, investment and the money supply.

Paper prompt:

In this class we touch on topics such as thinking globally about history, colonialism, inequality, human rights, and social movements; all of which are relevant today. Recent protests are forcing the US to reckon with its ugly past of racial inequality. Recent works by author Isabel Wilkerson ask, “Does the US have a “caste system” today?” Can caste systems operate at the transnational level as well? Could the divide between the first world and third world be described as a global caste system?

Some possible resources (optional):

America’s Enduring Caste System (2020)

(Links to an external site.)

It’s More Than Racism: Isabel Wilkerson Explains America’s ‘Caste’ System (2020) ins-america-s-caste-system

(Links to an external site.)

America’s ‘untouchables’: the silent power of the caste system (2020) tin-luther-king-india?CMP=share_btn_link

(Links to an external site.)

Does America have a caste system? (2018)

(Links to an external site.)

Racial and caste oppression have many similarities (2015)

(Links to an external site.)


Use concepts and examples from the assigned course readings and course lectures to respond to the prompt. We are not asking you to summarize the readings/lectures/news sources or answer all the questions above. We are not asking for your unsupported opinions. We are asking you to make your own coherent and well-supported argument about the topic. Cite specific concepts, short quotes, and examples from the assigned readings and lectures as evidence to support your own argument. Your paper needs to include a thesis statement that outlines your argument.

Your paper should be 1000-1200 words or about 3-4 double spaced pages. Please pay careful attention to spelling, grammar, and punctuation. Use the campus Writing Center if you need help. Remember that citations are required for both paraphrasing and direct quotes from either the text or lecture. Feel free to cite other books and articles as needed. Include a full list of works cited at the end (APA, Chicago, or other citation standard – be consistent!).

IS 1 Rubric

Criteria Pts

This criterion is linked to a Learning Outcome

Thesis Statement

The argument or purpose of the paper must be clearly stated, fully developed and is relevant to the prompt. The thesis statement should be in the introductory paragraph and should illustrate the organization of the essay.

20.0 pts

This criterion is linked to a Learning Outcome

Ideas, Support & Evidence

Main ideas must be sufficiently supported by course material (i.e. lectures, readings, textbook). The evidence supplied should be original and show a dept of ideas. The essay must make clear connections between course concepts and important global issues.

25.0 pts

This criterion is linked to a Learning Outcome


Organization is sequential and paragraphs are well developed and appropriately divided; ideas linked with

smooth and effective transitions. The essay should be organized around the thesis statement, and all paragraphs should

25.0 pts

include topic and concluding sentences.

This criterion is linked to a Learning Outcome

Grammar & Style

Essay must be free from grammatical errors and utilize a formal writing style. Each sentence should be structured effectively with appropriate sentence length/paragraph length.

15.0 pts

This criterion is linked to a Learning Outcome

Argument/Addressing the Prompt

The argument proposed should be original, be relevant to the prompt, and show a depth of ideas. It should take a clear stance on an issue, and not merely summarize readings. The essay should also refer back to the argument regularly and not stray away from the prompt.

15.0 pts

Total Points: 100.0

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