Using the IS-LM-PC model in your analysis, evaluate UK macroeconomic policy responses to a Covid-19 shock, that happened in Spring 2020.
Hint. Once you understand the nature of pandemic shocks in the IS-LM-PC model, it will be easy to see what the policy should do. Then see what has been done and make conclusions.
Assignment Marking Criteria
The theory which we learned in the course should be made relevant to your answer.
As it is a ‘briefing note’, you do not need to elaborate a long introduction or summarise long conclusions.
Please use graphs and/or tables to support your arguments. You are welcome to draw diagrams and sketch graphs, but they should be clear and readable.
Attribute the ideas you use to the rightful owners by means of referencing (if you use somebody else’s idea and do not attribute it, it is plagiarism). Full details for all in‐text references should be given in a bibliography.
The Covid-19 pandemic had a significant impact on the global economy, including the UK. The UK government had to implement various macroeconomic policies to mitigate the impact of the shock on the economy. The IS-LM-PC model is a macroeconomic model that incorporates the three main macroeconomic theories: IS (investment and savings), LM (liquidity preference and money supply), and PC (Phillips curve). The model can be used to analyze the impact of macroeconomic policies on output, inflation, and employment. In this analysis, we will use the IS-LM-PC model to evaluate the UK macroeconomic policy responses to the Covid-19 shock that occurred in Spring 2020.
Impact of Covid-19 on the UK economy: The Covid-19 pandemic had a severe impact on the UK economy, leading to a significant decline in output and employment. In the first half of 2020, the UK economy contracted by around 20%, and the unemployment rate rose to its highest level in decades.
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