Select a supply shock from the list and research articles

Reference no: EM131231480

For this assignment, select a supply shock from the list below and research articles that describe the event and the perspective of what caused the event. The assignment should contain the following key elements:
1. A through description of the supply shock and economic perspective
a. Describe the shock
b. What were the causes
c. What were the effects

Prices, wages, commodity prices (specific goods)

2. What should have been the appropriate policy response (according the theory)
a. What were the policy responses (fiscal/discretionary)?
b. Where these correct or not?

Explain why the response was correct or not

3. Use FRED data to support the causes and effects of a supply shock
a. (No more than 3-4 graphs)

4. Support your position with appropriate references
Supply Shock List
• OPEC oil embargo 1973-1974
• Bad crop harvests (1970s)
• Oil supply shock of 1979
• Drought that caused beef prices to increase (2012)
• U.S. oil and fracking 2014

Reference no: EM131231480

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