1. Comparison of macroeconomic impacts of COM crisis with GFC
Based on your diagnostics analysis in Part A on three major macroeconomic indicators of your chosen country, make a critical analysis of the impact of the two major crises on your ‘chosen country’ highlighting the similarities and dissimilarities between the two crises.
While outlining the macroeconomic impacts of two crises, identify two specific similarities (or dissimilarities) during both the crises that affected the macroeconomy, applying your AD-AS model.
To be explicit, you should think in terms of the 4 components of Aggregate Demand (AD) and Short-Run Aggregate Supply (SR-AS). Each of your identified two changes should relate to either a component of AD or to SR-AS and be able to be represented by a shift in one of these functions.