Almost all governments of the developed world have implemented expansionary monetary policy of some sort to counteract the effects of the Great Recession. Some of these governments have complemented easy money policy with expansionary fiscal policy of different degrees (e.g., the U.S., Canada and Japan) while others have favoured a combination of less aggressive monetary expansion with fiscal austerity measures (e.g., the U.K. and the Eurozone countries). Write a short academic paper on the rationale and wisdom of using expansionary austerity policies during the Great Recession. You may select a case study (e.g., a particular country or group of countries) to focus your essay. Your essay must have a clear thesis and include a brief introduction and conclusion. Your paper must be about 2500 words (+/- 5%) in length and make reference to at least eight academic works published on the topic.
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