In preparation for your Portfolio Project, spend some time reflecting on, and then writing

a short paper about, the differences between the long run and the short run in

macroeconomics.

In your paper, address the following:

• Describe the factors that affect long-run economic growth

• Apply these factors in an AS/AD framework

• Describe the mechanisms through which monetary policy and fiscal policy

affect the economy

• Apply these factors in an AS/AD framework

• Discuss the tradeoff between affecting the economy in the short run and in

the long run.

• Based on Chapters 12, 13, 20, 21, & 22 in Principles of macroeconomics by

N. Gregory Mankiw