Download PRINCIPLES OF MACROECONOMICS

PRINCIPLES OF MACROECONOMICS
Class webpage: https://bb.uvm.edu/
[email protected]
Tel: (802)-656-094
Office: 335, Old Mill
Office Hours: Tuesdays &Thursdays 2:30-3:30
or by appointment.
~ COURSE DESCRIPTION ~
MAIN TOPICS COVERED
This course is an introduction to a part of economics called Macroeconomics, which looks at the
economy as a whole. It is organized around three sections:
1) Macroeconomics: Concepts, issues and data
What does macroeconomics study? What are Production, unemployment and inflation?
How to measure them? What do they mean?
2) The economy in the long run
We study the links between economic growth productivity and living standards. We
study and explain the trends in wages and unemployment. We explain the links between
saving investment and flows of capital. We look into the process of money creation and
how money relates to inflation.
3) The economy in the short run
We study the Keynesian cross model to explain expansions and recessions. We study the
Aggregate Demand - Aggregate Supply model to understand the effects of fiscal and
monetary policies on output and inflation.
4) If we cover the material faster than expected and have extra time we will study a fourth
section related to the determination of exchange rates.
OBJECTIVE
Introduction to macroeconomic topics, data, and simple models, in order to better understand
current economic issues.
COURSE REQUIREMENTS
All the tests cover the textbook selected chapters as well as the articles and homework
assignments.
The homework assignments have to be returned in class at the due date. Since the homework
solutions are posted online , late homework cannot be accepted.
-
-
Homework (25% of the semester performance). Quizzes are worth 20% and articles
summary are worth 5%. A 5 to 10 lines typed summary per article is due in class the day the
article is studied. Quizzes and articles will be posted on the webpage. The departmental
course assessment will be included in the homework grade.
Midterm 1 (25% of the semester performance)
Midterm 2 (25% of the semester performance)
Final (25% of the semester performance). Comprehensive exam.
Course requirement
Homework
Midterm1
Midterm2
Final exam
Weighting 1
25%
0%
50%
25%
Weighting 2
25%
50%
0%
25%
Weighting 3
25%
25%
25%
25%
Your final grade is calculated using the three weighting schemes. The highest score determines your
grade for the semester. In case you miss one of the midterms, your semester grade is automatically
calculated with a weight of 50% on the other midterm.
You are expected to attend al lectures. Exams are essentially lecture based. Therefore, missing
lectures would seriously put you at risk of failing this class.
You are responsible for checking the class website every week. It contains course outlines and
homework material as well as important announcements for the class.
In case we have visitors, you will be required to prepare questions. This preparation will be graded
as extra credit.
READING
Textbook (see provisional course schedule):
Principles of Macroeconomics 4/e by Frank and Bernanke
Articles
Press articles that illustrate or extend the issues covered in class.
The list of articles covered is updated on a regular basis. Therefore the articles to read are
announced in class and posted on the web page all along the semester.
~ PROVISIONAL COURSE SCHEDULE ~
Week
Dates
Reading
1
01/17-01/21
Introduction – A few concepts from
Chapters 1,2 and 3.
2
01/24-01/28
Chapter 4: Spending, Income and
GDP
3
01/31-02/04
Chapter 5: Inflation and the Price
Level
4
02/07-02/11
Chapter 6: Wages and
Unemployment
5
02/14-02/18
Chapter 7: Economic Growth
02/17: Due date homework 1
6
02/21-02/25
02/24: Midterm 1
Chapter 8: Saving Capital Formation
and Financial Markets
7
02/28-03/04
Chapter 8 and Chapter 9: The
Financial System, Money and Prices
8
03/14-03/18
Chapter 9 and part of Chapter 16 on
International Capital Flows
9
03/21-03/25
Chapter 10: Short term Fluctuations
03/24: Due date homework 2
10
03/28-04/01
04/03: Midterm 2
11
04/04-04/08
04/04: Last Day to withdraw
Chapter 11: Spending and Output in
the Short Run
Chapter 11 and 12: Stabilizing the
Economy: The role of the Fed.
12
04/11-04/15
Chapter 13: Aggregate Demand and
Aggregate Supply
13
04/18-04/22
Ch 13: and part of Chapter 14 on
Macroeconomic Policies
14
04/25-04/29
Ch 15 part of Chapter 16 on
International Trade
15
04/15
Review for final
04/15: Due date homework 3
~ GRADES~
A: Score superior to 90%
B: Score between 80 and 90%
C: Score between 70 and 80%
D: Score between 60 and 70%
F: Score below 60%
~ POLICIES~
You need to be aware of UVM policies by reading the UVM Rights and Responsibilities of
Undergraduate. I also have a few specific guidelines. You can always talk to me if you have any
questions or concerns .
Absences:
- For unexpected absences on test days, accepted excuses with adequate documentation are:
Dean’s office excuse, unplanned athletic competition.
- If a student is not present at the date and time of a test without an accepted excuse, he/she gets a
grade of zero.
Tardiness:
- If the day of a test a student comes late on a test day while one of his/her classmates has already
completed the test and left the classroom, the late student will not be authorized to take the exam
and gets a grade of zero.
- Students should arrive prepared for class and on time, and remain in class until the class is
dismissed.
Important:
- If you have a religious, athletic, planned medical conflict, or disability, do not forget to provide me
with the university documents within the specified deadlines (see UVM policy).
- To ensure the quality of discussions in class, everyone in the classroom needs to act in a respectful
way. Students who feel like participating in the discussion need to raise their hand and wait for
permission to talk. Students should not interrupt each other.
- I expect students to focus, participate and take notes during class.