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Syllabus Economics 104H – Spring 2008 Principles of Macroeconomics INSTRUCTOR: OFFICE: PHONE: E-MAIL: OFFICE HOURS: Wayne Carroll Schneider 471 836-3388 carrolwd 10:00-11:00 Tu and 11:00-12:00 MWF, and other times when I’m in the office. This course provides an intensive introduction to the tools and concepts of macroeconomics. At the end of this course you should understand current debates concerning macroeconomic policies and should be able to anticipate some future macroeconomic problems. Lectures - Since most of the material in this course will be presented in the lectures, it is essential that you attend class regularly. While class attendance will not be taken into account directly in the determination of your course grade, it is likely to be reflected in your performance on exams. If you miss a lecture, you should obtain that day's notes from someone else in class, and then ask me about any remaining questions you have. Readings - The text for this course is Principles of Economics by N. Gregory Mankiw (4th edition). Reading assignments from the text are listed in the course outline that follows. Other readings will be assigned as the course progresses. Some readings and other materials will likely be posted on the D2L online site for the course, so you need to check there often for updates. Outside Reading Requirement - As we go through the semester you will be expected to follow current macroeconomic news. By the end of the course you should be able to understand discussions of macroeconomic issues in sources such as The Wall Street Journal or New York Times. You can subscribe to the online edition of the New York Times for free at www.nytimes.com. Grading - Your grade in this course will be based on your performance on three exams during the semester, a comprehensive final exam, a short research paper, and several quizzes. Each of the four exams and the research paper will carry an equal weight in your grade, and the quizzes together probably will count about as much as one exam. Tentative dates for the exams are: First exam: Second exam: Third exam: Final exam: 21 February 27 March 1 May Thursday, 15 May at 3:00 Makeup exams - You may take a makeup exam only if you contact me before the regularly scheduled exam is given. Makeup exams will be harder than the regularly scheduled exams. Credit will be given for late assignments only if they are turned in by the beginning of the next class period. page 2 Tentative Schedule of Topics All readings listed below are from Mankiw. Each reading assignment listed in the schedule is to be completed before the next class meeting. 22 January Week 1 24 January 29 January Week 2 31 January (Last day to drop courses is 4 Feb.) 5 February Week 3 7 February 12 February Week 4 14 February 19 February 21 February Week 5 26 February Week 6 28 February 4 March 6 March Week 7 Introduction Ten Principles of Economics Current Macroeconomic Issues Read Chapters 1, 2 Production Possibilities and Economic Growth Read Chapter 4 Supply and Demand Demand Supply Market Equilibrium Applications of Supply and Demand Curves Read Chapter 23 Measuring National Output: GDP Definition Is GDP a good measure of economic welfare? National output = national income Real GDP Using GDP and real GDP to make comparisons over time: some examples Read Chapter 24 Measures of the Price Level The yardstick problem Measures of the price level Calculating the price level Calculating real variables Examples of real and nominal variables Real and nominal interest rates Read Chapter 25 Production and Growth International Comparisons Productivity Economic growth and public policy Review Exam #1 For next time: Read Chapter 26 Saving, Investment, and the Financial System Structure of the financial system Savings and investment Saving, Investment, and the Financial System (continued) Deficits The market for loanable funds Determinants of interest rates Read Chapter 28 Unemployment Measuring unemployment and employment Short-run determinants of unemployment Unemployment in the long run: the natural rate of unemployment Read Chapter 29 Money, Banking, and the Federal Reserve System Money Banks and their role in the supply of money page 3 11 March Week 8 13 March 17-19 March 25 March Week 9 27 March 1 April Week 10 3 April 8 April (last day to drop a course with a W) 10 April Week 11 15 April Week 12 17 April 22 April Week 13 24 April 29 April Week 14 1 May 6 May 8 May 15 May Week 15 The Federal Reserve System Monetary policy tools Read Chapter 30 Inflation Money and inflation The quantity equation The classical dichotomy and money neutrality Spring Break Welfare effects of inflation The Wizard of Oz Exam #2 For next time: Read Chapters 31 and 32 International Economics: Basic Concepts International flows of goods: net imports International capital flows: net foreign investment International trade balance Exchange rates Purchasing Power Parity Foreign Exchange Markets Read Chapter 33 Aggregate Supply and Aggregate Demand Business cycles The aggregate demand curve The aggregate supply curve Aggregate supply in the long run Aggregate supply in the short run Read Chapter 34 Monetary and Fiscal Policy Money, interest rates, and aggregate demand Effects of monetary policy on aggregate demand Money neutrality revisited Effects of fiscal policy (and budget deficits) on aggregate demand Applications of aggregate demand and supply analysis Read Chapter 35 The Phillips Curve The empirical evidence The birth, death, and rebirth of the Phillips Curve The Phillips Curve in the short run and the long run The Phillips Curve and the natural rate of unemployment Implications for government policy Exam #3 For next time: Read Chapter 36 Current Macroeconomic Issues Current Macroeconomic Issues Final Exam at 3:00 in the usual room