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ECO 101 Principles of Macroeconomics
Fall 2015
Monday, Wednesday, and Friday
9:00 A.M. – 9:50 A.M.
Old Main (OM) 403
Instructor: Craig Rogers, Ph.D.
Office Hours:
Monday, Wednesday & Friday
10:00 A.M. – 11:00 A.M. and
Monday, Wednesday & Friday
12 noon – 1 P.M. and by appointment
Office: Old Main OM 003
Phone No. 888-2672
Fax. 888-3132
Course Description and Objectives
Increased national debt, low inflation, increasing unemployment rates, recession, depression, changing
interest rates; contradictory economic data. Pick up any major daily newspaper and somewhere on the
front page you will see a reference to one of more of these economic words and concepts used to
describe the U.S. economy. How do you make sense of these economic concepts, what do they mean,
and more importantly how will it impact you and your family? Hopefully, this course will serve as an
introduction into becoming familiar with the basic building blocks of the U.S. economy by developing a
solid understanding of economics.
A principle goal of this course is demystifying the study of economics in general and macroeconomics,
specifically. The underlying course objective is to provide students a solid understanding of important
macroeconomic theories and concepts and equally as important the ability to use these concepts to make
better economic decisions in their own lives.
The course will focus on development of a Keynesian macroeconomic model of the U.S. economy. Within
this model, the course will focus on four important macroeconomic areas:
Economic growth;
Business Cycles;
Inflation; and
A key aspect of this course is to provide the student with a solid understanding of the basic operations of
the U.S. economy, the impact monetary and/or fiscal policies may have on the U.S. economy and on the
global economy. Throughout the course the Internet will be used extensively to access macroeconomic
data on the U.S. as well as foreign nations.
This course is designed to meet the following Wehle School of Business Economics Major Student
Learning Goal(s) and Objective(s):
Student Learning Goal 1: Economics Majors will solve problems within an economic framework:
o Objective A: Analyze economic problems;
o Objective B: Evaluate, conceptually the economic consequences of potential solutions
Student Learning Goal 2: Economic Majors will think critically in economic frameworks:
o Objective A: Critically assess economic arguments;
o Objective B: Be able to apply analytic tools to evaluate economic outcomes
Student Learning Goal 3: Economics Majors will be able to analyze and explain the
macroeconomic and international environments within which business operate including the roles
of financial institutions, the central bank, and government:
o Objective A: Display an understanding of the determinants of macroeconomic equilibrium;
o Objective B: Analyze the impact of exogenous or policy related changes on
macroeconomic equilibrium
Core Curriculum Learning Goals: This class meets the learning goals for Field 5 of the core curriculum.
Goal 1: Students will demonstrate knowledge of human behavior from the perspective of a social science
Objectives: Students will:
o Demonstrate knowledge of the basic concepts and theories of a social science discipline.
o Demonstrate knowledge of research methodologies used in a social science discipline.
Goal 2: Students will utilize a social science discipline to critically evaluate social, cultural, and/or political
Objectives: Students will:
o Apply social science concepts and theories to concrete problems of human society.
o Apply qualitative or quantitative analysis to situations in the world.
Course Text
The only required text for this course is Macroeconomics by Acemoglu, Laibson, and List 1st Edition. I will
provide you with copies of supplemental reading material from other textbooks, newspaper articles as well
as academic journal articles and will distribute them when appropriate.
Grading Policy
There will be three exams for students to demonstrate their mastery of macroeconomics. Exams will
consist of four question formats (multiple choice, true or false, short answer, graphical and numerical). All
the exams will be given during regular class lecture time and will be for the entire class period. Exams are
not cumulative in design; they will only cover the course material as outlined in class.
The following is the grading scale used for this course:
Exam #1
Exam # 2
Exam #3
30 points
30 points
30 points
10 points
100 points
Grading Scale:
A = 90+
A- = 89 – 88
B+ = 87 –84
CB = 83 – 80
B- = 79 – 78
= 77 – 74
= 73 – 70
= 69 - 65
= 64 - 55
= <55
Make up exams are given only under extenuating medical and/or personal emergencies. Please see me
to discuss the circumstances as soon as possible.
In-class assignments, pre-exam questions, and all other relevant course material will be available on
Desire 2 Learn (D2L). If you are unfamiliar using D2L, please come see me so that we can address this
Course Policies
Class Attendance: Regular class attendance is necessary to receive a passing grade. Five or more
undocumented absences will result in a grade point reduction.
Academic Conduct: Guidelines of unacceptable behavior and the penalties for such actions are described
in detail in the Academic Policies section of the college catalog.
Withdrawal: Please go to the following website for information concerning the course withdrawal policy:
The Office for Accessibility Support is the college's advocate for students with disabilities and is
responsible for arranging necessary support. Any student who requires academic accommodations should
contact the office at (716)888-2170 or stop in for an appointment. Accessibility Support is located in The
Griff Center for Academic Engagement in Old Main 013.
The course will be divided into five parts:
(I) Introduction to Economics; (II) Introduction to
Macroeconomics; (III) Long-Run Growth and Development; (IV) Equilibrium in the Macroeconomy; and (V)
Short-Run Fluctuations and Macroeconomic Policy
Part I: Introduction to Economics
The first section provides an introduction to economics and development of an rational economic
framework. These chapters introduces a common economic termonolgy that will be used througout the
rest of the textbook and the course.
Chapter 1: The Principles and Practice of Economics
Chapter 2: Methods and Economic Questions
Chapter 3: Optimization: Doing the Best You Can
Chapter 4: Demand, Supply, and Equilibrium
Part II: Introduction to Macroeconomics
Part 2 provides an overview of major macroeconomic measures: Real Gross Domestic Product (RGDP);
business cycles, inflation, and unemployment.
Chapter 5: The Wealth of Nations: Defining and Measuring Macroeconomic
Chapter 9: Employment and Unemployment
Chapter 12: Short-Run Fluctuations
Part III: Long-Run Growth and Development
This part of the textbook will provide a comprehensive coverage of growth and development within the
U.S. and globally.
Chapter 7: Economic Growth
Part IV: Equilibrium in the Macroeconomy
Throughout the textbook references will be made to the major schools of macroeconomic theory
(classical, Keynesian, neoclassical, real business cycle, etc). Part IV provides an overview of the basic
tenants of classical economic theory and its treatment of employment and output(production) This section
also introduces the basic Keynesian macroeconomic model consisting of four major compononets:
personal consumption (C), investment (I), government spending and investment (G) and net exports (XM) are introduced and developed.
Chapter 10: Credit Markets
Chapter 11: The Monetary System
Part V: Short-Run Fluctuations and Macroeconomic Policy
This section extends the Keynesian economic model in exploring how changes in government spending,
government taxation and changes in the money supply may impact the macroeconomy. Part V discusses
the importance of the Federal Reserve System in determining the supply of money in the U.S. economy. A
brief overview of international trade is discussed in this section.
Chapter 10. Credit Markets
Chapter 11: The Monetary System
Chapter 12: Short-Run Fluctuations
Chapter 13: Countercyclical Macroeconomic Policy