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CANISIUS COLLEGE WEHLE SCHOOL OF BUSINESS ECONOMICS & FINANCE DEPARTMENT 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 Email: [email protected] 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 Employment/Unemployment 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 discipline. 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 claims. 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 Homework Total: 30 points 30 points 30 points 10 points 100 points Grading Scale: A = 90+ C+ A- = 89 – 88 C B+ = 87 –84 CB = 83 – 80 D B- = 79 – 78 F 2 = 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 issue. 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: https://my.canisius.edu/group/faculty/collegepolicies#https://my.canisius.edu/widget/web/mycampus/colleg e_policies?p_p_id=20&p_p_lifecycle=0&p_p_state=maximized&p_p_mode=view&_20_struts_action=%2F document_library%2Fview&_20_folderId=859627 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. 3 COURSE OUTLINE 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 Aggregates 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 4 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 5