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Introduction to Macroeconomics Course Syllabus S.U.N.Y. ULSTER (3 Credits) Course Section: ECO 101-76 (CRN:20699) Classroom: RM 77 Instructor: Jim Ventriglia Office: Marlboro Central High School (RM 77) Office Phone: 845-236-5810 Office Hours: MW 2:00-5:00PM Email: [email protected] Office Hours: Monday – Friday 2:20-3:15 Semester: Spring 2010 I. Course Objectives: This is an introductory course in macroeconomics – the study of the economy as a whole. Macroeconomics is oriented largely towards national economic policies. The topics we will discuss appear regularly in mass media (newspapers, television, radio, internet, etc.). This course will apply the basic tools of economics (i.e. useful tools for “thinking like an economist”) to reason accurately and objectively about macroeconomic topics, including national income determination, growth, unemployment, inflation, banking, economic fluctuations, monetary and fiscal policies. It will also help you to judge the macroeconomic policy proposals that are put forth by our elected officials (i.e. President Barack Obama). . II. Prerequisites: For many of you this is probably your first course in economics. Moreover, your enrollment in this class is derived from your mastery of United States History and Government, teacher recommendation, and assessment of your interdisciplinary academic ability and proficiency as a student in the Marlboro Central School District. Therefore, there are absolutely no prerequisites needed for taking this class. Occasionally, I will assume that you can handle basic graphical analysis and some algebra. III. Textbooks: Required Textbook: Principles of Macroeconomics (6th Edition) by John B. Taylor and Akila Weerapana; IBSN: 2007934818; Publisher: Houghton Mifflin Company. IV. Homepage of the Course: You can access to the homepage of this course via Teacher Web (http://teacherweb.com/NY/marlborohighschool/MrVentriglia). The class website WILL be an integral component of this course. It is highly recommended that you bookmark the website ASAP and check it as often as you check your Facebook. Among other things, the resources available on the class website include the following: course syllabus, lecture notes, announcements, homework assignments, current grades, the discussion board, etc. V. Grading: Grading will be based on the following: homeworks, two major tests, a research paper, the midterm exam, and the final exam. There will be 6 homework assignments, while the highest 5 homework scores will be factored into the final grade. You will have two major tests, plus a midterm and a final exam. In addition, you will have to write a comprehensive 5-7 page paper research paper on a current economic issue. There will also be some extra credit opportunities in this class: (1) answering/posing questions in class; (2) active participation in discussion boards. The percentage weighting of the homeworks, examinations and quizzes is indicated below: Homeworks (Throughout the semester): 15% Test One: 10% Midterm Exam: 20% Research Paper: 15% Test Two: 10% Final Exam (To be announced): 30% Total: 100% of 100 points V. Grading: continued…. I expect EVERYONE will obtain a grade of “A” from this course. However, your success lies upon your effort. Numerical scores on each assignment/test will determine grades. Assignments/tests and your final grade may be curved. The scale will be as follows: A+ = 98-100% A = 93 -97% A- = 90 - 92% B+ = 87 - 89% B = 83 - 86% B- = 80 - 82% C+ = 77 - 79% C = 73 - 76% C- = 70 - 72% D = 60 - 69% F = 0 - 59% VI. Class Policies: 1. Regular attendance is required and is strongly recommended. However, you are allowed 10 unexcused absences. The materials are cumulative in nature, so if a student misses some lectures, she or he will not make sense out of subsequent lectures. In addition, you lose opportunities to earn extra credits in the events of absence. So skip at your own risk! 2. The stated schedule and procedures in the course are subject to change in the event of extenuating circumstances. 3. Continued enrollment in the course will indicate that the student has carefully read the syllabus and assumed responsibility of satisfying the course requirements. 4. You are allowed and encouraged to work together on the homework questions, but you should write your own answers by yourself and make sure you understand everything you write down. 5. The only acceptable excuses for missing an exam/quiz or a late assignment are medical reasons or family emergencies, and they should be provided before the actual exam or the deadline of the assignment. No makeup exam/quiz will be given without acceptable excuses. A late assignment can only receive 50% of your score, and I do not accept late assignments once the answers have been announced. 6. Academic integrity means that you follow the honor code in your academic work. The honor code deals specifically with: A. Cheating and Attempted Cheating B. Plagiarism C. Lying D. Stealing ***ANY VIOLATION IS GROUNDS FOR AN “F” IN THIS COURSE*** The Academic Integrity policy is a ZERO-SUM GAME. In other words, your FIRST offense WILL be your LAST offense. VII. Course Outline: Chapter 1: The Central Idea: Scarcity and Choice; Market Economies and the Price System Chapter 2: Observing and Explaining the Economy: What do Economists Do? Chapter 3: The Supply and Demand Model/ Market Equilibrium Homework 1 Chapter 4: Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings, and Elasticity **TEST #1** Chapter 5: Macroeconomics: The Big Picture Chapter 6: Measuring the Production, Income, and Spending of Nations Chapter 7: The Spending Allocation Model Homework 2 Chapter 8: Unemployment and Employment Chapter 9: Productivity and Economic Growth Homework 3 Chapter 10: Money and Inflation: The Money Supply and the Federal Reserve System **MID-TERM EXAMINATION** Chapter 11: The Nature and Causes of Economic Fluctuations Chapter 12: The Economic Fluctuations Model: Aggregate Demand Curve; Inflation Adjustment Line Homework 4 Chapter 13: Using the Economic Fluctuations Model: Changes in Government Purchases; Changes in Monetary Policy; Price Shocks Chapter 14: Fiscal Policy: Government Budget; Countercyclical Fiscal Policy; Structural vs. Cyclical Surplus Homework 5 Chapter 15: Monetary Policy: Central Banks; Executing Monetary Policy; Exchange Rates and Monetary Policy Chapter 16: Financial Markets: Physical Capital versus Financial Capital; Markets for Financial Capital; The Tradeoff Between Risk and Return; Corporate Governance Problems **TEST #2** Chapter 17: Economic Growth and Globalization Homework 6 Chapter 18: The Gains from International Trade: Comparative Advantage; Gains from Expanding Markets Chapter 19: International Trade Policy: Tariffs/ Quotas; Trade Restrictions; Arguments For/Against Trade Barriers **RESEARCH PAPER DUE** **FINAL EXAMINATION**