Download ECO220_MacroPropSyl_toColCounc_May11

B4
John Jay College of Criminal Justice
The City University of New York
New Course Proposal
When completed, this proposal should be submitted to the Office of Undergraduate Studies-Room 634T
for consideration by the College Curriculum Committee.
1.
Department (s) proposing this course:
Economics
2.
Title of the course:
Macroeconomics
Abbreviated title (up to 20 characters): Macroeconomics
3.
Level of this course:
___100 Level
4.
X 200 Level
____300 Level ___400 Level
Course description as it is to appear in the College bulletin:
(Write in complete sentences except for prerequisites, hours and credits.)
Macroeconomics involves the study of national economic variables such as income,
saving, employment and general price level. This course is structured to give students an
understanding of macroeconomics from diverse theoretical perspectives for the advanced
study of macroeconomics. It considers the sustained use of economic resources in the
computation of national income and future growth; fiscal and monetary policies; capital
and labor markets; and the open economy in terms of trade and currency exchange.
Discussion of stabilization and market operations will incorporate the normative principles
underlying measures that are essential for the efficient allocation of resources and optimal
economic outcomes. Prerequisites: English 102 or English 201 and Economics 101.
5.
Has this course been taught on an experimental basis?
__No
__X_Yes: Semester Fall and year 2008:
Teacher: C. Warburton, Ph.D. Econ.
Enrollment:10 students
Prerequisites: English 102/201; Eco 101
6.
Prerequisites:
English 102/201; Eco 101
Approved by UCASC, April 24, prepared for College Council, May 11, 2009
New Course Proposal, Page
7.
Number of:
class hours__3__
8.
Brief rationale for the course:
lab hours__0__
2
credits_3__
This course will enable students to understand the macroeconomic implications of
disturbances in the aggregate economy; how policies are made at the macro level; the
ethical issues that are essential for the smooth functioning of output and capital markets;
and the growing need for interdependence and strategic use of environmental resources in
the global economy. It is a prerequisite for the Money and Banking course and a
requirement for the major in economics.
9a.
Knowledge and performance objectives of this course:
(What knowledge will the student be expected to acquire and what conceptual and
applied skills will be learned in this course?)
At the end of the course students will be expected to know the following: the meaning
and contents of macroeconomics; the effects of monetary and fiscal policy on the
macroeconomy; the problems associated with market and policy intervention in markets;
and the sectoral and overall impact of unethical behavior on the macroeconomy.
The following skills will be acquired: an understanding of the meaning of data for the
aggregate economy; accessing data bases of government agencies; and developing
preliminary research and essential writing skills in APA format.
9b.
Indicate learning objectives of this course related to information literacy.
Research papers and PowerPoint presentations will be designed to expose students to
information acquisition techniques and information about federal agencies, international
organizations and secondary sources. The acquisition of information will facilitate the use of data
bases, credible Internet sources, journals, current and past Federal Reserve reports on banking
and inflation, the Bureaus of Economic Analysis and Labor Statistics compilation of economic
indicators and library resources obtainable from JSTOR, Econlit, and EBSCOHost Academic.
10.
Recommended writing assignments:
(Indicate types of writing assignments and number of pages of each type. Writing
assignments should satisfy the College’s requirements for writing across the curriculum.)
Students will individually undertake three writing assignments of approximately
five to six pages. Individual writing assignments will reflect topical issues or issues
that are pertinent to individual interests in macroeconomics and its related areas.
Collaborative work will require students to specialize in limited areas of
interest, undertake research, assemble specialized research, but do
presentation on areas of specialization to eliminate the free-rider problem.
The end product will require a synopsis that will encourage students to learn
writing techniques from one another. Students will do a final paper of about
15 pages on a topic of their preference, but which is consistent with the
overall theme of the course.
11.
Will this course be part of any major (s) or program (s)?
New Course Proposal, Page
3
___No
_X_Yes. Major or program: Bachelor of Science in Economics
What part of the major? (Prerequisite, core, skills, etc.)
It is a core course in Part 1 of the economics major.
12.
Is this course related to other specific courses?
_X_No
___Yes. Indicate which course (s) and what the relationship will be (e.g., prerequisite,
sequel, etc.).
13.
Please meet with a member of the library faculty before answering question 13. The faculty
member consulted should sign below. (Contact the library’s curriculum committee representative
to identify which library faculty member to meet with).
Identify and assess the adequacy of the following types of library resources to support this course:
databases, books, periodicals. Attach a list of available resources.
Databases
Data bases for the course are readily accessible from library computer terminals and elsewhere.
Relevant data to the course are compiled by the Federal Reserve; the Bureau of Economic
Analysis; and the Bureau of Labor Statistics.
Books
The library has a collection of books that can readily provide preliminary, expedient, and
pertinent information; examples include:
Barro, R.J. (1999). Macroeconomics. Cambridge, Mass.: MIT press.
Edgmand, M.R. (1987). Macroeconomics: theory and policy. Englewood Cliffs,NJ: PrenticeHall
Schiller, B. (1997). The Macroeconomy Today. New York: McGraw-Hill
Periodicals
Relevant periodicals for the course can be accessed through the extensive compilation by JSTOR.
The library subscribes to this source as well as Academic Search Premier (EBSCOHost).
Attach a list of recommended resources that would further support this course. Both lists should
be in a standard, recognized bibliographic format, preferably APA format.
It is recommended that the library adds the following to its collection:
Carbaugh, R.J. (2009). International Economics. Mason, OH: South-Western.
Field, B.C. & Field, M.K. (2006). Environmental Economics. NY: McGraw-Hill.
Fireside, D. et. al. (2006). Real World Macro Dollars and Sense, 23rd. Ed. Boston, MA:
Economic Affairs Bureau.
Mankiw, G. (2007). Macroeconomics. NY: Worth Publishers.
McConnell, C. R., Brue, S. & Flynn, S. M. (2009). Economics. NY: McGraw-Hill Irwin
Signature of library faculty member consulted: _____________________ [Ellen Sexton]
New Course Proposal, Page
14.
Are the current resources (e.g. computer labs, facilities, equipment) adequate to support this
course?
__X__ Yes
_____ No
If not, what resources will be necessary? With whom have these resource needs been discussed?
15.
Syllabus:
Attach a sample syllabus for this course. It should be based on the College’s model
syllabus. The sample syllabus must include a week by week or class by class listing of topics,
readings, other assignments, tests, papers due, or other scheduled parts of the course. It must
also include proposed texts. It should indicate how much various assignments or tests will
count towards final grades. (If this course has been taught on an experimental basis, an actual
syllabus may be attached, if suitable.)
16.
This section is to be completed by the chair(s) of the department(s) proposing the course.
Name(s) of the Chairperson(s):
Joan Hoffman
Has this proposal been approved at a meeting of the department curriculum committee?
___No
__X_Yes: Meeting date: 9 December, 2008
When will this course be taught?
Every semester, starting _________________
One semester each year, starting ___Fall, 2009_____
Once every two years, starting ________________
How many sections of this course will be offered? __1_______
Who will be assigned to teach this course?
Assistant Professor Christopher Warburton
Is this proposed course similar to or related to any course or major offered by any other
department (s)?
_X_No
___Yes. What course (s) or major (s) is this course similar or related to?
Did you consult with department (s) offering similar or related courses or majors?
_X__Not applicable
___No
___Yes
If yes, give a short summary of the consultation process and results.
Will any course be withdrawn if this course is approved?
_X_No
___Yes, namely:
Signature (s) of chair of Department (s) proposing this course:
4
New Course Proposal, Page
Date: ___________________
Revised: October 3, 2006
5
New Course Proposal, Page
6
899 10th Avenue, NY, New York 10019
Macroeconomics: ECO2xx
C. Warburton, Ph.D (Econ).
Office: 3516 N
Office Hours: (appointment & walk-in)
Phone: 646-557-4523
Email: [email protected]
[email protected]
COURSE DESCRIPTION
Macroeconomics involves the study of national economic variables such as income,
saving, employment and general price level. This course is structured to give students an
understanding of macroeconomics from diverse theoretical perspectives for the advanced
study of macroeconomics. It considers the sustained use of economic resources in the
computation of national income and future growth; fiscal and monetary policies; capital
and labor markets; and the open economy in terms of trade and currency exchange.
Discussion of stabilization and market operations will incorporate the normative principles
underlying measures that are essential for the efficient allocation of resources and optimal
economic outcomes. Prerequisites: English 102 or English 201 and Economics 101.
KNOWLEDGE PERFORMANCE OBJECTIVES
At the end of the course students will be expected to know the following: the meaning and contents of
macroeconomics; the effects of monetary and fiscal policy on the macroeconomy; the problems associated with
market and policy intervention in markets; and the sectoral and overall impact of unethical behavior on the
macroeconomy.
The following skills will be acquired: an understanding of the meaning of data for the aggregate economy; accessing
data bases of government agencies; and developing preliminary research and essential writing skills in APA format.
TEXT
Hubbard, G. & O’Brien, A. G. (2009). Macroeconomics. New Jersey: Prentice Hall.
COURSE REQUIREMENTS
Self-evaluation of quantitative and analytical skills (diagnostic test)
Timely submission of assignments, regular attendance, and class participation
Group research project (based on common interests and credible sources of data)
Individual research paper in hard and electronic copies (based on individual topic of
interest in APA style)
Academic honesty (appropriate citation of reputable information taken from someone
else)
In class exams
Working knowledge of APA style and access to a computer
ATTENDANCE, LATENESS, AND CLASSROOM BEHAVIOR
Students are expected to punctually attend all classes. On rare and exceptional cases when students are absent, they
must try to obtain information about what was covered in class. Absences that are the result of illness must be
New Course Proposal, Page
substantiated. Three consecutive absences are problematic and may affect the quality of final grade. Decorum is
expected for the duration of classes and all electronic devices must be turned off.
7
GRADING
30% Regular assignments, group project, and Exam 1
40% Midterm and Final Exam
30% Individual research paper
COURSE OUTLINE
Week
1
2
3
4
5
6
Topic
What is Gross Domestic Product and national income?
 Economic Models
 Methods of measuring aggregate output—the Expenditure and
Income approaches
 GDP calculation: Expenditure and Income Approaches
Problems with national income calculation
Illegal transactions and problems with estimating aggregate output
(i) Financial products
(ii) Unreliable estimates
(iii) Inadequate revenue for social spending
(iv) Loss of welfare and environmental resources
Estimating the underground economy
 Methods of, and problems with estimation:
(i) Direct approaches— surveys and tax auditing
(ii) Indicator approaches— discrepancies in GDP calculations
(iii) The employment approach—changes in population,
employment and labor supply (labor-population ratio v.
employment-population ratio
(iv) The currency-demand deposit approach
Business cycle, and economic stabilization
 What is the business cycle?
 What is economic stabilization policy?
 Components of aggregate demand and aggregate supply
 Contractionary versus expansionary fiscal and monetary policies
Reading/HW
Hubbard-O’Brien
(HO) chp.1-3
Mankiw, chp.2
McConnell et al
(MBF) Chps.6 & 9
HO chp.4
Snow
Sennholz
Field & Field, chp.1
Homework (HW) 1
HO chp.4 &7
Fireside et. al.,
pp.5-20
International
Monetary Fund
(IMF)
HO chp.4, 9&12
Moutos, Sennholz
MBF chp. 9
Mankiw chp.9
Review and Exam 1
Fiscal Policy
 What is fiscal policy?
 The Federal Government’s Budgetary Process
 Sources of government revenue
 Discretionary versus nondiscretionary spending
 Budget deficits and surpluses (structural v. standardized deficit)
 Effects of deficits and surpluses—The crowding-out controversy
 Ethical/normative issues: Tax proportionality and evasion; The tax
Laffer Curve and marginal tax rates
HO chp.15
MBF chp.11
MBF pp.296-297
Fireside et. al.,
pp.71-74
Moutos
Sennholz
HW: 2
New Course Proposal, Page
Week
7
8
9
10
11
Topic
Monetary Policy
 What is monetary policy?
 The Federal Reserve’s structure, and functions
 Money and the functions of money
 The equation of exchange and inflation
 Problems with the implementation of f monetary policies—lags,
crime (counterfeiting and money laundering), globalization and
shocks
Review
Midterm Exam
PowerPoint Presentation





12
13
14
The labor market
The Labor market and wage determination
Labor unions, undocumented workers, minimum wage and
efficiency wage
Unemployment and types of unemployment
Contending perspectives of Okun’s Law
Unemployment and inflation (Philips curve)
Open Macroeconomics
 Theories of International trade—Absolute Advantage, Comparative
Advantage; Strategic Trade; Globalization; and New Trade Theory
 International monetary system and exchange rate regimes
 Currency valuation—absorption, capital flows, and productivity
 Depreciation, appreciation, devaluation; overvaluation; and
undervaluation
Review & Research paper evaluation
Review & Turn in Research Paper
Final Exam
Reading
HO Chp.13
Sennholz
Board of
Governors of
the Fed (BOGF)
Fireside et. al.,
pp.102
HO chp.8
Fireside et. al.,
pp.102-116
Mankiw pp.385391
Sennholz
HO ch.17
Carbaugh
chps.1,2 & 12
Fireside et. al.,
pp. 138-154
HW 3
Review
Review/Paper
STATEMENT OF COLLEGE POLICY ON PLAGIARISM
Plagiarism is the presentation of someone else‘s ideas, words, or artistic, scientific,
or technical work as one‘s own creation. Using the ideas or work of another is
permissible only when the original author is identified.
Paraphrasing and
summarizing, as well as direct quotations, require citations to the original source.
Plagiarism may be intentional or unintentional. Lack of dishonest intent
does not necessarily absolve a student of responsibility for plagiarism.
It is the student‘s responsibility to recognize the difference between statements
that are common knowledge (which do not require documentation) and
restatements of the ideas of others. Paraphrase, summary, and direct quotation
are acceptable forms of restatement, as long as the source is cited.
Students who are unsure how and when to provide documentation are advised to
consult with their instructors. The Library has free guides designed to help
students with problems of documentation.
8
New Course Proposal, Page
Macroeconomics: ECO2xx
Bibliography
Board of Governors of the Federal Reserve System. The Federal Reserve System
Purposes & Functions: Washington DC: 2005.
Carbaugh, R.J. (2009). International Economics. Mason, OH: South-Western.
Dine, J. (2005). Companies, International Trade and Human Rights. UK.: Cambridge
University Press.
Field, B.C. & Field, M.K. (2006). Environmental Economics. NY: McGraw-Hill.
Fireside, D. et. al. (2006). Real World Macro Dollars and Sense, 23rd. Ed. Boston, MA:
Economic Affairs Bureau.
Manheimer, A (2005). Child Labor and Sweatshops. MI: Thomson Gale.
Mankiw, G. (2007). Macroeconomics. NY: Worth Publishers.
McConnell, C. R., Brue, S. & Flynn, S. M. (2009). Economics. NY: McGraw-Hill Irwin
O’Toole, E. L. & Meisinger, S. (2006). The New American Workplace.
New York: Palgrave Macmillan.
Reuter, P. & Truman, E. (2004). Chasing Dirty Money: The Fight Against Money
Laundering. Washington DC: Institute for International Economics.
Schiller, B. (2007). The Economy Today. New York: McGraw-Hill.
Snow, D. “Testimony before the Subcommittee on Domestic Monetary Policy,
Technology, and Economic Growth. The House Committee on Financial Services US
House of Representatives.” (2001). US Secret Service.
Internet Sources

The Federal Reserve: www.federalreserve.org

The Bureau of Economic analysis: www.bea.gov

The Bureau of Labor statistics: www.bls.gov.








Schneider, F. and Enste, D. (2002). Hiding in the Shadows: The Growth of the
Underground Economy: Washington DC: International Monetary Fund available at
www.imf.org.
Moutos, T. “Tax Evasion and the Balance of Payments.”
www.apfpress.com/book3/pdf_files/10.pdf
Sennholz, H. “The Underground Economy.” (2003). Ludwig von Mises Institute
www.mises.org/etexts/underground.pdf
Business Source Premier (EBSCOHost)
Econlit
Gale Business and Company ASAP
Palgrave Dictionary of Economics
JSTOR
Journal Articles
9
New Course Proposal, Page
Arvanites, Thomas M. & Robert H. Defina. (2006). Business Cycles and Street
Crime. Criminology. 44(1):139-164.
Blakemore, A.E., Burgess, P.L., Low, A.S., & St. Louis R.D. (1996, April). Employer
Tax Evasion in the Unemployment Insurance Program . Journal of Labor Economics.
14(2): 210-230.
Calomiris, Charles W., & Joseph Mason. (1997). Contagion and Bank Failures During
the Great Depression: The June 1932 Chicago Banking Panic. American Economic
Review 87(5): 863-883.
Manchester, J. & McKibbin, J. W. (1994). The Macroeconomic Consequences of the
Savings and Loan Debacle. The Review of Economics and Statistics. 76(3): 579-584.
Mankiw, N.G. & Reis, R. ( 2003). What Measure of Inflation should a Central Bank
Target? Journal of the European Economic Association 1(5): 1058-1086.
Montgomery, E.(1989, April). Employment and Unemployment Effects of Unions
Journal of Labor Economics. 7(2): 170-190.
Rafael Di Tella, R. & MacCulloch, R.J. (2002, April). The Determination of
Unemployment Benefits The Determination of Unemployment Benefits. Journal of
Labor Economics. 20(2): 404-434.
Seung Chan Ahn, S. & Melvin, I. (2007, August). Exchange Rates and FOMC Days
Journal of Money, Credit and Banking. 39(5):1245-1266.
Stern, G. & Miller, P. (2004, December). Avoiding Significant Monetary Policy
Mistakes. Quarterly Review. Federal Reserve Bank of Minneapolis. 2-9.
Williams, J. (2003). Simple Rules for Monetary Policy. Economic Review, Federal
Reserve Bank of San Francisco, pgs. 1-12.
Woodford, M. (2004). Inflation Targeting and Optimal Monetary Policy. Economic
Review. Federal Reserve Bank of St. Louis 86(4):15-41.
10