Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
ECON-100 Principles of Macroeconomics Dr. Martha Starr Department of Economics American University Spring 2004 Telephone: Office: Office hours: Email: Class webpage: (202) 885-3747; (703) 283-0054 cell Roper Hall 201 T and F, 2-3:30 pm, and by appointment [email protected] AU blackboard Course description This class provides an introduction to macroeconomic analysis. Whereas the field of microeconomics studies individual markets for goods, services, and factors of production, the field of macroeconomics studies the behavior of the economy as a whole. Central problems in macroeconomic analysis include: the measurement of output and prices, growth of output and productivity, causes of unemployment, business cycles, effects of monetary policy, effects of government spending and taxation, and linkages between national economies via international trade and finance. Required readings The text for the class is N. Gregory Mankiw, Principles of Macroeconomics, 3rd edition. Additional readings are linked from the “course outline” page on the class Blackboard site, or will be distributed in class. As we will be discussing current macroeconomic news, it will also be beneficial for you to read high-quality economic/financial press, such as the Wall Street Journal, New York Times business section, or The Economist magazine. Grades, tests and dates 2 Item % of final grade Dates Assignments (4) 20.0 Jan. 30, Feb. 24, Apr. 13, Apr. 23 Short presentation 5.0 Based on one of the assignments Problem sets (~ 5) 10.0 Distributed throughout the semester Midterm #1 17.5 Friday, Feb. 13 Midterm #2 17.5 Tuesday, March 23 Final exam 25.0 Class participation 5.0 ECON 100-005 -- TF 11:20 Tues., May 4, 11:20 am – 1:50 pm ECON 100-006 -- TF 12:45 Fri., Apr. 30, 11:20 am – 1:50 pm Throughout the semester NOTE: No class April 2. ECON-100 Course outline TOPIC 1. Introduction to economics Demand and supply APPROX. DATES TEXTBOOK OTHER READINGS [IN BLACKBOARD] Jan. 16 Chaps. 1-2 Jan. 20-27 Chap. 4 Economist article on coffee market 2. Measuring Output and Prices 3. 4. Measuring the nation's income Jan. 27-30 Chap. 10 Measuring the cost of living Feb. 3 Chap. 11 Production and growth Feb. 6-10 Chap. 12 Saving, investment and the financial system Chap. 13, and Feb. 17-20 pp. 295299, 524-526 Articles on the stock market Unemployment, "natural rate" Feb. 24-27 Chap. 15 BLS article on U.S. unemployment in international perspective Output and Employment in the Long-Run Money and Prices in the LongRun The monetary system Mar. 2 Chap. 16 Inflation Mar. 5 Chap. 17 Briefly Mar. 5-16 Chap. 20 5. Business Cycles Aggregate supply and demand 3 Monetary and fiscal policy 6. Mar. 19 Chap. 21 Excerpt from Maestro International Trade and Finance Overview Mar. 26 “International economic institutions” International trade Mar. 30Apr. 9 Chaps. 3 and 9 International finance, openeconomy macro Apr. 9-20 Chap. 18 Stiglitz and Walsh Competing perspectives on globalization Apr. 23 Economist article on free trade Economist article on globalization; article by Jeffrey Sachs ASSIGNMENTS The assignments are projects intended to build your skills in collecting, interpreting and analyzing economic data and your ability to relate your findings in a clear, compelling way. Each assignment is worth 5 points towards your final grade, for a total of 20 points. For each assignment, you will write a 1-2 page analysis of the given topic. The analysis should be thoughtful, accurate, and complete, and should demonstrate creative application of analytical and empirical concepts developed in class. For one of the assignments, you will be required to make a brief [2 minute] presentation of your findings to the class. Students will be randomly assigned which topic to present. The presentation will be worth 5 points towards your final grade and will be evaluated by your peers. Detailed instructions will be handed out soon and posted in the ‘Assignments’ section of the Blackboard site. ASSIGNMENT TOPICS AND SCHEDULE No. 1 2 3 4 Topic Fluctuations in the world price of a primary commodity Analysis of the stock price performance of competing companies Economic and legal dimensions of a trade dispute Exchange-rate fluctuations between two countries Expected date to start Due date + presentation Jan. 23 Jan. 30 Feb. 17 Feb. 24 March 26 Apr. 13 Apr. 16 Apr. 23 PROBLEM SETS The problem sets are quantitative exercises intended to provide practice for quantitative-type questions that could appear on exams. They will be handed out over the course of the semester, and will usually be due one week later; they will also be posted in the ‘Assignments’ 4 section of the class Blackboard site. There will probably be 5, worth a total of 10 points. You may work together on problem sets, but you must write up your answers independently. 5 Policies Regular attendance is expected. Make-up exams will not be given unless your absence was caused by an unavoidable medical or family situation that I can verify (e.g. note from school clinic). You may work together on problem sets and assignments, but you must write-up your answers independently. Students are expected to adhere to American University’s Academic Integrity Code at all times. ECON-100 and the General Education Program ECON-100 Macroeconomics is one of eight foundation courses in Curricular Area 4 (Social Institutions and Behavior) in the University’s General Education Program. It is the first of a two-course sequence. You must take one of the following courses from to complete the General Education requirements for Curricular Area 4, Cluster 1 (Institutions): AMST-240G Poverty and Culture COMM-275G Dissident Media: Voices from the Underground ECON-200G Microeconomics EDU-200G Schools and Society FIN-200G Personal Finance and Financial Institutions GOVT-210G Political Power and American Public Policy GOVT-215G Civil Rights and Liberties PHIL-240G Ethics in the Professions SOCY-210G Inequality: Class, Race, Ethnicity WGST-225G Gender, Politics, and Power As a General Education class, the structure and requirements of this class aim to promote the development of skills and aptitudes that are broadly important: Ability to think critically, especially to make judgments based on reasoning and evidence Ability to collect, interpret and synthesize information collected from diverse sources (“information literacy”) Ability to organize and analyze quantitative information (“numeracy”) Ability to apply principles of economic analysis creatively Ability to appreciate problems from multiple perspectives, including those of race, gender, class, and cultural heritage Specific consideration of the increasingly global dimensions of economic problems and policies Appreciation of ethical dimensions of economic problems and policies Ability to communicate ideas effectively, in writing and orally