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
PRINCIPLES OF MACROECONOMICS Fall 2007 ECON 2105E T, Th 8:00am – 9:15am ECON 2105F T, Th 2:00pm – 3:15pm Professor: Dr. Scott Tori Office: 317 Pound Hall Contact Info: 245-2249 (office) 249-9711 (home) [email protected] Webpage: http://www.valdosta.edu/~sltori/ Office Hours: T,Th 9:30-11:00, 12:30-2:00 M, W 11:00 – 12:00 or by appointment Responsibilities: You and I both have an obligation to create an environment that is conducive for mastering the learning objectives. As the instructor, I have the following responsibilities: Come prepared to class. Plan classroom activities to achieve learning objectives. Listen, guide and help students to learn. Write clearly worded examination questions and grade examinations fairly. Show students respect. As a student, you have the following responsibilities: Come prepared to class. Complete all work and reading assignments with proper attention and thought. Listen, ask questions, be involved in class and learn. Understand that I do not intentionally write “tricky” examination questions. If you do not understand an examination question, ask me to clarify the question during the examination period. Show me and the other students respect. Attendance: You are responsible for all material covered in the lectures. Lectures cover material from the text, Wall Street Journal, and other sources. The material presented in class is cumulative in nature. For these reasons, punctual attendance is critical. You are expected to be on time when attending class. Late arrivals, after attendance has been completed, will count as an absence. In accordance with the VSU Absence Regulations, if you miss 20% of the scheduled classes (6 classes), you will earn an “F” for the course. Course Prerequisites: none Access Office for Students with Disabilities: Students requesting classroom accommodations or modifications because of a documented disability must contact the Access Office for Students with Disabilities located in room 1115 Nevins Hall. The phone numbers are 2452498 (voice) and 219-1348 (tty). Text: Hubbard and O’Brien, Economics, 2006. ISBN: 0-13-185908-0 Text webpage: www.prenhall.com/hubbard includes end-of-chapter problem solutions (even numbers), powerpoint slides, interactive study guide, and more Suggested Reading: Wall Street Journal Professor provided sources: Chapter notes – outline Detailed Unit learning objectives Sample exams Internet Sources: Federal Reserve Board U.S. Treasury Department U.S. Bureau of Labor Statistics Bureau of Economic Analysis http://www.federalreserve.gov http://www.ustreas.gov http://stats.bls.gov http://www.bea.doc.gov General Course Learning Objectives: Macroeconomic Basics Students will: 1. define macroeconomic terms. 2. calculate macroeconomic term values. 3. explain the relationships between the macroeconomic terms. 4. demonstrate a basic knowledge of international trade and finance. Macroeconomic Equilibrium and Policies Students will: 1. illustrate the relationships between the macroeconomic terms. 2. illustrate the impact of a change in the economy on the macroeconomic terms. 3. define fiscal policy and monetary policy. 4. calculate the impacts of policy changes on the macroeconomy. Macroeconomic Analysis Students will: 1. identify macroeconomic problems and relate them to the business cycle. 2. list potential policy solutions to correct macroeconomic problems. 3. explain and illustrate how potential policy solutions impact the macroeconomy. 4. identify the policy solution(s) to correct macroeconomic problems for each macroeconomic theory. 5. define, compare, and contrast macroeconomic viewpoints of fiscal policy and monetary policy. Homework Assignments and Examinations: The course is divided into 4 units. Each unit consists of one homework(no homework with the final) assignment and one examination. The homework assignments will be provided. The 3 mid-term examinations focus primarily on the unit specific learning objectives. The final examination is comprehensive. The examinations consist of multiple-choice questions and a problem-solving question. The problem-solving question tests the analytical skills developed up to the point of the examination. The analytical skills tested by unit are: Unit 1: Given economic data, students will calculate real GDP, the growth rate, and the inflation rate. identify the business cycle phase. identify the problem facing the economy. Explain your conclusion. Unit 2: Given economic data, student will calculate real GDP, the growth rate, and the inflation rate. identify the business cycle phase. identify the problem facing the economy. Explain your conclusion identify the likely source of the problem (↑AD, ↓AD, ↑AS, ↓AS). Explain your conclusion. list the potential fiscal and monetary policy solutions available to solve the problem. Unit 3: Given economic data, student will calculate real GDP, the growth rate, and the inflation rate. Identify the business cycle phase. identify the problem facing the economy. Explain your conclusion identify the likely source of the problem (↑AD, ↓AD, ↑AS, ↓AS). Explain your conclusion. list the potential fiscal and monetary policy solutions available to solve the problem. assuming one of the three theories, identify the policy solution(s) most likely supported by each theory. Grading: Your performance on the 4 examinations (100 points each for exam 1 and 3, 70 points for exam 2, 120 points for comprehensive final examination), and the homework assignments (30 points, 10 each) determines your final grade. The grading scale is: A B C D F 420 - 378 points 377 - 336 points 335 - 294 points 293 - 252 points below 252 points To maintain the integrity of the grading system, I WILL NOT modify the grading scale for individual students. DO NOT ASK!! Important Policies and Procedures: 1. Regular class attendance is required, and will be checked daily. In accordance with the VSU Absence Regulations, if you miss more than 20% of the scheduled classes (6 classes), you may earn an “F” for the course. 2. You must turn off you cell phone BEFORE class begins. You may NOT use your cell phone as a calculator. If your cell phone is in view or used during class, I will take it from you and will return it to you after class. You will be assessed a 5 point penalty reduction for using your cell phone/IM in class. 3. If a student misses one mid-term examination and has a legitimate excused absence, the final exam will be weighted to adjust for the missed mid-term examination (i.e. the final would be worth 220 points instead of 120 points). Legitimate excused absences include death in the immediate family, University sponsored trips, legitimate business obligations or critical illness. Verification is required and permission to miss an examination must be secured PRIOR TO the scheduled examination time. If this condition is not met, a zero will be given for the missed exam. Unit specific make-up exams will not be given. If a student misses more than one examination, the final exam will be weighted to adjust for the first missed exam, and zeros will be recorded for all other exams. There are no make-up exams for the final exam. 4. Homework assignments are to be turned in the class prior to the exam they pertain to. 5. Extra credit assignments, if offered, are at my discretion and are available to all students in the class. The assignments must be turned in by the specified due date for credit. Extra credit assignments turned in late will be given a zero. Extra credit assignments will be offered to all students in the class or none at all (no preferential or special treatment). 6. If you wish to withdraw from this course, it is your responsibility to complete and return to the registrar all paperwork. A grade of “W” is reported for all withdrawals prior to the last official withdrawal date (mid-term). A grade of “WF” is reported for all withdrawals after the official withdrawal date (unless specific University conditions are met). A grade of “WF” counts the same as an “F” when calculating GPA. A grade of F is reported for all students who do not turn in the withdrawal paperwork and fail to achieve more than 227 points. 7. ATTENTION BUSINESS MAJORS! You have three attempts to earn a “C” or better in this course. An attempt is defined as earning a grade of “D” or “F” for the course, or withdrawing from the course after the end of the add/drop period at the beginning of the semester. 8. A grade of “I” is reported for students with legitimate excused and documented reasons for not completing all work before the end of the semester. The missed coursework must be completed within one year or a grade of “F” will be reported. 9. Cheating will not be tolerated! Evidence of cheating will result in full disciplinary action. 10. No food or drinks, except water, are allowed in the classroom. Food and drinks may be consumed in the Student Lounge located in the basement, or outside the building. Important Dates: September 3 September 6 September 27 October 4 October 15-16 November 1 November 21-23 December 5 Labor Day Unit 1 examination Unit 2 examination Mid-term – last day to drop the course without receiving a WF Fall Break – no classes Unit 3 examination Thanksgiving Break – no classes Comprehensive Final Section E 10:15am-12:15pm Comprehensive Final Section F 2:45pm-4:45pm Expected Course Schedule:* Class 1 Review syllabus Class 1/2 Chapter 1 Class 3/4 Chapter 19 Class 5 Chapter 21 Class 6/7 Chapter 20 Sept 6 Unit 1 exam Class 9/10 Chapter 24 Class 11/12/13 Chapter 24 Sept 27 Unit 2 exam Class 15/16 Chapter 25 Class 17/18 Chapter 26 Class 19/20 Chapter 27 Class 21/22 Chapter 24 appendix and other viewpoints Nov 1 Unit 3 exam Class 24/25 Chapter 29 Class 26/27 Chapter 30 Class 28/29 Chapter 22 Class 30 Course review Dec 5 Final Econ 2105E Wednesday 10:15-12:15 Econ 2105F Wednesday 2:45-4:45 *The course schedule may be modified if unexpected events occur. Every effort will be made to adhere to the examination dates. Macroeconomic Basics Chapter and topics Textbook questions Chapter 1 What is economics? Positive and normative economics Macroeconomics and microeconomics Opportunity cost Chapter 19 Gross domestic product (GDP) Gross national product (GNP) Expenditure approach Nominal GDP vs. Real GDP GDP deflator Chapter 21 Measuring economic growth Business Cycle Chapter 20 Unemployment rate Types of unemployment Inflation Problems and Applications 2, 6, 14, 16, 18 Review Questions 4, 6, 10 Problems and Applications 4, 6, 7, 8, 14, 16, 18, 19 Review Questions 2, 9, 10 Problems and Applications 2, 4, 6, 8, 20 Review Questions 5, 6, 7, 8,10 Problems and Applications Price index Real vs. nominal interest rates Chapter 24 Aggregate Demand Aggregate Supply Equilibrium 6, 8, 14, 15, 16, 20, 22 Review Questions 1, 3, 4, 5, 6, 7, 9, 10 Problems and Applications 1, 2, 3, 5, 9, 10, 14, 16 Macroeconomic Policy and Analysis Chapter and topics End-of-chapter problems and applications Chapter 25 What is money? Measuring money How banks create money Federal Reserve System Chapter 26 Monetary policy targets and goals Monetary policy and economic activity Central Bank independence Review Questions 2, 3, 4, 6, 7, 8, 9, 10,11 Chapter 27 Fiscal policy Spending and tax multipliers Balanced budget multiplier Automatic stabilizers Debt, deficit, surplus Review Questions 1, 2, 4, 5, 6, 7, 8, 10, 11, 12, 13 Problems and Applications 4, 8, 10, 12, 13, 14, 15 Review Questions 1, 2, 3, 4, 5, 6, 7, 8, 9 Problems and Applications 1, 2, 4, 8, 9, 12, 14, 15, 16, 18, 20 Problems and Applications 1, 3, 6, 7, 9, 12, 16, 20 Open Economy Macroeconomics Chapter and topics End-of-chapter problems and applications Chapter 29 Balance of Payments Current account Capital and financial account Foreign exchange markets and rates Monetary and Fiscal policies in an open economy Chapter 30 Exchange rate systems Floating dollar Euro The Gold Standard The Bretton Woods System Chapter 22 Economic growth around the world Impact of growth policies around the world Review Questions 1, 2, 3, 4, 5, 7, 12 Problems and Applications 1, 2, 3, 4, 6, 8, 9, 14, 20 Review Questions 1, 3, 5 Problems and Applications 1, 2, 4, 8, 9, 13, 16, 20 Review Questions 1, 2, 4, 8, 9, 10 Problems and Applications 1, 6, 7, 10, 12, 16, 18, 20