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University of Wisconsin – Milwaukee Principles of Macroeconomics Fall 2010 Economics 296-104 Lecture 207 (#45181) Online Professor: E-mail: Voice: G. Richard Meadows [email protected] 414 229-5895 Teaching Asst: TBD E-mail: Required Text: N. Gregory Mankiw, Brief Principles of Macroeconomics (5th edition), SouthWestern Cengage Learning, ISBN-13: 978-0-324-59037-1or ISBN-10: 0-324-59037-7. This text may be purchased at the UMM Bookstore (or by visiting the bookstore’s on-line ordering site): http://uwmbookstore.aux.uwm.edu/home.aspx. N.B. IF YOU DECIDE TO BUY THIS TEXT FROM A VENDOR OTHER THAN THE UWM BOOKSTORE, BE CERTAIN THAT YOU GET THE 5th EDITION, AND THAT YOU GET THE BRIEF PRINCIPLES OF MACROECONOMICS. For reference, the cover of the text looks like: Likewise, this book is available from Amazon.com and (no doubt) countless other on-line book sellers. The Amazon.com link is: http://www.amazon.com/Brief-Principles-MacroeconomicsGregory-Mankiw/dp/0324590377/ref=sr_1_1?ie=UTF8&s=books&qid=1245932322&sr=8-1. [Be careful on the Amazon site because I see that there are links to older editions of the text. Be certain that you have the right edition; one hint is that a used copy is likely to cost about $45. If you see a copy for much less than $45, it is likely to be an old edition and should be avoided.] Another option is to rent your textbook for the semester. At least one vendor (Chegg.com) offers a textbook rental program. Chegg.com can be found at: http://www.chegg.com/details/briefprinciples-of-macroeconomics/0324590377/ Text-Based Resource: The text has a dedicated student website: [http://websites.swlearning.com/cgiwadsworth/course_products_wp.pl?fid=M20b&flag=student&product_isbn_issn=9780324590371 &disciplinenumber=413] that takes the place of “study guides” sold with other textbooks. Syllabus Econ. 104, Section 207 Fall 2010 2 Other Web-Based Resources: In addition to the text and the text-based web site, I will make frequent references to discussions of current events found in the financial press. Copies of the articles (and/or URLs) will be distributed to you electronically. Because we will make frequent use of The New York Times, I urge you to register for the on-line version of that newspaper (if you are not already registered). To register for the Times, go to: [http://www.nytimes.com ]. Registration is free, and the daily electronic headline service is very useful. Do this immediately. Course Outline: This course will introduce you to the fundamentals of macroeconomic theory and practice. This is the second course in the usual two-semester sequence in Principles of Economics. [Although a twocourse sequence in Principles of Economics is common throughout the United States, not every university (even within the UW System) follows the sequence used here at UW-Milwaukee (micro first, macro second). If you have not taken a course in microeconomics (or are not enrolled concurrently), please read (and master) Chapter 4 of the text (in addition to the assigned introductory chapters 1, 2, 3, 5, and 6) as quickly as possible. Course Student Learning Objectives: At the successful conclusion of this course, you will be able to demonstrate the following competencies: You will have a good working knowledge of the terminology of macroeconomics and finance. You will have the ability to understand and apply the basic Keynesian model of income determination and the applications of monetary and fiscal policy that follow from that model. You will have a beginning understanding of the sources of long-term economic growth and possible policy responses to the short-run economic problems of inflation and unemployment. You will have a beginning understanding of the role of education and training in the development of the U.S. labor force and the relationship between education and earnings in the American economy. You will have a beginning understanding of the processes of globalization that affect all economies of the world including the current global economic recession – its origins, impact on the US economy, and likely duration. You will have a basic understanding of the time value of money and will be able to apply this concept in simple applications. You will have a beginning understanding of the relationship between macroeconomic theory/analysis and current economic/political policy debates within the United States. You will be able to read the financial press and other forms of economic analysis with increased understanding and critical perspective. Assignments: WEEK CHAPTER TITLE Week 1 (9/2 -- 9/5) Chapter 1 Ten Principles of Economics Chapter 2 Thinking Like an Economist PAGES 3-19 21-39 Syllabus Econ. 104, Section 207 Fall 2010 3 Week 2 (9/6 -- 9/12) Chapter 2 Appendix Chapter 3 Interdependence and the Gains from Trade 40-48 49-62 Week 3 (9/13 — 9/19) Chapter 5 Measuring a Nation’s Income 91-111 Week 4 (9/20 — 9/26) Chapter 6 Measuring the Cost of Living 113-129 Week 5 (9/27 – 10/3) Chapter 7 Production and Growth 133-158 Week 6 (10/4 – 10/10) Chapter 8 Savings, Investment, & the Financial System 159-180 Week 7 (10/11 – 10/17) Mid-term Exam Week 8 (10/18 – 10/24) Chapter 9 The Basic Tools of Finance 181-196 Week 9 (10/25 – 10/31) Chapter 10 Unemployment 197-221 Week 10 (11/1 – 11/7) Chapter 11 The Monetary System 225-245 Week 11 (11/8– 11/14) Chapter 12 Money Growth and Inflation 247-271 Week 12 (11/15 – 11/21) Chapter 13 Open-Economy Macroeconomics 275-298 Week 13 (11/22 – 11/28) Chapter 14 A Macro Theory of the Open Economy 299-320 Week 14 (11/29 – 12/5) Chapter 15 Aggregate Demand and Aggregate Supply 323-359 Week 15 (12/6 – 12/12) Chapter 16 Monetary and Fiscal Policy 361-384 Week 16 (12/16 – 12/23) Final Exam Syllabus Econ. 104, Section 207 Fall 2010 4 Course Grades Your work will be evaluated in this course in several different ways. On a weekly basis, you will be expected to: 1. Complete the assigned readings for that week. 2. Read any additional articles posted to the course website (typically current articles from the financial press of general interest). 3. Complete the on-line quiz for that week. 4. Complete a weekly assignment (generally based on the reading assigned for that week) and post your answer to the course web site (the D2L Drop Box). 5. Comment on an item posted for discussion (usually from a “current event” in the US or world economy). 6. Respond to at least one comment posted by a classmate in the week’s discussion forum. In addition, there will be two conventional exams – a mid-term exam during the 8th week and a final exam (covering all of the material in the course) at the end of the semester. Your final course grade will be calculated as follows: Activity Points Weekly, on-line quizzes Weekly assignments Weekly discussion participation Mid-term exam Final exam 140 280 140 200 240 Total 1,000 Final course grades will be assigned as follows: A 900 to 1,000 points B 800 to 899 points C 700 to 799 points D 600 to 699 points F 599 or less points Final Comments It is important to note that this is not a SELF-PACED course. Each week you will be expected to: read the assigned chapter(s) in the text and any other materials posted to the “Content” page for that week, take the weekly quiz covering the assigned reading in the text, participate in the weekly discussion forum, and complete the written assignment for that week. The specific assignments for any given week will not be posted until just before the week that they are due. Thus it will not be possible for you to work ahead (at least not beyond reading ahead in the text). Nonetheless, if you need to work ahead for an important reason, please contact me regarding your assignments. Finally, it is critically important that you complete all of your weekly assignments on time each week. If you get behind (even a week or two behind, and stay behind), you are almost Syllabus Econ. 104, Section 207 Fall 2010 5 guaranteed not to earn a good grade in the course. On the other hand, if you do the work each week, it is a good bet that you will do well in this course. There may be changes to the course schedule as we proceed. Please check the course announcements OFTEN for any updates and changes. NOTE 1: Please be advised that Econ. 104-208 has a special course fee of $275. This course fee is assessed regardless of the number of credits you are enrolled in for this semester. NOTE 2: You are protected by numerous university and department regulations. Additional information regarding the campus policies and procedures applicable to this course are available on-line (http://www.uwm.edu/Dept/SecU/SyllabusLinks.pdf).