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BU.220.610.XX – The Firm and the Macroeconomy – Instructor’s Name – Page 1 of 6
The Firm and the Macroeconomy
2 Credits
BU.220.610.XX
[NOTE: Each section must have a separate syllabus.]
[Day & Time / ex: Monday, 6pm-9pm]
[Start & End Dates / ex: 3/24/15-5/12/15]
[Semester / ex: Fall 2016]
[Location / ex: Washington, DC]
Instructor
[Full Name]
Contact Information
[Email Address]
[Phone Number, (###) ###-#### (Optional)]
Office Hours
[Please specify the day and time of the 2 hours that will be dedicated to office hours each week. For evening
classes, faculty may wish to hold their office hours by phone or email. While faculty are permitted to state “and
by appointment,” office hours should not be held exclusively by appointment.]
Required Text(s) & Learning Materials
N. Gregory Mankiw, Macroeconomics, 9th ed., 2015, Worth Publishers.
Learning resources that accompany or can be purchased together with the textbook are described in the
textbook on pages xxxii-xxxv.
Recommended Text(s) and Excel Practice Problems
Evan C. Tanner, Macroeconomics: Applied Assessments and Policy Options
(http://testmodel2014.yolasite.com/)
Additional readings on specific topics covered will be assigned before and during classes.
The class slides will be posted only right before the class. To prepare for class you should complete all the
assigned readings.
Course Description
This course explores the workings of an economy from a macroeconomic perspective. Although the course
focuses primarily on the United States economy and its relation with the rest of the world, the concepts and
tools apply to market economies around the world. Major topics include: the determinants of an economy’s
output in the long run; the role of money in the long run and short run; the determinants of the price level; the
role of interest rates and exchange rates in the U.S. economy and in small, “open” economies; the causes and
nature of the business cycle; the Keynesian model of the economy and how it differs from the classical theory
of the economy; and the role of fiscal and monetary policy in stabilizing the economy and ensuring full
employment. The last module of the course examines the recent meltdown of the economy, stemming from
the collapse of housing prices and the financial system.
Prerequisite(s)
None
Learning Objectives
By the end of this course, students will be able to:
1. Explain the determination of output and prices (and their change, inflation) in the long and short run.
BU.220.610.XX – The Firm and the Macroeconomy – Instructor’s Name – Page 2 of 6
2. Describe the characteristics of the business cycle, and discuss the role of shocks and government
policy in the cycle.
3. Understand the workings of fiscal and monetary policy and the way such policies can be used to
moderate the business cycle.
4. Explain the determination of the exchange rate and interest rates in the long and the short run.
5. Discuss the global financial crisis and the successes and failures of government policy to contain it.
To view the complete list of Carey Business School’s general learning goals and objectives, visit the Carey
website.
Attendance
Attendance and participation contribute up to 20% of the final grade. Attendance (on-time) is proper business
etiquette and a minimal requirement for classroom participation. Being late or leaving early if repeated three
times is going to be considered an absence. There will be an attendance sheet to be signed at the beginning
of every class. Forging signatures for others will get zero credit for attendance and participation for the whole
course (i.e., 20 points out of 100). Emergencies with proper documentation will be exempted (emergencies
outside the immediate family cannot be excused). Please note that business trips or job market interviews do
not count as emergency.
Assignments
Assignment
Participation and assigned readings
2-3 Pop-up quizzes (10% or 15% each)
Final Exam
Homework assigned
Total
Course Learning Objective(s)
1-5
1-5
1-5
1-5
Weight
20%
30%
50%
0%
100%
Class Discussion and Participation Rubric
Attendance and participation contribute up to 20% of the final grade. This is made up of 2 points per class
for 7 classes, plus 6 points of bonus. Class participation and contribution will be graded 0-2 according to
the following objective and subjective criteria (points are per class):
0 = Miss class without justification. (Job interviews and job search activities are not excused
absences.) Class attendance is a prerequisite for class contribution; therefore, students will earn a 0
on days they do not attend class without justification.
0= Negative participation. Chatting, use of electronics, sleeping, and interference with other students’
participation and learning is negative participation and will be penalized by earning the same grade as
an absence without justification.
1 = Passive attendance (7 points out of 20 in total). A minimal grade is assigned for attendance
without active participation. Passive attendance still requires bringing the name-tag to class and
displaying it in a visible manner, following instructions, and working in groups as directed. Missing
class with justification will earn 1 point.
2 = Active participation (14 points out of 20 in total). Active participation includes asking questions,
answering questions, contributing to the discussion of homework, quiz solutions, and presenting
assigned group work and activities. Participation does not include group contributions during
homework outside the classroom.
Valuable contributions are observations that advance the discussion or change the direction of the
class discussion, insightful commentaries that raise learning points, probing questions that challenge
the extant discussion and yield new directions, and analyses that clarify and amplify case facts.
6 = Remaining points. The remaining 6 points can be earned by showing clear evidence of completing
the assigned readings before class (1 point per instance), with an extra contribution to class (1 extra point
BU.220.610.XX – The Firm and the Macroeconomy – Instructor’s Name – Page 3 of 6
per contribution) such as bringing relevant newspaper article or other relevant material to class, and
participating actively three (3 points), four (4 points), and five classes (5 points) in a row.
Pop-up Quizzes
The quizzes will cover only the material in the prior lectures: together worth 30% of total grade (two
quizzes with 15% weight each, or 3 with 10% weight each). Questions will be multiple-choice or true/false,
but may require solving problems. The quizzes are designed to ensure that you keep up with the material.
The answers to the quizzes will be posted in Blackboard and discussed in class the following week; the
quizzes will be returned.
No makeups will be given for a missed quiz. If you are absent, and therefore miss the quiz, the
weight assigned to that quiz will be added to your final exam score.
Homework
There are readings assigned for each class and they are part of homework. The class slides and the
examples worked out in class are not meant to substitute for these readings or the assigned problem sets.
There will also be weekly problem sets assigned, listed in Blackboard, corresponding to lectures 1–6. No
assignment will be made after lecture 7.
The problem sets will not be turned in or graded but may be discussed in class and are intended to give
you a good indication of what you are expected to know and how well you are mastering the material. If
you find that you have difficulty with the homework problems after studying the chapter and the lecture
notes, you should take that as a sign that you need to put more time into the course and seek advice from
the instructor. The answers to the homework problems will be provided in Blackboard, but ONLY the
following week in order that you put the effort into answering the homework problems yourself. You are
free to work with other students on the homework assignments and you are encouraged to do so.
If homework answer keys posted on Blackboard are unclear, it is your responsibility to seek clarification
from the instructor in class or at office hours.
Final Exam
A final exam will be given in week 8. Questions will be multiple-choice or true/false questions, but may
require solving problems or include essay questions. The exam will be comprehensive, including the first
introductory class and the seventh class on the global crisis. The answers to the final exam will be posted
in Blackboard, but the exams will not be returned. You can ask to see your exam at office hours.
You cannot miss the final exam and there is no makeup for the final exam; it must be taken at the
time scheduled.
The material in this course is not easily accessible; it requires diligence and hard work. Even students that
are familiar with it typically find it hard, and those who succeed typically spread their effort on the entire
teaching period so as to assimilate new concepts and methods gradually. It is important to keep up with
the lectures and the reading. Each lecture and chapter builds on the previous lecture and chapter of the
textbook so, to understand the later material, you must first master the earlier material. Reading the
economics section of the newspapers, particularly articles on the macroeconomy, will help you appreciate
the relevance of the course material to current events. Success in the course cannot be achieved with less
than 6–8 hours of work outside class per week.
Grading
The grade of A is reserved for those who demonstrate extraordinarily excellent performance. The grade of
A- is awarded only for excellent performance. The grade for good performance in this course is a B+/B. The
grades of D+, D, and D- are not awarded at the graduate level.
Please refer to the Carey Business School’s Student Handbook for grade appeal information.
BU.220.610.XX – The Firm and the Macroeconomy – Instructor’s Name – Page 4 of 6
Tentative Course Calendar*
*The instructors reserve the right to alter course content and/or adjust the pace to accommodate class
progress. Students are responsible for keeping up with all adjustments to the course calendar.
Week
1
Assignment/
Assessment
Homework 1
given out
Topics/Themes of lecture
Review of demand, supply, and market equilibrium
National accounts (GDP), price indexes (CPI), and
labor market statistics
Chapters in textbook to
be covered in lecture
Chapters 1 and 2
Chapter 10-1, 10-2
Growth and the business cycle in the United States
2
Homework 2
given out
How the economy works in the long run: what
determines the amount of output and the distribution
of income between wages and profits
Chapter 3
Chapter 10-4
Saving, investment, and the real interest rate: the
loanable funds model
Long run aggregate supply
3
Homework 3
given out
What do banks do?
Chapter 20, Section 1
How the amount of money is determined by the
central bank, commercial banks, and the public
Chapter 4
The link between money and prices/inflation in the
long run, the “quantity theory of money”; the
quantitative theory and aggregate demand
4
Homework 4
The costs of inflation; nominal and real interest rates
The IS-LM model describing the determination of the
level of output and interest rates in the short run
Chapter 5 (excluding
appendix to chapter 5)
Chapter 10-3
Chapters 11 and 12
The role of the government: fiscal and monetary
policy
The great depression and the great recession
5
Homework 5
The IS-LM model and aggregate demand
Chapter 12-2
The Phillips curve and aggregate supply
Chapter 14
The aggregate demand and supply model in the
short, medium, and long term
Chapter 10-3, 10-4, 10-5
Stabilization policy
6
Homework 6
The Open Economy in the long- and the short-term
Chapters 6 and 13
(excluding appendixes)
BU.220.610.XX – The Firm and the Macroeconomy – Instructor’s Name – Page 5 of 6
Week
7
Assignment/
Assessment
No homework
Topics/Themes of lecture
Interpreting and discussing global financial crisis and
its aftermath
Review: In addition to the instructor’s review,
students should bring any lingering questions to
class prior to the final exam.
8
Final Exam
Exam
Chapters in textbook to
be covered in lecture
Chapter 20, Section 2
BU.220.610.XX – The Firm and the Macroeconomy – Instructor’s Name – Page 6 of 6
Carey Business School
Policies and General Information
Blackboard Site
A Blackboard course site is set up for this course. Each student is expected to check the site throughout the
semester as Blackboard will be the primary venue for outside classroom communications between the
instructors and the students. Students can access the course site at https://blackboard.jhu.edu. Support for
Blackboard is available at 1-866-669-6138.
Course Evaluation
As a research and learning community, the Carey Business School is committed to continuous improvement.
The faculty strongly encourages students to provide complete and honest feedback for this course. Please
take this activity seriously; we depend on your feedback to help us improve. Information on how to complete
the evaluation will be provided toward the end of the course.
Disability Services
All students with disabilities who require accommodations for this course should contact Disability Services
([email protected] or 410-234-9243) at their earliest convenience to discuss their specific needs. If you
have a documented disability, you must be registered with Disability Services to receive
accommodations. Please note that accommodations are not retroactive. Therefore it is strongly encouraged
that you identify your needs to Disability Services as early as possible.
Honor Code/Code of Conduct
The Carey community believes that honesty, integrity, and community responsibility are qualities inherent in an
exemplary citizen. The objective of the Carey Business School Honor Code is to create an environment of
trust among all members of the academic community while the qualities associated with success are
developed in students. All students are expected to view the Carey Business School Honor Code/Code of
Conduct tutorial and submit their pledge online. Please contact the student services office at
[email protected] if you have any questions.
Students are not allowed to use any electronic devices during in-class tests. Calculators will be provided if the
instructor requires them for test taking. Students must seek permission from the instructor to leave the
classroom during an in-class test. Test scripts must not be removed from the classroom during the test.
Student Success Center
The Student Success Center offers free online and in-person one-on-one and group coaching in writing,
presenting, and quantitative courses. The center also offers a variety of workshops and exam study sessions,
and provides a list of self-guided resources. Most of the tutors are current Carey students. For more
information or to book an appointment, please visit the Student Success Center website.
Other Important Academic Policies and Services
Students are strongly encouraged to consult the Carey Business School’s Student Handbook and Academic
Catalog and Student Resources for information regarding the following items:
 Statement of Diversity and Inclusion
 Inclement Weather Policy
Copyright Statement
Unless explicitly allowed by the instructor, course materials, class discussions, and examinations are created
for and expected to be used by class participants only. The recording and rebroadcasting of such material, by
any means, is forbidden. Violations are subject to sanctions under the Honor Code.