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
Balance of trade wikipedia , lookup
Economics of fascism wikipedia , lookup
Inflation targeting wikipedia , lookup
International monetary systems wikipedia , lookup
Fiscal multiplier wikipedia , lookup
Protectionism wikipedia , lookup
Early 1980s recession wikipedia , lookup
Non-monetary economy wikipedia , lookup
Money supply wikipedia , lookup
Monetary policy wikipedia , lookup
ECONOMICS 211 MACROECONOMIC PRINCIPLES SPRING 2013 Instructor: Brian B. Young Email: [email protected] Alternate email: [email protected] Office hours: Division Secretary: Colette J. Nichols Twitter/Facebook: Calendar: Telephone: [602] 325.3274 Web: http://web.gccaz.edu/~bbyoung By appointment at the CGCC Pecos Campus. Telephone: [480] 732-7334 Please “follow” @GCCAZ_ECN211 and/or “like” http://www.facebook.com/Ecn211AtGlendaleCcAz for important course information and updates There is a link to the Google Calendar for this class in the file depository. Course description: A descriptive analysis of the structure and functioning of the national economy. Emphasis is on economic institutions and factors that determine national income and employment. Consideration is given to the topics of income, unemployment, inflation, interest rates, and growth with special emphasis given to monetary and fiscal policies. Required text: Foundations of Macroeconomics, (6th edition (any late edition is acceptable)), Robin Bade and Michael Parkin, Addison Wesley, 2013. It is necessary, but not sufficient, to read the text to achieve success in this course. Look on amazon.com and barnesandnoble.com for lower prices. Attendance: Attendance is mandatory. Roll will be taken at the beginning of class. Students who miss roll will be counted as absent. If a student stops attending and needs to drop the class, it is the responsibility of the student to withdraw prior to the posted deadline. Failure to do so can result in a failing grade in the class. Course outline: 1) Introduction (Ch. 1) a) Syllabus b) Definitions and Graphing c) Math Review 2) The Global Economy and the Economic Problem (Ch. 2 and Ch. 3) a) The economy and politics b) Production possibilities frontier (PPF) c) Comparative advantage, specialization, and gains from trade 3) Demand and Supply (Ch. 4) a) Factors resulting in a change in S or D b) Market Equilibrium c) Price Rigidities 4) GDP (Ch. 5) 5) CPI (Ch. 6) a) Three measurements of the price level: CPI, PCE deflator, GDP deflator b) Real v. nominal variables 6) The Labor Market (Ch. 7) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) a) The household survey b) The establishment survey Potential GDP and Economic Growth (Ch. 8 and Ch. 9) (Ch. 9 may be omitted or moved) a) Classical v. Keynesian interpretations b) Economic Growth and Productivity Investment and Capital Markets (Ch. 10) a) Interest rates b) The effects of financing a deficit (crowding out) The Monetary System (Ch. 11) a) The Banking System b) The Federal Reserve System i) Policy tools ii) Money creation and fractional reserve banking Money, Interest, and Inflation (Ch. 12) a) Velocity and the quantity theory of money b) The costs of inflation and the costs of deflation Aggregate Supply – Aggregate Demand and the Business Cycle (Ch. 13) a) AS – AD fundamentals – “Sticky” wages b) Applications to the economy (http://www.whitenova.com/thinkEconomics/simul.html) Aggregate Expenditure (Ch. 14) (Multipliers) The Phillips Curve (Ch. 15) Fiscal Policy (Ch. 16) a) The Federal Budget (deficit) b) The debate: taxation v. expenditures Monetary Policy (Ch. 17) a) How the Fed conducts monetary policy b) The dual mandate of the Fed (inflation v. unemployment) c) The European Central Bank International Trade and Finance (Ch. 18 and Ch. 19) a) WTO and other multilateral trade coalitions b) Winners and losers; barriers to trade c) BOP accounts d) Purchasing power parity (PPP) e) Interest rate parity (IRP), naked and covered; currency carry trade Course content may vary from this description to meet the needs and limitations of this particular class. Grading: Grading will be based upon points earned on three exams. There will be two exams during the semester and one final exam. Each exam, including the final, is worth 100 points. The final exam is not comprehensive. All exams are open book. Grades will be assigned as follows: A = 270 or more points; B = 240 to 269 points; C = 200 to 239 points; D = 150 to 199 points; Failing = < 150 points. An optional extra credit project or optional problem sets may or may not be offered. Attendance and class participation will be considered in borderline cases. Disclaimer: All provisions in this syllabus are subject to revision by the instructor. Such revisions, if any, will be announced in class and on Twitter/Facebook. Exams will be announced at least one week prior to the exam date. It is the student’s responsibility to make note of all such announcements concerning syllabus revisions and assignments, and, in case of absence or tardiness, to contact the instructor to determine if any such announcements, revisions, or assignments were made while the student was absent from the class. CGCC and the instructor will make reasonable accommodations for persons with documented disabilities. Students should notify the Disabled Student Resources Office and the instructor of any special needs. Disciplinary standards in this course will be maintained as per the CGCC Student Handbook. Cell phones must be turned off during the lecture period.