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Economics National Chengchi University Department of International Business Spring 2017 Instructor: Natsuki Arai Class Hours: Wednesday, 1:10-4pm Classroom: Commerce college, Room 210 Office: Research Building, Room 511 Phone: 02-2939-8033 (ext. 87002) E-mail: [email protected] / [email protected] Office Hours: Wednesday, noon-1:00pm Course Website: https://sites.google.com/site/natsukiarai25/teaching (ID and Password to access the website will be announced in the class) Teaching Assistant: TBD Course Description: This is the second part of a one-year introductory course to economic concepts and basic economic theory. We study macroeconomics, which focuses on the behavior of aggregate economic variables, such as GDP growth, inflation and unemployment. (The first part of the course studies microeconomics, which focuses on the decision making of individual consumers and firms.) In this course, we will develop economic tools to analyze and evaluate public policies, poverty and welfare questions, and other applied topics. Lectures will be given in English. Textbook: “Principles of Economics” by Gregory Mankiw. Homework: There will be 3 homeworks during the semester. Late homeworks will not be accepted for any circumstances. The tentative schedule of homework is as follows: 1st Homework: (3/22, due 4/5), 2nd Homework: (4/26, due 5/10), 3rd Homework: (5/31, due 6/14) Course materials: Relevant class material will be posted on the course website. Homework assignments and notifications will be also available there. Evaluation: Quiz (5-8 during the semester): 10 percent Homework (3): 15 percent Midterm 1: 20 percent Midterm 2: 20 percent Final exam: 35 percent Exam Times Midterm 1: Tuesday, April 12, in class time. Midterm 2: Tuesday, May 17, in class time. Final Exam: Saturday, June 17, 10am-noon (Joint final exam) Class Attendance: Class attendance is strongly recommended. Students registered for the course who do not regularly come to class may receive a grade of ND. However, I do not take attendance in a regular basis and the grades are granted based on exams. Discussion Sessions: There will be ad-hoc discussion sessions organized by the teaching assistant, where TA will explain the homework and exams questions. Though it’s not required to attend the session, the students are encouraged to attend the sessions. Policy on missed exam: The dates of the midterm and final exams are fixed. Students who experience a serious medical condition that requires immediate attention from a physician, or an emergency that prevents them from taking the exam may be excused. However, students must contact the instructor before the exam and must verify their condition by official documents. No exceptions will be made for job interviews, holiday travel, or other non-academic activities. When a student is properly excused from an exam, no make-up exam will be offered. Instead, his or her course grade will be adjusted based on other exams and homeworks. Policy on Regrading: If, after reviewing the exam answers, a student feels that there is a grading mistake on his or her exam, that student can submit a re-grade request. The student must submit a written discussion within one week from the time at which the exams are handed back. When regrade request is accepted, the entire exam will be regraded, which could lower the score as well. Academic Dishonesty: Cheating hurts our community by undermining academic integrity, creating mistrust and fostering unfair competition. The university will punish cheaters with failure on an assignment, failure in a course, permanent transcript notation and/or expulsion. Violations can include cheating on exams, plagiarism, reuse of assignments without permission, improper use of the Internet and electronic devices, unauthorized collaboration, alteration of graded assignments, forgery, falsification and lying. Tentative Course Outline: Week Dates Topics 1 2/22 Measuring a nation’s income 2 3/1 Measuring the cost of living 3 3/8 Production and growth 4 5 3/15 3/22 6 3/29 7 8 9 10 4/5 4/12 4/19 4/26 11 12 13 14 15 5/3 5/10 5/17 5/24 5/31 Saving, investment, and financial system The basic tools of finance (Problem set 1 will be distributed) Unemployment The monetary system Review session of Problem set 1 FIRST MID TERM (Ch. 23-27) Money growth and inflation Open-economy macroeconomics: Basic concepts A macroeconomic theory of the open economy (Problem set 2 will be distributed) Aggregate demand and aggregate supply Review session of problem set 2 SECOND MID TERM (Ch.28-32) The influence of monetary and fiscal policy on aggregate demand The short-run tradeoff between inflation and unemployment Chapter 23 24 25 26 27 28 29 30 31 32 33 34 35 16 17 18 6/7 6/14 6/17 (Problem set 3 will be distributed) Six debates over macroeconomic policy Review session of problem set 3 JOINT FINAL EXAM (Cumulative) 36