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Global Economy ECON 3900 SPRING 2006 Instructor: telephone: email: Dr. Mikhail Melnik Department of Economics 14 Marietta St, 5th floor (404) 651-2626 [email protected] Office Hours: T-Th. 12:20-12:55; and by appointment Course Website: www.gsu.edu/~ecomim Prerequisites: ECON 2105: Principles of Macroeconomics and a simple “working” knowledge of basic algebra Course Description: Intermediate Macroeconomics covers the theory of aggregate demand and supply, sector demand functions (consumption, investment, money), equilibrium models, economic growth, inflation, unemployment and expectations, cyclical fluctuations and stabilization policies. Course Learning Objectives: This is an intermediate level undergraduate course designed to acquaint the student with the basic issues, concepts, and models in macroeconomics. Moreover, the objective is understanding the real-world policy applications of these developments. At the end of the course, the student should be well acquainted with the determinants of unemployment, inflation, and national income in the short-run and long-run; have understanding of the various phases of the business cycle; the relationship between unemployment, inflation and real output; have understanding of the IS-LM and the AS-AD models. Required Readings: Gregory Mankiw, Macroeconomics (fifth edition, 2003) Grading: The grading will be based on your performance on two exams during the course of the semester, each accounting for 30% of the course grade, a final exam, accounting for further 30% of the grade. The remaining 10% of the grade will come from a number of homework assignments. Homework sets will be distributed one week in advance of the due date. Late homework assignments will not be accepted. Make-up Policy: If one of the midterm exams is missed (due to a valid and documented reason) the final exam will assume the weight of the missed midterm. If two midterms are missed then the weight of the second missed midterm is zero. Attendance: Attendance is required by the University. University policy states that all instructors must, on a date after the midpoint of the course (to be set by the Provost), 1. Give a WF to all those students who are on their rolls, but no longer taking the class; and 2. Report the last day the student attended or turned in an assignment If you choose to quit attending this course or choose to discontinue this course, it is your responsibility as a student to officially withdraw from this course. Academic Honesty: Plagiarism and other forms of cheating on any assignment will automatically result in zero score for that assignment and can be further pursued through the university channels as listed in the Policy on Academic Honesty (Section 409). Important dates: The last day to withdraw from the class and receive a W is Friday, March 3rd. The last day of classes is Monday, May 1st (Wednesday, April 26 for Wednesday-only classes). The final exam is scheduled based on the University’s calendar which can be accessed on the University’s website. Spring break - Mar 6-12. Note: The course syllabus provides a general plan for the course; deviations may be necessary Tentative Outline Introduction: Chapter 1. Chapter 2. The Science of Macroeconomics. The Data of Macroeconomics. Classical Theory: The Economy in the Long Run. Chapter 3. National Income. Chapter 4. Money and Inflation. Chapter 18. Money Supply and Demand Chapter 6. Unemployment. Chapter 5. The Open Economy. EXAM I – tentatively, February 16th. Business Cycle Theory: The Economy in the Short Run. Chapter 9. Introduction to Economic Fluctuations. Chapter 10. Aggregate Demand I. Chapter 11. Aggregate Demand II. Chapter 12. Aggregate Demand in the Open Economy. EXAM II – tentatively, April 6th. Growth Theory: The Economy in the Very Long Run. Chapter 7. Economic Growth I. Chapter 8. Economic Growth II. Macroeconomic Policy Debates. (Optional) Chapter 14. Stabilization Policy. Chapter 15. Government Debt. Exam dates may change, in the event of a change the new date will be announced in class and posted on the webpage.