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http://www.Colorado.EDU/Economicsl'~l\2000-syllabi/fall2000-3080-002syllabus.htm ECONOMICS 3080 ECONOMICS 3080-002 INTERMEDIATE MACROECONOMIC THEORY Fall 2000 Instructor: Professor Fred R. Glahe Prerequisites: Econ 10000 or 2020 and, Econ Lecture: 11:00- 11:50, Monday, Wednesday, and Friday 1078 and Econ 1085, or equivalent. MACROECONOMICS: Theories & Policies , 6 th , Ed, by Richard T. Froyen Text: Workbook: Study Guide to MACROECONOMICS by Lawrence S. Davidson Office Room 105, Economics Building Office Hours: 3:00 - 3:50, Monday, Wednesday, and Friday, or by appointment. Office Phone: 492-5186 e-mail: [email protected] Home Phone: 443-1716 Course Content I. What are the main themes? 1. Economic growth 2. The general price level 3. Inflation - continuous increase in the price level 4. Prolonged periods of high involuntary unemployment. II. Classical Economics 1. Ideas of such 18th and 19th century economists such as: Adam Smith Thomas Malthus David Ricardo James Mill III. Neo-Classical Economics 1. Begins around 1870 with Carl Menger Leon Walras William Stanley Jevons F.Y. Edgeworth A.C. Pigou and especially Alfred Marshall 2. Keynes calls Pigou's 1931 book, Economics of Welfare, the essence of "classical" economics IV. High and Sustained unemployment in the U.K. in the 1920' s and in the U.K. and U.S.A. in the 1930's led economist' s to question the classical view or vision. I of 4 8/29/00 8:29 AM ECONOMICS http://www.Colorado.EDU/Economics 3080 112000-syllabi/fall2000-3080-002syllabus.htm V. Keynes in his 1936 book, the General Theory of Employment, Interest and Money, argued that the market economy might not be essentially stable. VI. Acceptance of Keynesianism 1. By 1964 most economists were Keynesians 2. The first Keynesian guided U.S. president was J.P. Kennedy. 3. Richard Nixon said, "we're all Keynesians now." VII. Break down of Keynesian Monopoly on Economic Ideas 1. Starting in the 1950's Milton Friedman challenges the Keynesian view. 2. Friedman produces a series of theoretical and empirical works which argue against Keynesianism. These ideas are called Monetarism. 3. Friedman predicts in 1967 that high rates of inflation will cause unemployment to increase. 4. Friedman's predictions come true in the late 1960' s and the 1970' s. vm. New Classical Economics 1. Building on Monetarism, economists such as Robert Lucas, argue that monetary and fiscal policy can only affect the "real" portion of the economy when their use is unexpected. Since it is thought that policy changes cannot be kept secret in the modern economy, New Classical economists concluded that anticipated government action can have no impact on the economy. Hence, the economy will , under . active or passive government action, tend to be at high levels of employment and economic growth. Since these are the views of the classical economists (perhap~ even more so) those economists which hold these views are called New Classical Economists. There will be two examinations given on the dates indicated below and there will be a fin al examination on the date and at the time specified by the College of Arts and Sciences. Date 2of4 Topic Text Assignment(pages) 1 - 12 August 28 Introduction to Course August 30 Measurement of National Income 13 - 30 September 1 Measurement of National Income 13 - 30 September 4 Labor Day - No Class September 6 The Classical System I 31 - 48 September 8 The Classical System I 31 - 48 September 11 The Classical System I 3 1 -48 September 13 The Classical System I 31 - 48 September 15 The Classical System II 49 - 65 September 18 The Classical System II 49- 65 8/29/00 8:29 AM http://www.Colorado.EDU/Economics/fall2000-syllabi/fall2000-3080-002syllabus.thm gCONOMICS 3080 September 20 The Classical System II 49- 65 September 22 The Classical System II 49- 65 September 25 The Keynesian System I 66- 92 September 27 The Keynesian System I 66- 92 September 29 The Keynesian System I 66 - 92 October 2 October4 66-92 Test I October 6 FALL BREAK October 9 The Keynesian System II 93 - 132 October 11 The Keynesian System II 93 -132 October 13 The Keynesian System II 93 - 132 October 16 The Keynesian System III 133 - 154 October 18 The Keynesian System III 133 - 154 October 20 The Keynesian System III 133 - 154 October 23 The Keynesian System III 133 - 154 October 25 The Keynesian System IV 155 - 189 October 27 The Keynesian System IV 155 - 189 October 30 The Keynesian System IV 155 - 189 November 1 The Keynesian System IV 155 - 189 November 3 Monetarism 190 - 211 November6 Monetarism 190 - 211 November 8 3 of4 The Keynesian System I Test II November 10 Monetarism 190 - 211 November 13 Monetarism 190 - 211 November 15 Keynesianism versus Monetarism 212 - 231 8/29/00 8:29 AM ECONOMICS 4 of4 3080 http://www.Colorado.EDU/Economir- '",U2000-syllabi/fall2000-3080-002syllabus.htm November 17 Keynesianism versus Monetarism 212 - 231 November 20 Keynesianism versus Monetarism 212 - 231 November22 New Classical Economics November 24 Thanksgiving Holiday - No Class November 27 New Classical Economics 232 - 251 November29 New Classical Economics 232 - 251 December 1 New Classical Economics 232 - 251 December4 New Classical Economics 232 - 251 December 6 New Classical Economics 232 - 251 Decembers Real Business Cycles 252 - 268 December 11 Real Business Cycles 252 - 268 December 13 Last Day of Class - Review for Final 232 - 251 8/29/00 8:29 AM