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Transcript
ECONOMICS 3080 - 0 03 INTERMEDIATE MACROECONOMIC THEORY Fall 2001 Instructor: Professor Fred R. Glahe Prerequisites: Econ 10000 or 2020 and, Econ 1078 and Econ 1085, or equivalent. Class Meeting: 2:00 - 2:50, MWF, CLRE 207 Text: MACROECONOMICS: Theories & Policies, 7th Ed, by Richard T. Froyen Workbook: Study Guide to MACROECONOMICS, by Lawrence S. Davidson Office: Room 105, Economics Building Office Hours: 3:00 - 4:00, MWF, 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 l 9thcentury 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 economists to question the classical view or vision. 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.F. 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. VIII. 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 modem 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 (perhaps 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 final examination on the date and at the time specified by the College of Arts and Sciences. Date Topic Text Assignment (pages) August27 Introduction to Course August29 MeasurementofNationallncome 13 - 30 August 31 Measurement of National Income 13 - 30 September 3 Labor Day - No Class September 5 The Classical System I 31 - 48 September 7 The Classical System I 31 - 48 September 10 The Classical System I 31 -48 1 - 12 September 12 The Classical System I 31 - 48 September 14 The Classical System II 49 - 65 September 17 The Classical System II 49- 65 September 19 The Classical System II 49- 65 September 21 The Classical System II 49- 65 September 24 The Keynesian System I 66- 92 September 26 The Keynesian System I 66- 92 September 28 The Keynesian System I 66- 92 October 1 The Keynesian System I 66 - 92 October 3 Test I October 5 Fall Break - No Class October 8 The Keynesian System II 93 - 132 October 10 The Keynesian System II 93 -132 October 12 The Keynesian System II 93 - 132 October 15 The Keynesian System III 133 - 154 October 17 The Keynesian System III 133 - 154 October 19 The Keynesian System III 133 - 154 October 22 The Keynesian System III 133 - 154 October 24 The Keynesian System IV 155 - 189 October 26 The Keynesian System IV 155 - 189 October 29 The Keynesian System IV 155 - 189 October 31 The Keynesian System IV 155 - 189 November2 Monetarism 190 - 211 November 5 Monetarism 190 - 211 November? Test II November9 Monetarism 190 - 211 November 12 Monetarism 190 - 211 November 14 Keynesianism versus Monetarism 212-231 November 16 Keynesianism versus Monetarism 212 - 231 November 19 Keynesianism versus Monetarism 212 - 231 November21 New Classical Economics 232 - 251 November 23 Thanksgiving Holiday - No Class November26 New Classical Economics 232 - 251 November 28 New Classical Economics 232 - 251 November 30 New Classical Economics 232 - 251 December3 New Classical Economics 232 - 251 December 5 New Classical Economics 232 - 251 December? Real Business Cycles 252 - 268 December 10 Real Business Cycles 252 - 268 December 12 Last Day of Class - Review for Final Disability Statement If you have specific physical, psychiatric, or learning disabilities and require accommodations, please let me know early in the semester so that your learning needs may be appropriately met. You will need to provide documentation of your disability to the Disability Services Office in Willard 322 (phone 303-492-8671 ).
