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ECONOMICS 3080-001 INTERMEDIATE MACROECONOMIC THEORY Fall 2002 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, BESC 185 Text: MACROECONOMICS: Theories & Policies, 7thEd, by Richard T. Froyen Workbook: Study Guide to MACROECONOMICS, by Lawrence S. Davidson Office: Room 105, Economics Building Office Hours: MW 3:00 - 4:00, F 3:00 - 3:30, or by appointment. Office Phone: 492-5186 E-mail: [email protected] 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 l 930'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 ofKeynesianism 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 mcrease. 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 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 (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) August 26 Introduction to Course 1 - 14 August 28 Measurement of National Income 15 - 33 August 30 Measurement of National Income 15 - 33 September 2 Labor Day - No Class September 4 The Classical System I 36 - 59 September 6 The Classical System I 36 - 59 September 9 The Classical System I 36 - 59 September 11 The Classical System I 36 - 59 September 13 The Classical System II 60- 79 September 16 The Classical System II 60 - 79 September 18 The Classical System II 60 - 79 September 20 The Classical System II 60- 79 September 23 The Keynesian System I 80 - llO September 25 The Keynesian System I 80 - 110 September 2 7 The Keynesian System I 80 - llO September 1 The Keynesian System I 80 - 110 October 2 Test I October 4 The Keynesian System II 111-152 October 7 The Keynesian System II 111 - 152 October 9 The Keynesian System II 111-152 October 11 Fall Break, No Class October 14 The Keynesian System III 153-177 October 16 The Keynesian System III 153-177 October 18 The Keynesian System III 153-177 October 21 The Keynesian System III 153-1 77 October 23 The Keynesian System IV 178 - 215 October 25 The Keynesian System IV 178 215 October 28 The Keynesian System IV 178 - 215 October 30 The Keynesian System IV 178-2 15 November 1 Monetarism 216 - 237 November4 Monetarism 216 - 237 November 6 Test II November 8 Monetarism 216 - 237 November 11 Monetarism 216 - 237 November 13 Keynesianism versus Monetarism 238 - 258 November 15 Keynesianism versus Monetarism 238 - 258 November 18 Keynesianism versus Monetarism 238 - 258 November 20 New Classical Economics 259 - 279 November 22 Thanksgiving Holiday - No Class November25 New Classical Economics 259 - 279 November27 New Classical Economics 259 - 279 November29 New Classical Economics 259 - 279 December 2 New Classical Economics 259 - 279 December 4 Real Business Cycles 280 - 289 December 6 Real Business Cycles 280 - 289 December 9 New Keynesianism 289 - 297 December 11 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).