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' INTERMEDIATE MACROECONOMIC THEORY ECONOMICS 3080-2 (formerly 408) SECTION 2 SPRING 1989 CLASS HRS: 12:30-1:45 TuThr THOMAS CARR CLASSROOM: 117 OFFICE: Econ 4A OFFICE HRS: 2:00-3:30 TuThr SUBJECT Macroeconomics ls the study of the economy in the aggregate. The analysis centers on the factors determining the level of national output, employment, inflation, and interest rates. There is considerable disagreement between various schools of macroeconomic thought about how the economy works . The differences in theory lead to different policy prescriptions. This course will provide an analytical framework to examine the macroeconomic problems, evaluate the dominant macro theories, and allow you to draw your own conclusions about how the economy functions. READINGS 1) Froyen, Richard T., Macroeconomics 2nd ed., Macmillian Publishing Co. 1986. 2) Readings package at Kinko's On the Hill, 1313 College. 3) Recommended newspapers and magazines: Wall Street Journal, Business Week, Barron's, The Economist, Newsweek, Time, etc. EXAMS AND GRADING The course grade is Midterm 1 Midterm 2 Final Exam weighted by the following factors: 30% 30% 40% (comprehensive) 100% In borderline cases, factors such as class participation, motivation, and upward progress are considered. Tenative exam dates are listed in the course outline. Bring bluebooks for exams. 1 READING OUTLINE Introduction A. Background of Major Theories B. Macroeconomic Indicators I. Classical Economics A. Price Theory and Say's Law B. output and Employment c. Loanable Funds D. Quantity Theory of Money E. The Classical Model F. The Great Depression Chap . 3 . Chap . 4 Scardino-NYT II . Keynesian Economics A. Keynes: Gene ~a1 Theory 1. Income Dete rmination Model a . Consumption b. Investment c. Equilibrium Income 2. Keynes' Monetary Theory a. Money Demand: Liquidity b. Interest Rate Theory *** MIDTERM I*** Chap. 1 Chap . 2 WSJ-Herman Keynes Chap. 5 Chap. 6 (p.128-142) Thursday, Feb. 16 B. Nee-Keynesian: The Neoclassical-Keynesian Synthesis Chap. 6 1. IS-LM Model (p.142 - 176) a. LM: Money Market b . IS: Product Market c . Interest Rate-Income Equilibrium d. Policies and Case Studies Chap. 7 2. Aggregate Supply and Demand Model Chap. 8 a. Aggregate Demand and IS-LM b. Aggregate Supply and Labor c. Price Level-Output Equilibrium d. Policies and Supply Shocks Okun III. Monetarism A. Modern Quantity Theory 1. Friedman's Money Demand 2. Money and Income B. output and Inflation 1. Natural Rate of Unemployment 2. Long Run Phillips curve c . Policies and Case Studies IV. New Classical Economics A. Rational Expectations Hypothesis B. Policy Ineffectiveness Postulate Summary: Macroeconomic Theories *** MIDTERM II*** 2 Chap. 9 Chap. 10 Friedman Clark-WSJ Economist Chap. 11 McCall um Chap. 12 Klamer Tuesday, Mar. 21 ,. v. Growth and Supply-side Economics A. Growth and Productivity B. Supply-side Economics VI. International Sector A. Exchange Rates B. Trade C. Open Economy IS-LM Chap. 17 VII. Extensions of the Models A. Consumption B. Investment c. Money Demand Wed. Chap. 16 Feldstein Blinder Chap. 13 Chap. 13 Chap. 14 *** FINAL EXAM*** , May 10, 1989, 11:30 am to 2:30 pm 3