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THIS SYLLABUS IS FOR USE DURING THE FIRST DAY OF CLASS. ALWAYS CONSULT THE SYLLABUS ON BLACKBOARD. IT IS THE OFFICIAL SYLLABUS. Principles of Macroeconomics - CRN: 94202 Fall 2015 Mondays & Wednesdays - 3:30 - 4:45 p.m. - Rowell 103 Instructor: Professor Shirley Gedeon Office Hours: 2 - 3:15 MW in 337 Old Mill Building or by appointment Email: [email protected] Website: uvm.edu/~sgedeon Teaching Assistant: Nick DeMassi Office Hours: Economics Dept. Old Mill Email: [email protected] Required Texts: • • Macroeconomics, Campbell McConnell, Stanley Brue & Sean Flynn, 20th edition o ISBN - 13-9780077660772 o used, rental, loose-bound are all ok o 19th edition ok but note: it has different chapter numbering and lacks one of the assigned chapters. The Worldly Philosophers, Robert Heilbroner o ISBN 13-978-0684862149 o Used definitely recommended A copy of Macroeconomics, 20th edition is on 24 hour reserve at the Bailey-Howe Library Course Requirements: • • • 3 Midterm Exams - 60% of grade (written and graded exclusively by Professor) Comprehensive Final Exam - 20% of grade (written and graded exclusively by Professor) 4 Essay assignments from The Worldly Philosophers and one homework set - 20% of grade (graded primarily by Teaching Assistant) Classroom Etiquette & Policies • • • • • In class, address the professor as "Professor Gedeon" In emails, just start off with "Dear Professor Gedeon" It's a large auditorium, but I want to answer questions. I will do my very best to move around the room to make it easier to hear your questions I welcome and respect all political and economic points of view and expect all students to do likewise Professor Gedeon writes and grades all exams. You have the right to petition grading on any question on any exam. Protocol for submitting petitions will be discussed in class • • Nick DeMassi grades all Heilbroner assignments. You have the right to petition grading on any homework assignment. Protocol for submitting petitions will be discussed in class Homework is due on the day assigned and is submitted only as an attachment via the Homework Drop Box Syllabus Part I: Describing an Economy: The Terms, Concepts, Approaches of Economics 8/31 - 9/2: Market System & Circular Flow o o o Read Chs. 1 & 2 of Macroeconomics Read Worldly Philosophers, "Introduction" and "The Economic Revolution" Worldly Philosophers Essay I - Due: 9/11 via Homework Drop Box 9/9 - 16: Supply & Demand o o o Read Chs. 3 and appendix in Macroeconomics Read Worldly Philosophers, "The Wonderful World of Adam Smith" Worldly Philosophers Essay II - Due: 9/23 via Homework Drop Box Midterm I: Chs. 1 - 3 & appenxix: 9/21 This will be a 50-question multiple choice exam. To prepare you should print out and complete the 3 study guide chapters, practice answering the multiple choice questions using the test bank, and review all terms, graphs, and concepts presented in the textbook and in class. 9/23 - 10/5: Measuring GDP, Unemployment, & Inflation o o o o Read Chs. 6 - 9 in Macroeconomics Read Heilbroner, "The Gloomy Presentiments of Parson Malthus & David Ricardo" OR "The Inexorable System of Karl Marx" Your choice! Worldly Philosophers Essay III - Due 10/9 via Homework Drop Box View and take notes on: How the New Economy Works, http://www.pbs.org/now/fixing-the-future/economics.html § Jobs and the New Economy § Well-Being and the New Economy § Growth and the New Economy Midterm II: Chs. 6 - 9: 10/7 This will be a 50-question multiple choice exam. To prepare you should print out and complete the 4 study guide chapters, practice answering the multiple choice questions using the test bank, and review all terms, graphs, and concepts presented in the textbook and in class. You must especially know how to calculate GDP from both the income and expenditure approaches, use the CPI, know how to calculate unemployment rates Part II: Building a Mathematical Model of the Economy: Keynesian Cross and Aggregate Demand & Supply Models 10/12 - 21: Keynesian Cross & Spending Multipliers o o Read Chs. 10 & 11 in Macroeconomics Homework Set Due 10/26 in class 10/26 - 11/2 Aggregate Demand & Supply o Read Ch. 12 in Macroeconomics 11/4 - 11 Fiscal Policy, Government Debt, Budget Deficits o Read Ch. 13 in Macroeconomics Midterm III: Chs. 10 - 13: 11/18 Part IV: Money, Banking, and Monetary Policy 11/16: Money, Banking & Financial Institutions o o o o Read Ch. 14 in Macroeconomics Watch video: The Federal Reserve. § http://www.havefunwithhistory.com/movies/fedReserve.html Read Heilbroner, "The Heresies of John Maynard Keynes" Worldly Philosophers Essay IV - Due: 11/20 via Homework Drop Box 11/30 - 12/2: Money Creation and the Multiplier o Read Ch. 15 in Macroeconomics 12/7 - 9: Monetary Policy, The Financial Crisis of 2007-09 & its Management o o o Read Ch. 16 in Macroeconomics Read "Why Are Banks Holding So Many Excess Reserves" § http://www.frbsf.org/education/publications/doctorecon/2010/march/banks-excess-reserves-monetary-policy Watch Richard Wolff, "Capitalism Hits the Fan" § go to "Course Materials" to see the Video Midterm IV: Chs. 14 - 16: Held during finals week • • • • The exam will cover content in all assigned chapters from McConnell/Brue and all content presented in class: lectures, handouts, and PowerPoint presentations. This includes Chapters 1-3; 6-16. Special emphasis will be on the last 3 chapters You will receive a essay assignment 10 days prior to the final exam that will cover material on the financial crisis of 2007-09. This essay assignment must be brought to class in order to receive the multiple-choice part of the last exam. No exceptions will be made