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Principles of Macroeconomics Economics 11 Section B Fall 2015 Office hours: Thursdays 1-4 Prof. Jane Knodell 656-0189; [email protected] 336 Old Mill SYLLABUS This course is an introduction to the study of the aggregate or “macro” economy. The course is divided into three parts. The first part of the course reviews the basic institutions of the mixed economy and measures of national economic performance. The second part of the course develops a model of the real side of the macroeconomy which is used to determine the level of national income and employment, and to explain how fiscal policy works. The third part of the course develops a model of the “money market” which is used to how monetary policy affects real output and employment levels. Students should purchase the textbook, Macroeconomics in Modules, by Paul Krugman and Robin Wells, 3rd edition. Outside readings will be posted in Blackboard. Course requirements consist of: 5 homework sets (together accounting for 25% of the final grade); two midterm exams (each counting 25%); and a final exam (also counting 25%). In addition, quizzes will be administered periodically through Blackboard. Quizzes are optional and non graded; they are opportunities for you to test your understanding of the material, and to give me feedback on your understanding of the material. MIDTERM EXAM DATES: FRIDAY, OCTOBER 2 AND FRIDAY, NOVEMBER 13. Please make any necessary arrangements NOW to make yourself available at these times. It will not be possible to schedule exams outside of these times except for Access students and cases of documented illness. FINAL EXAM: MONDAY, DECEMBER 14, 10:30 – 1:15, WILLIAMS 301. Please make any necessary arrangements NOW to make yourself available at this time. Again, it will not be possible to schedule the final exam outside of this time except for Access students and cases of documented illness. EXTRA HELP There is an Undergraduate Teaching Assistant for this class, Mr. Julian Becker. This is an important opportunity to get extra help with difficult concepts outside of class. Mr. Becker will be holding weekly office hours at days and times to be announced. He will also be holding review sessions prior to each exam, at dates identified in the syllabus; locations and times to be announced. 1 Reading List/Schedule of Lectures: Part One: The Mixed Economy & Measures of National Economic Performance August 31, Sept 2, 4 Sept 7: No class Sept 9, 11 Sept 14, 16, 18 Sept 14 Sept 18 Sept 21, 23 Sept 25, 28 Sept 25 Sept 30 Sept 30 October 2 Introduction to Macroeconomics Social Trade-Offs and the Production Possibilities Frontier Labor Day Gross Domestic Product Saving and Investment Real vs Nominal Gross Domestic Product Critiques of GDP; alternatives First homework set handed out First homework set due Measuring inflation Unemployment and Inflation Long Run Economic Growth Second homework set handed out Second homework set due Review Session for 1st Midterm FIRST MIDTERM Modules 9, 10, 2 Modules 11, 12 Module 20 Modules 13-16 Modules 17-19 Part Two: Income Determination and Macroeconomic Policy October 5, 7, 9, 12, 14 October 16, 19, 21 October 16 October 21 October 23, 26 Income determination using Modules 24-26 the expenditure equilibrium model Fiscal Policy Modules 30-32 Third homework set handed out Third homework set due Money, Banking, and the Modules 33, 35 Federal Reserve 2 October 28, 30 November 2, 4, 6, 9 November 6 Money Creation Monetary Policy Fourth homework set handed out Fourth homework set due Review Session for 2nd Midterm SECOND MIDTERM November 11 November 11 November 13 Module 34 Modules 36-38 Part Three: Topics in Macroeconomics November 16, 18 November 20 November 23-27 November 30 Social Security The national debt Thanksgiving break International trade and finance December 2, 4, 7, 9 The Financial System and Financial Crises December 4 Fifth homework set handed out December 9 Fifth homework set due December 9 Review Session for 3rd Exam MONDAY, DECEMBER 14, FINAL EXAM 10:30 – 1:15, WILLIAMS 301 Modules 30, 32 Modules 43-46 Modules 23, 42 Schedule of Homeworks Homework # 1 2 Topic Production Possibility Frontier, Measures of macro performance (GDP, unemployment, inflation, growth) Measures of macro performance (unemployment inflation, growth) Date Assigned Sept 14 Date Due (in class) Sept 18 Sept 25 Sept 30 3 3 4 5 The IncomeExpenditure Model and Fiscal Policy Money creation and monetary policy Debts, deficits, and financial crises Oct 16 Oct 21 Nov 6 Nov 11 Dec 4 Dec 9 Student Responsibilities and Rights Student Learning Accommodations: In keeping with University policy, any student with a documented disability interested in utilizing accommodations should contact ACCESS, the office of Disability Services on campus. ACCESS works with students to create reasonable and appropriate accommodations via an accommodation letter to their professors as early as possible each semester. Contact ACCESS: A170 Living/Learning Center; 802-656-7753; [email protected]; www.uvm.edu/access UVM’s policy on disability certification and student support: www.uvm.edu/~uvmppg/ppg/student/disability.pdf Religious Holidays: Students have the right to practice the religion of their choice. If you need to miss class to observe a religious holiday, please submit the dates of your absence to me in writing by the end of the second full week of classes. You will be permitted to make up work within a mutually agreed-upon time. Academic Integrity: The policy addresses plagiarism, fabrication, collusion, and cheating. http://www.uvm.edu/~uvmppg/ppg/student/acadintegrity.pdf Grade Appeals: If you would like to contest a grade, please follow the procedures outlined in this policy: http://www.uvm.edu/~uvmppg/ppg/student/gradeappeals.pdf Grading: For information on grading and GPA calculation, go to www.uvm.edu/academics/catalogue and click on Policies for an A-Z listing. Code of Student Rights and Responsibilities: www.uvm.edu/~uvmppg/ppg/student/studentcode.pdf FERPA Rights Disclosure: The purpose of this policy is to communicate the rights of students regarding access to, and privacy of their student educational records as provided for in the Family Educational Rights and Privacy Act (FERPA) of 1974. http://www.uvm.edu/~uvmppg/ppg/student/ferpa.pdf 4