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PRINCIPLES OF MACROECONOMICS Class webpage: https://bb.uvm.edu/ [email protected] Tel: (802)-656-094 Office: 335, Old Mill Office Hours: Tuesdays &Thursdays 2:30-3:30 or by appointment. ~ COURSE DESCRIPTION ~ MAIN TOPICS COVERED This course is an introduction to a part of economics called Macroeconomics, which looks at the economy as a whole. It is organized around three sections: 1) Macroeconomics: Concepts, issues and data What does macroeconomics study? What are Production, unemployment and inflation? How to measure them? What do they mean? 2) The economy in the long run We study the links between economic growth productivity and living standards. We study and explain the trends in wages and unemployment. We explain the links between saving investment and flows of capital. We look into the process of money creation and how money relates to inflation. 3) The economy in the short run We study the Keynesian cross model to explain expansions and recessions. We study the Aggregate Demand - Aggregate Supply model to understand the effects of fiscal and monetary policies on output and inflation. 4) If we cover the material faster than expected and have extra time we will study a fourth section related to the determination of exchange rates. OBJECTIVE Introduction to macroeconomic topics, data, and simple models, in order to better understand current economic issues. COURSE REQUIREMENTS All the tests cover the textbook selected chapters as well as the articles and homework assignments. The homework assignments have to be returned in class at the due date. Since the homework solutions are posted online , late homework cannot be accepted. - - Homework (25% of the semester performance). Quizzes are worth 20% and articles summary are worth 5%. A 5 to 10 lines typed summary per article is due in class the day the article is studied. Quizzes and articles will be posted on the webpage. The departmental course assessment will be included in the homework grade. Midterm 1 (25% of the semester performance) Midterm 2 (25% of the semester performance) Final (25% of the semester performance). Comprehensive exam. Course requirement Homework Midterm1 Midterm2 Final exam Weighting 1 25% 0% 50% 25% Weighting 2 25% 50% 0% 25% Weighting 3 25% 25% 25% 25% Your final grade is calculated using the three weighting schemes. The highest score determines your grade for the semester. In case you miss one of the midterms, your semester grade is automatically calculated with a weight of 50% on the other midterm. You are expected to attend al lectures. Exams are essentially lecture based. Therefore, missing lectures would seriously put you at risk of failing this class. You are responsible for checking the class website every week. It contains course outlines and homework material as well as important announcements for the class. In case we have visitors, you will be required to prepare questions. This preparation will be graded as extra credit. READING Textbook (see provisional course schedule): Principles of Macroeconomics 4/e by Frank and Bernanke Articles Press articles that illustrate or extend the issues covered in class. The list of articles covered is updated on a regular basis. Therefore the articles to read are announced in class and posted on the web page all along the semester. ~ PROVISIONAL COURSE SCHEDULE ~ Week Dates Reading 1 01/17-01/21 Introduction – A few concepts from Chapters 1,2 and 3. 2 01/24-01/28 Chapter 4: Spending, Income and GDP 3 01/31-02/04 Chapter 5: Inflation and the Price Level 4 02/07-02/11 Chapter 6: Wages and Unemployment 5 02/14-02/18 Chapter 7: Economic Growth 02/17: Due date homework 1 6 02/21-02/25 02/24: Midterm 1 Chapter 8: Saving Capital Formation and Financial Markets 7 02/28-03/04 Chapter 8 and Chapter 9: The Financial System, Money and Prices 8 03/14-03/18 Chapter 9 and part of Chapter 16 on International Capital Flows 9 03/21-03/25 Chapter 10: Short term Fluctuations 03/24: Due date homework 2 10 03/28-04/01 04/03: Midterm 2 11 04/04-04/08 04/04: Last Day to withdraw Chapter 11: Spending and Output in the Short Run Chapter 11 and 12: Stabilizing the Economy: The role of the Fed. 12 04/11-04/15 Chapter 13: Aggregate Demand and Aggregate Supply 13 04/18-04/22 Ch 13: and part of Chapter 14 on Macroeconomic Policies 14 04/25-04/29 Ch 15 part of Chapter 16 on International Trade 15 04/15 Review for final 04/15: Due date homework 3 ~ GRADES~ A: Score superior to 90% B: Score between 80 and 90% C: Score between 70 and 80% D: Score between 60 and 70% F: Score below 60% ~ POLICIES~ You need to be aware of UVM policies by reading the UVM Rights and Responsibilities of Undergraduate. I also have a few specific guidelines. You can always talk to me if you have any questions or concerns . Absences: - For unexpected absences on test days, accepted excuses with adequate documentation are: Dean’s office excuse, unplanned athletic competition. - If a student is not present at the date and time of a test without an accepted excuse, he/she gets a grade of zero. Tardiness: - If the day of a test a student comes late on a test day while one of his/her classmates has already completed the test and left the classroom, the late student will not be authorized to take the exam and gets a grade of zero. - Students should arrive prepared for class and on time, and remain in class until the class is dismissed. Important: - If you have a religious, athletic, planned medical conflict, or disability, do not forget to provide me with the university documents within the specified deadlines (see UVM policy). - To ensure the quality of discussions in class, everyone in the classroom needs to act in a respectful way. Students who feel like participating in the discussion need to raise their hand and wait for permission to talk. Students should not interrupt each other. - I expect students to focus, participate and take notes during class.