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Intermediate Macroeconomic Theory Economics 171 – Spring 2011 Dr. Shirley J. Gedeon Rm. 337 Old Mill Bldg. Office Hours: Wednesdays: 1:30 – 3:30 p.m. Phone: 656-0188 [email protected] Texts Available for Purchase: Robert Gordon, Macroeconomics, 11th ed. (Copy on Reserve at Bailey-Howe) Study Guide to Accompany Macroeconomics Raghuram Rajan, Fault Lines, 2010 Recommended: One loose-leaf, 3-ring binder to keep homework/handouts and class notes in order Course Objectives: The objective of this course is to give students a more sophisticated understanding of the topics introduced in Economics 11 and to increase the extent of their knowledge of the macro economy. It seeks to develop conceptual tools and uses those tools to analyze current events and policy questions. Course Grading: Course Grade = Midterm I (25%); Midterm II (30%); Midterm III (25%); Homework (15%) + Rajan Essay (5%) Homework is due when noted on the syllabus. It must be submitted in class on the day assigned because it will be graded in class. If not submitted in class (or prior to class if you have an excused absence) it will be docked 20 points for each day late. Students will occasionally present explanations of textbook graphs or answer end-ofchapter questions to the class. PowerPoints of each textbook graph are provided on Blackboard. Student groups assignments can be found on Blackboard under “Syllabus” Class Attendance Students are required to attend every class, remain alert, and participate in lectures Week I: 1/18 Introduction Homework: Read Gordon Ch. 1 (Book is on reserve if you don’t already own it) Prepare Class Presentation for Thursday, 1/20 1/20 Ch. 1: What is Macroeconomics? Group A: Explain Figures 1.6 - 1.9 Group B: Answer Question 6 on p. 23 Group C: Answer Question 10 on p. 23 Group D: Answer Problem 1 on p. 23 Group E: Answer Problem 2 on p. 23 Week II: Ch. 2: Techniques for Measuring GDP, Inflation, Unemployment 1/25 & 27 Week III: 2/1 & 3 Week IV: 2/8 & 10 Week V: Homework: Answer Textbook PROBLEMS 1, 2, 3, 5, 6 on p. 49 Bring to class on 1/27 Ch. 3: Simple Keynesian Model Read Ch. 3 and Complete Study Guide for your own review Derivation of IS Curve Homework: Bring to class on 2/10 answers to PROBLEMS 3, 4, 5, 6 on p. 87 and 88. This homework will only be accepted in class on this date. Ch. 4: Derivation of the LM Curve and Fiscal/Monetary Policy Debate 2/15 & 17 Week VI: 2/22 Ch. 4: Policy Applications of the IS/LM Model Finish Ch. 4 and appendix Homework: Bring to class on 2/22 answers to QUESTIONS 2-6 and PROBLEMS 4-6 2/24 MIDTERM EXAM: Chs. 1-4 Week VII: 3/1 & 3 Ch. 5: Government Budget, Foreign Borrowing, and Twin Deficits Read Ch. 5 Student Group Presentations (to be announced) SPRING BREAK: MARCH 6 - 11 Week VIII: Ch. 5: Balance of Payments and the US Net International Investment Position 3/15 Complete Study Guide for your own review 3/17 Homework: Bring to class on 3/17 answers to PROBLEMS 1-4 on p. 159. This homework will only be accepted in class on this date. Week IX & X: 3/22 - 31 Week XI: Ch. 7: Keynes and the Classics: Aggregate Demand & Supply Homework: Bring to class on 3/31 answers to PROBLEMS 1-4 on pps. 230-31. This homework will only be accepted in class on this date. Review Week 4/5 Review for Exam 4/7 MIDTERM II (Chs. 5 & 7) Week XII & XIII 4/12 – 21 Ch. 8 (and appendix) & 9: Inflation, Expectations Theory, Phillips Curve and Stabilization Policy Use Study Guide for your own review 4/23 Week IX MIDTERM III (Chs. 8 & 9) 4/25 – 5/3 Raghuram Rajan, Fault Lines, 2010 Economics Department Assessment Test Student Group Presentations (to be assigned) Homework: Essay on assigned topic due on the day of the final exam. Submitted through Homework Drop Box. Name your file: LASTNAME_Rajan.doc