ECONOMICS 191-02
Introduction to Macroeconomics
M W 3:30-4:45 p.m.
Spring Term 2007
Instructor: Joy L. Joyce
E-Mail : jjoyce@dom.edu or joy-joyce@comcast.net
Office Hours M and W before or after class and by appointment.
Required Texts:
Recommended Resource
GENERAL COURSE DESCRIPTION:
This course begins with an overview of the foundations of economics including scarcity, production possibilities, supply and demand, comparative advantage and the economic perspective or way of thinking. The tools for measuring the performance of the economy as a whole will be utilized in order to examine the current economy. Macroeconomic models will be used to examine economic performance and to evaluate the application of fiscal and monetary policy. Conditions promoting long run economic growth will be investigated. This course is designed to blend the study of basic economic concepts and theory with analysis of current economic forces. There is no prerequisite for this course.
EXPECTATIONS AND PROCEDURES:
1. Students will attend class on a regular basis.
2. Students who miss class are responsible for material
covered during that class period.
3. Students will use the daily syllabus in order to
complete the assigned reading prior to the course meeting.
4. Discussion of the activities with solutions will
usually take place during class.
5. Students will bring both text and activities book to
class.
6. Log assignments are due on the deadline date in the
daily syllabus. Late log assignments
will earn less credit.
7. Students will participate in class on a regular
basis. Preparation is essential for
adequate participation. Be prepared to
present your log.
8. Students missing an exam must contact the instructor
prior to the exam. Any absence not
prearranged with the instructor will result in a grade of zero.
9. Students scoring below a C on an exam should meet
with the instructor or use a tutor.
10. Students are expected to demonstrate integrity,
maturity, and mutual respect. The
following are inappropriate behaviors:
late arrival or early departure from class, inattentiveness, lack of
preparation, actions disturbing or distracting to others.
11. Exams will consist of multiple choice and short
answer questions.
12. Students are expected to be academically honest at
all times.
GENERAL COURSE OUTLINE: See the daily syllabus for information about each class session. Please note that changes may be announced regarding the daily syllabus throughout the semester.
UNIT I
An Introduction to Economics and the Economy
McConnell – chapters 1-5
UNIT II
Macroeconomic Measurement and Models
McConnell – chapters 6-10
UNIT III
Macroeconomic Policies, Debates, and Long-Run Perspectives
McConnell – chapters 11-17
1. Understanding the basic way in which a market economy allocates resources and distributes income.
2. Reasons for and effects of government intervention in a market economy.
3. The roles of government and business in a “mixed” economy.
4. Measure and interpretations of macroeconomic activity.
5. The basic determinants of the level of macroeconomic activity.
6. The nature and impact of the banking system and the role and impact of the central bank.
7. The theories of monetary and fiscal policy.
8. The practical problems of macroeconomic policy.
9. The determinants of economic growth and supply-side factors.
10. The nature and impact of international trade.
11.The ability to think logically and analytically about macroeconomic issues, using the framework of macroeconomic analysis.
LOGS:
Each of the eight logs
should be completed the same way.
Find an article using the
financial press or a website link for this course that deals with a topic
presented in the text from the relevant chapters. Print
the article and its source. Highlight key information in the article and attach it to your typed log. Note that the DU Library subscribes to
ProQuest and has many resources that can be searched on line.
Write your log as
follows:
I. Title of article:
II. Macroeconomic Topic(s):
III. Three terms used in the article that relate
to macroeconomics – give both the term and the correct definition.
IV. Brief summary of data or main idea of the article.
V. Your analysis of
the relationship between the article and topics under study in class or
discussed in the text.
NOTE: Each log is intended to be an informal way
for you to use and apply economic thinking in the real world. It is supposed to be your connection between
theory as presented in the text and the current economic environment. The log is intended to be a concise sample of
current events with your added analysis.
Keep your log brief by limiting it to one typed page or two at the very
most. Include the use of a macroeconomic
model if it enhances your analysis.
For example, if the topic
of study is fiscal policy, you may submit a log describing tax or spending
changes being considered by Congress. If
the topic is monetary policy, you may submit a log on a speech given by a
Federal Reserve Governor on the state of the economy. If the topic of study is GDP, you may submit
a log with current figures and insight into GDP performance.
IMPORTANT DATES:
1-15 First class meeting
1-17 Log #1 due on any topic related to chapters 1-3
1-22 Log #2 due on any topic related to chapters 4
1-29 Log #3 due on any topic related to chapter 5
1-31 Unit 1 Exam on chapters 1-5
2-14 Log #4 due on any topic related to chapter 6-7
2-21 Log #5 due on any topic related to chapter 10
3-14 Unit II Exam on chapters 6-10
3-26 Log #6 due on any topic related to chapter 11
4-9 Log #7 due on any topic related to chapters 12-14
4-18 Unit III Exam on chapters 11-15 and 17
4-23 Log #8 due on any topic related to chapter 16
5-2 Final Exam – Comprehensive on chapters 1-17
20% Unit I Exam
20% Unit II Exam
20% Unit III Exam
20% Logs/Participation
20% Comprehensive Final Exam
Spring 2007 ECON 191 - 02 (T Th) Course Schedule and Assignments
Principles of Macroeconomics - Joy Joyce
|
DATE |
CH |
TOPICS |
ACTV BOOK |
LOG DUE |
|
1-15-07 |
1,2 |
Economic Perspective, Production Possibilities Model, Circular Flow Model |
9, 1 |
|
|
1-17-07 |
3 |
Demand, Supply, Prices, Floors, Ceilings |
4, 6, 7 |
#1 |
|
1-22-07 |
4 |
Market System, Invisible Hand, Private Sector, Public Sector, Circular Flow, Government Finance |
10 |
#2 |
|
1-24-07 |
5 |
Specialization and Comparative Advantage, Foreign Exchange, Gov’t Actions, and Trade |
50, 53 B 54 |
|
|
1-29-07 |
|
Study Guide and practice exam in Actv Book |
Unit I |
#3 |
|
1-31-07 |
|
UNIT 1 EXAM |
|
|
|
2-5-07 |
6 |
GDP Counting, Expenditures Method, Income Method |
12 |
|
|
2-7-07 |
6 |
Nominal vs Real GDP, Shortcomings of GDP |
11C |
|
|
2-12-07 |
7 |
Growth, Business Cycles, Unemployment |
11A, 16, 17 |
|
|
2-14-07 |
7 |
Inflation, Achieving Economic Goals |
11B, 13, 15, 18 |
#4 |
|
2-19-07 |
10 |
Aggregate Demand and Aggregate Supply |
23, 24 |
|
|
2-21-07 |
10 |
AD AS equilibrium |
25, 27 |
#5 |
|
2-26-07 |
10 |
Applications of AD and AS |
27 |
|
|
2-28-07 |
8 |
Income-Consumption Relationship, Investment Demand and the Multiplier Effect |
19, 20C, 21, 22 |
|
|
3-12-07 |
9 |
Aggregate Expenditures Model/Ch. 11 Appendix |
26 |
|
|
3-14-07 |
|
UNIT II EXAM |
|
|
|
3-19-07 |
11 |
Fiscal Policy, Built-in Stability |
30, 31 |
|
|
3-21-04 |
11 |
Fiscal Policy Problems and Open Economy Effects |
32, 44 |
|
|
3-26-07 |
11 |
Deficits, Surpluses, and the Public Debt |
|
#6 |
|
3-28-07 |
12 |
Functions of Money, Money Demand, Money Market, and the Federal Reserve System |
34, 35 |
|
|
4-2-07 |
13 |
Money Creation and the Banking System |
37, 39 |
|
|
4-4-07 |
14 |
The Tools of Monetary Policy |
p202-203, 40, 41, 42 |
|
|
4-9-07 |
14 |
Monetary Policy, Fed Funds Rate, GDP, and PL |
44, 45 |
#7 |
|
4-11-07 |
15 |
Long-Run Aggregate Supply and the Phillips Curve |
46 |
|
|
4-16-07 |
17 |
Macro Stability: Disputes and Views |
28, 48 |
|
|
4-18-07 |
|
UNIT III EXAM |
|
|
|
4-23-07 |
17 |
Economic Growth |
47 |
#8 |
|
4-25-07 |
|
Wrap up, review problems |
|
|
|
5-2-07 |
|
COMPREHENSIVE FINAL EXAM |
|
|