AEB3281 Agricultural Macroeconomics Fall 2014 Section: 8084 (3 credit hours)

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1 AEB3281 Agricultural Macroeconomics Fall 2014 Section: 8084 (3 credit hours) Time: M-W-F 3:00-3:50 (8 th period) Location: CSE E222 Instructor and Contact Information: Instructor: Maria Bampasidou Given other professional obligations this Office: 1179 McCarty Hall A Office Hours: M-T-W 10:00-11:00, Thursday by appointment mabampasidou@ufl.edu term, availability outside of posted office hours will be limited. However, feel free to me to schedule an appointment. Please check my schedule prior ing me to schedule an appointment. Communication: is a preferable way to communicate with me outside office hours. When ing me, please start the subject line with AEB Courteous and professional s can expect a prompt reply. I reserve every right not to respond to unprofessional s, and text-format s. Please keep in mind that it takes at least a day to answer s so send yours in a timely fashion. FRE Program Assistant: Kathy Green; 1170 McCarty Hall A; (352) kagreen1@ufl.edu Undergraduate Adviser: Anne Marie Mattison; McCarty Hall A; (352) mattison@ufl.edu Teaching Assistant: TBA Office hours: General Course Information: Catalog description: An introduction to the world economy from a macroeconomic perspective that focuses on the links that arise from international trade and capital flows in the agricultural sector. This course: Macroeconomics may not be regarded a traditional course in the agricultural or applied economics curricula, but this is no longer the case. Simply consider that current issues in applied economics and agricultural economics departments are interrelated with industries such as food, energy and resources. Accordingly these industries are greatly concerned with the state of the economy, economic shocks and with policies that shape the economic environment in which they must operate. Fall 2014// Page 1 of 10

2 This intermediate course is designed to teach students the basic tools of macroeconomics and apply them to real world economic policy. The goals of the course are for students to: (i) (ii) (iii) (iv) Understand how to evaluate macroeconomic conditions such as unemployment, inflation, growth Understand how monetary and fiscal policy can be used to influence short-run macroeconomic conditions and assess the impact of proposed macroeconomic policies Understand media accounts of macroeconomic events Utilize and analyze macroeconomic data and associate them with economic events. Prerequisites: ECO 2013, Principles of Macroeconomics Course Material: Textbook: Macroeconomics Policy and Practice, 2 nd edition by Frederic S. Mishkin, Pearson ISBN-10: , ISBN-13: o A copy of the textbook is recommended. o You could use the 1 st edition as well. Readings will be assigned throughout the semester from current periodicals as they become available. You are responsible for those. o You can access journals and periodicals through the library portal. o Students are strongly encouraged to keep up-to-date with current macroeconomic events with economic journals (such as the Economist, the Wall Street Journal). Educational videos will be assigned periodically throughout the semester. You can access them through Canvas and you can use them as a reference for your assignments and related course material and lectures. Note that: Reading the lecture notes and related handouts is imperative to benefit the most out of the course. You should expect to study a minimum of 2 hours/credit to cover and comprehend course material. During exam weeks the time-commitment will be significantly higher. Canvas o Canvas is used for s, announcements, course discussions, posted lecture notes, assignments, suggested exercises and solutions to assignments, quizzes, and exams. o To access Canvas you will need your Gatorlink username and password. Canvas can be accessed via Should you have difficulties accessing Canvas, please contact UF Computing Help Desk directly by calling (352)-392 HELP or via helpdesk@ufl.edu o Should you utilize the e-learning ing tools DO NOT forget to send a copy to my mabampasidou@ufl.edu address. Fall 2014// Page 2 of 10

3 Course Outline This is an upper-division analytical course. The course will be based on lectures where main theories, schools of thought, frameworks, and models will be presented in class followed by discussion sessions and applications. Course Modules and Outline: (A) Introduction to Macroeconomic Policy Issues and Data We will review basic concepts of economics as well as methodological approaches. Chapter 1: Chapter 2: Chapter 20: The Policy and Practice of Macroeconomics Measuring Macroeconomic Data The Labor Market, Employment, and Unemployment (B) Macroeconomic Basics This module deals with the study of long-run macroeconomic fundamentals such as national income, monetary system, and inflation. We will employ microeconomic foundations in our analysis. Chapter 3: Chapter 5: Chapter 4: Aggregate Production and Productivity Money and Inflation Saving and Investment in Closed Economies Saving and Investment in Open Economies (C) Business Cycles This module deals with the study of short-term macroeconomic fluctuations with a focus on fiscal and monetary policies used in stabilizing the economy. Chapter 8: Chapter 9: Chapter 10: Chapter 11: Chapter 12: Chapter 13: Business Cycles: An Introduction The IS curve Monetary Policy and Aggregate Demand Aggregate Supply and the Phillips Curve The Aggregate Supply and Demand model Macroeconomic Policy and Aggregate Demand and Supply Analysis (D) Topics in Macroeconomics This brief module will focus on reviewing basic market structures through the models discussed in previous modules, in particular the financial markets Chapter 15: Chapter 16: Chapter 17: Financial Crisis and the Economy Fiscal Policy and the Government Budget Exchange Rates and International Economic Policy Note that the instructor reserves the right to alter the sequence of the topics as well as add or drop topics. Based on the student-instructor interaction and discussion sessions, some of the topics can be integrated in earlier course modules. Fall 2014// Page 3 of 10

4 Suggested Exercises Chapter Review Questions Problems Chapter 1 3, 4, 5, 6, 7, 8, 9 3, 8, 10 Chapter 2 1, 2, 3, 4, 5, 9, 10, 11 1, 3, 4, 8 Chapter 3 1, 3, 5, 6, 7, 8, 9 1, 2, 4, 9 Chapter 5 1, 2, 3, 4, 5, 6, 7, 8, 9 4, 6, 8 Chapter 4 1, 2, 3, 4, 5, 6, 7 - Chapter 8 1, 2, 4, 5, 7, 8, 9 1, 4, 5, 8 Chapter 9 1, 2, 3, 7, 9, 10 3, 5, 8 Chapter 10 1, 2, 4, 5, 7, 8, 9 1, 3, 5, 8 Chapter 11 1, 2, 6, 8, 9 2, 5 Chapter 12 1, 2, 3, 4, 6, 8 5, 7 Chapter 13 1, 2, 4, 5, 12 2, 5, 6 These exercises are not for credit and solutions to them will not be circulated. Students are welcomed and encouraged to discuss the suggested exercises with their TA or/and instructor. Evaluation of Performance and Grading: Grades: Course grades will be based on the list of components listed below as follows: Grade components Exams/Quizzes: Exam 1 Exam 2 Final exam (optional) Quizzes (3 out of 4) Syllabus Quiz Course Activities: Assignments (4 out of 6) [Attendance Quizzes + Q&A+ Discussions+ In Class exercises] Reports (3 reports) Maximum Points 80 points 80 points (80 points) 30 points 10 points 60 points 65 points 75 points 400 points Fall 2014// Page 4 of 10

5 Final course grade will have the following benchmarks out of 380 possible grade points: Letter Course Equivalent Notes A A- B+ B B- C+ C C- D+ D D- E Below 239 For general information about grading and grading policy at the University of Florida, please refer to: Please note that grades are not adjusted in any way at the end of the term. Exams and Quizzes Exams: Two (2) in-class exams Points: Format: Content: Missed exam policy: 80 potential points per exam Multiple-choice, T-F, problem-solving and short-answer questions. Material covered in class, from the book, or concepts implied by the material covered. Each exam will be based on specific sections covered in class within the respective time-period (i.e. no cumulative, though concepts are transferable and more than one ways to approach exam questions may be possible). There are NO excused exams. It is expected that you adequately and thoroughly prepare for each one of them since they are counting towards your course grade. Should you miss any of the in-class exams, that exam score will be dropped and you will have a mandatory final. Exam day policy: It is expected that all students are on-time to exams. Please arrive early, if possible, to get seated and get your books/bags stowed away so that the exam can start on the stated-time. You may leave the class after 20 minutes. NO ONE WILL BE ALLOWED TO ENTER THE CLASSROOM TO BEGIN THE EXAM AFTER THE FIRST STUDENT HAS TURNED IN THEIR FINISHED EXAM Exams are closed book and closed notes. A simple calculator may be used. Not acceptable are the following items: graphing calculators and calculators with more than one display rows, cell phones, touch-screen devices, or other devices with the capability of storing formulae. Fall 2014// Page 5 of 10

6 Exam Dates: Exam 1: Wednesday, October 15 th Exam 2: Monday, December 8 th The instructor reserves the right to change these dates as appropriate. Any changes will be communicated timely in class, via the UF list serve, and via Canvas. It is the student s responsibility to stay informed and updated of any changes. Exceptions ( 1. UF s 12 day rule If you are participating in a University of Florida sponsored event, you may make up a class exam only if you bring your documentation to your instructor PRIOR to the event (at least 7 days prior to a scheduled exam). documentation is NO LONGER enough. You need to bring a printed mail from the corresponding event organizers or association. 2. Illness Should you miss an exam due to a serious, physician documented illness please contact the instructor by prior to attending the next class period if a medical excuse will be used to take a makeup exam. The physician s medical excuse on office letter-head must be received by the instructor prior to the student attending the next class period so that a makeup date can be arranged. Failure to follow this policy will terminate any opportunity to take a makeup exam. 3. Religious Holiday Observance Any student who must miss any regularly scheduled exam due to religious holiday observance need to inform the instructor within the first three days after the drop/add period ends. Automobile problems, family obligations, alarm clock malfunctioning, a sore throat, a severe cold, work requirements, vacation trips, job interviews, etc. do not warrant an excused absence. The final exam is optional and comprehensive Points: Format: Content: Exam day policy: Exam Date: 80 potential points Multiple-choice questions. Scantrons will be provided Cumulative. Material covered throughout the semester. Same with In-class exams. Friday, December 19 12:30-2:30pm The Final Exam is scheduled by the registrar s office and no early or late Final exams will be administered. Quizzes: There will be 4 quizzes administered. Three out of four quizzes will count towards your grade, each out of 10 points. Each quiz is scheduled for and will be in a multiple-choice and/or short answer questions format. Students will be notified timely for a quiz. Fall 2014// Page 6 of 10

7 Course Activities Assignments: Homework problems from the textbook and/or from the handouts will be assigned at a regular basis throughout the semester. Each assignment is worth 15 points and only the 4 highest scores will count towards your grade. There will be no late nor make-up assignments. These exercises are assigned to assist you in learning the material and are highly related to exam questions and hence to your performance in the course. You could discuss the assignments in groups but work on your own. You will submit assignments individually. Assignments Date Posted Due Date Assignment 1 August 29 th September 12 th Assignment 2 September 15 th September 29 th Assignment 3 October 1 st October 13 th Assignment 4 October 22 nd November 3 rd Assignment 5 November 5 th November 17 th Assignment 6 November 17 th December 3 rd Attendance: Students are expected to attend class and to be in class on-time. Given the nature and the quantity of material covered in class, regular attendance is a pre-requisite for performing well in this course. o Attendance will be taken on random days. o Three attendances will be excused (i.e., you can miss a total of 3 hour-long class periods without penalty) o If you arrive late and attendance has been taken you cannot receive attendance credit o Extra credit points may be offered during class periods; you must be present to earn any extra credit points offered. In-class Activities: 4-5 points each. That includes but is not limited to, Q&A, discussion sessions, problem solving handouts, summary reports, and exam reviews. Based on the nature of the activity students may be given prior notification. As always, attendance is essential. Students can earn up to 65 points through attendance, Q&A, discussions and in-class activities. Reports: Throughout the course you will be required to complete 3 report assignments each worth 25 points. The report will be based on a macroeconomic topic/case study/policy scenario and students will be asked to work in groups. There will be NO individual reports. The purpose of the reports is to link macroeoconomic theory with data and policy. It will give you an opportunity to synthesize concepts and material covered in class and study/critique real world situations/policies. Each report can be a distinct case or as we move along the course it could lead to a term project. Fall 2014// Page 7 of 10

8 Please make arrangements to meet with Dr. Bampasidou to discuss the topic of the report. Further details and guidelines will be provided in class and will be communicated to the students in time. Reports Topic Due Date/Discussion Submission Date Report 1: Macroeconomic Data September 10 th October 1 st Report 2: Institutional Analysis October 10 th November 5 th Report 3: Macroeconomic Policies November 10 th December 5 th Late submissions will not be accepted, though early submissions are encouraged. ed submissions are NOT accepted. Grading Policy Note that: Assignment, Quizzes, and Exams will be returned to you in class and grades will be posted in a timely-fashion on Canvas. You must retain all returned papers in case on any discrepancy with your course grade. We cannot correct any mistakes in grading or recording of scores without the original document. IMPORTANTLY! You have 7 days after the grade has been posted to voice your concern. Should you believe that your quiz/assignment is incorrectly graded or that your grade is incorrectly posted, please contact your TA as soon as possible. After the 7 days have passed, your posted grade will be assumed to be correct and accurate. Should you ask for a re-grade, please note that the entire assignment/exam/quiz will be reviewed for accuracy. Professional Etiquette The following guidelines are expected to be followed in order to have a productive classroom environment. CELLULAR PHONES are expected to be turned off. No texting or any other use of cellular phones is tolerated in class. So please take a moment to turn-off your devices before the class begins. You should also discontinue the use of any ipods, Blackberries or similar devices. Students are expected to arrive on-time for class. You should avoid talking amongst each other once the lecture begins unless otherwise stated (i.e. part of a classroom-activity/assignment). If you have any questions during class, please raise your hand and I will be happy to address any concerns you may have. You should not read other course material or any type of newspaper during the class. If you cannot abide by these simple courtesy rules you will be asked to leave the classroom. I reserve the right to penalize any student violating these rules by deducting points from your final course grade or dropping you from the class roaster. Supplemental Information: Students requesting classroom accommodation: The Disability Resource Center (DRC) coordinates the needed accommodations of students with disabilities. This includes registering disabilities, recommending academic accommodations within the classroom, accessing special adaptive computer Fall 2014// Page 8 of 10

9 equipment, providing interpretation services and mediating faculty-student disability related issues. Please contact office 0020 Reid Hall (tel: (352) ), Any student requesting accommodation will have to provide documentation from the DRC. "Students requesting classroom accommodation must first register with the Dean of Students Office. The Dean of Students Office will provide documentation to the student who must then provide this documentation to the Instructor when requesting accommodation." Request for academic accommodations need to be made during the first week of the semester, except for unusual circumstance, so please arrange to meet with me as soon as possible. Course Evaluation Process: Students are expected to provide feedback on the quality of instruction in this course based on 10 criteria. These evaluations are conducted online at Evaluations are typically open during the last two or three weeks of the semester, but students will be given specific times when they are open. Summary results of these assessments are available to students at Software Use: All faculty, staff and students of the university are required and expected to obey the laws and legal agreements governing software use. Failure to do so can lead to monetary damages and/or criminal penalties for the individual violator. Because such violations are also against university policies and rules, disciplinary action will be taken as appropriate. UF Supporting Services: College life can sometimes being overwhelming. Resources are available oncampus to help students manage personal issues or gain insight into career and academic goals. Some of them are: Counseling and Wellness Center : Student Health Care Center: Career Resource Center: Dean of Students Office: For a full list of services please see Academic Honesty: Academic dishonesty is defined as any behavior, active or passive, which attempts to subvert the legitimate teaching, learning, or testing of a subject. It includes, but is not limited to the following: - cheating on an examination, using notes or other methods; - assisting or allowing another student to cheat on an examination; - submission of work that is not the authentic creation of the student (plagiarism, use of purchased term papers, etc.); - providing false excuses for missing a scheduled examination; - enabling the cheating or other academic dishonesty of another student; - altering an examination after it has been graded to claim a better grade is deserved; - obtaining examinations in advance of the scheduled exam, unless offered by the professor Fall 2014// Page 9 of 10

10 Please remember that you committed yourself to academic honesty when you registered at the University of Florida by signing the statement: "I understand that the University of Florida expects its students to be honest in all of their academic work. I agree to adhere to this commitment to academic honesty and understand that my failure to comply with the commitment may result in disciplinary action, up to and including expulsion from the University." The penalty for any incidence of academic dishonesty is, as a minimum, a failing grade on the examination or assignment. If, in the professor s opinion, the offense deserves a more severe penalty, failure in the course may be the imposed penalty. In particularly egregious cases, the professor may ask the College to dismiss the student and refuse the student further enrollment rights at the College. It is in your best interests to avoid even the appearance of any questionable behavior. Important Dates: August 25 August 29 September 1 September 19 October 15 October November 11 November 24 November December 8 December 10 December 19 Classes Begin Drop/Add deadline Labor Day Degree Applications Exam 1 Homecoming Veterans Day Drop Thanksgiving break Exam 2 Classes End Final Exam (optional) By enrolling in this course you are agreeing to the terms outlined in this syllabus. Please see me should you have any questions. Let s experience a rewarding and productive semester! Fall 2014// Page 10 of 10

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