Principles of Macroeconomics

Transcription

1 Office: Alger Hall, Room 210 ECON 215: Section 05 Phone: (401) Classes: MW 10:00-11:20AM Location: Alger Hall, Room 103 Office Hours: MW 8:30-9:30AM; M 1:30-2:30PM (or by appointment) Principles of Macroeconomics Course Description: Principles of Macroeconomics (ECON 215) is an introductory level course that develops the general understanding of macroeconomic concepts, principles and theories. This course includes the study of the theory of consumer choice, price determination (including demand and supply), marginal analysis, the operation of a national economy, the origins of the U.S. economic system and institutions, the foundations of capitalism, the definitions and measurements of economic performance (including inflation, gross domestic product, unemployment and business cycles), the operations of government in relation to the economy, such as Fiscal Policy, the origins of money and banking, and the Federal Reserve System and Monetary Policy. Basic algebra and graphical techniques will be used to analyze these issues. Prerequisite: None. Course Objective: The main objective of this course is for students to develop a basic understanding and appreciation for the role of macroeconomics. The students will: (1) understand how free markets work and allocate resources efficiently; (2) understand how free markets work and allocate resources efficiently; (3) become familiar with measures of economic performance, learn how to use these indicators to evaluate current economic conditions, and understand how markets function in a capitalistic society; (4) learn the major perspectives on what determines performance of the overall economy; (5) learn the key approaches to macroeconomic policy; and (6) develop skills to analyze impacts of policy actions and to evaluate the advantages and disadvantages of different policies. Required Textbook/Supplemental Material: Campbell R. McConnell, Stanley L. Brue, and Sean M. Flynn, Macroeconomics, 21st Edition, McGraw-Hill Irwin. Sanae Tashiro, Principles of Macroeconomics: Supplemental Material (Available on Blackboard). Recommended Textbooks: Bradley R. Schiller, The Macro Economy Today, 14th Edition, McGraw-Hill, Inc. 1

2 Determination of Final Grade: Three Midterms (Lowest score will be dropped) Max 200 points 40% (Each 20%) Final Exam Max 100 points 25% Problem Sets: In-class Max 140 points 15% Take-home Max 160 points 10% Project Max 100 points 10% The grading scale for the course will be: A+ 98 B C D A B C F 54 A B C Examinations: There will be three midterm exams and a final exam. All exams will consist of problem solving and essay questions. Students will be required to use a Scantron (Form EM ; 6543) for each examination. The exams require the use of a basic calculator; but please note that any programmable calculator and/or smartphone and/or cell phone with calculator functions CANNOT be used during the exams. Assignments: There will be four in-class problem sets, four take-home problem sets, and one project. The problem sets will include multiple choice, problem solving, and/or short essay questions. The in-class problem sets are assigned to each student (or each group) and are designed for students to: (1) apply macroeconomic concepts, principles and theories learned in class to real world situations; (2) experience active learning; and (3) work individually or collaboratively. The take-home problem sets are assigned online for each student to: (1) reinforce macroeconomic concepts, principles and theories; (2) apply them to more complex real world issues; and (3) prepare for examinations. The problem sets will also improve students analytical and quantitative skills. The detailed description of each assignment will be discussed in class. The project Being an Economist is assigned to each student as a course requirement. This project provides an opportunity for students to: (1) think like an economist; (2) apply macroeconomic theories to real world situations; and (3) present their creative scholarly work in class and engage in discussion. The detailed description of the project will be discussed in class. Assignment Submission Policies: Students are expected to submit the in-class problem sets and the project outline in class and the take-home problem sets at the Blackboard website, except as otherwise noted, at the scheduled times; exceptions must be negotiated in advance (except in the case of an emergency); otherwise, the missed assignment will be graded as a zero; there are no exceptions to this rule. Late submissions, if accepted and arranged in advance, will bear the opportunity cost of a decreased grade. 2

3 Assignment Submission Policies - Continued: If an assignment is not submitted due to an emergency (e.g., illness, car accident, a family complication), students are required to submit the official documentation and discuss the missed assignment with the instructor within 36 hours after the emergency event; otherwise, the missed assignment will be graded as a zero; there is no exception to this rule. Drop-in-mailbox submissions will NOT be accepted (unless arranged in advance). Online submissions (using or Blackboard (except for the take-home problem sets)) also will NOT be accepted. There is NO option for extra credit of any kind in this course. Course Policies: Attendance: Exam: Withdraw Class: Credit/No Credit: Each student is expected to attend and to participate in class. If you miss a class, you are responsible for obtaining class notes, assignments, etc. There are NO MAKE-UP EXAMS. Please do not miss any of the dates when exams are given. There are NO WITHDRAWAL (OR W ) GRADE SUBMISSIONS BY THE INSTRUCTOR AT ANY TIME. If you wish to drop/withdraw from the course, please submit a program change at RIConnect within the time period that drops/withdrawals are allowed. The last day to withdraw from courses without permission is 03/29/19 (F). If you decide to choose the Credit/No Credit option for this class, you must request this from your instructor within the first two weeks of the semester, after first obtaining your academic advisor s written permission. Assignments: Each student is expected to write and submit his/her own assignments. The submission of work that is not the product of the student s own efforts is dishonest and the assignment will be graded as a zero. Academic Dishonesty: Section of the Handbook of Policies, Practices, and Regulations states as follows: Academic integrity is the foundation of the academic community. Students who violate College rules on academic dishonesty are subject to disciplinary penalties, including the possibility of failure or removal from a course, disciplinary probation, and/or dismissal from the College. Individual schools may have additional standards and policies related to academic honesty. Examples of academic dishonesty include cheating, fabrication, plagiarism, collusion, deception, sabotage, and multiple submissions. Others: Please TURN OFF ALL SMART PHONES OR CELL PHONES. Please DO NOT USE ANY ELECTRONIC DEVICES IN CLASS. If you have a documented disability and wish to receive academic accommodation, please contact the Disability Services Center at (401) , and the instructor. 3

4 Lectures, Reading Assignments and Due Dates Please read the assigned chapters for each class session listed PRIOR to the class date shown. Lecture Date Topic Chapter Assign Turn In 1 01/23 (W) Introduction Limits, Alternatives, and Choices Ch 01A Project t-h PS#1 2 01/28 (M) Limits, Alternatives, and Choices Graphs and Their Meaning Math Review Ch 01A pp /30 (W) Graphs and Their Meaning Math Review Limits, Alternatives, and Choices pp Ch 01B 4 02/04 (M) The Market System & The Circular Flow International Trade Ch 02 Ch /06 (W) Demand, Supply, and Market Equilibrium Ch /11 (M) Demand, Supply, and Market Equilibrium Lecture Catch-Up & Examination #1 Review Ch 03 t-h PS#1 Exam 02/13 (W) Examination #1 (Ch 1, 2, 3, 26) 7 02/18 (M) Measure Domestic Output & National Income Ch 7 t-h PS#2 8 02/20 (W) Measure Domestic Output & National Income Ch /25 (M) Economic Growth Ch /27 (W) Economic Growth Business Cycles, Unemployment & Inflation Ch 8 Ch 9 Project Outline 11 03/04 (M) Business Cycles, Unemployment & Inflation Lecture Catch-Up & Examination #2 Review Ch 9 t-h PS#2 Exam 03/06 (W) Examination #2 (Ch 7, 8, 9) 03/11 (M) NO CLASS Spring Break 03/13 (W) NO CLASS Spring Break 12 03/18 (M) Basic Macroeconomic Relationships Ch 10 t-h PS# /20 (W) Basic Macroeconomic Relationships The Aggregate Expenditure Model Ch 10 Ch /25 (M) The Aggregate Expenditure Model Aggregate Demand and Aggregate Supply Ch 11 Ch /27 (W) Aggregate Demand and Aggregate Supply Ch /01 (M) Fiscal Policy, Deficits, and Debt Ch /03 (W) Fiscal Policy, Deficits, and Debt Ch 13 t-h PS#3 Lecture Catch-Up & Examination #3 Review Exam 04/08 (M) Examination #3 (Ch 10, 11, 12, 13) 18 04/10 (W) Money, Banking, and Financial Institutions Ch 14 t-h PS# /15 (M) Money, Banking, and Financial Institutions Money Creation Ch 14 Ch /17 (W) Money Creation Ch /22 (M) Interest Rates and Monetary Policy Ch /24 (W) Being an Economist Project Presentation Project Due 23 04/29 (M) Interest Rates and Monetary Policy Ch 16 t-h PS#4 Lecture Catch-Up & Examination #4 Review Exam TBD Final Examination (Ch 13, 14, 15, 16) 4

5 Project: Being an Economist Project Outline - In Class: Wednesday, February 27, 2019 Project Presentation - In Class: Wednesday, April 24, 2019 Maximum 100 Points Project Overview: This project, Being an Economist, provides an opportunity for students to: (1) think like an economist; (2) apply macroeconomic theories to real world situations; and (3) present their creative scholarly work in class and engage in discussion. Students can work as a member of two-person team. Prior to the presentation, each student must discuss his/her topic with the professor for feedback. Guidelines: First, each student chooses one specific nation that s/he finds to be the most interesting in the real world in evaluating its country s recent economy. The project must include your answers (based on information in the textbook readings, other relevant case reading, and your knowledge of macroeconomics) to the following questions: 1. Describe the current conditions of the selected nation s recent economy, using the macroeconomics indicators, including inflation, gross domestic product, unemployment and labor force participation, etc. 2. Define the major factor(s) that affected (improved or damaged) the selected nation s economic performance, and explain how it(they) impacted the nation s economy. 3. Compare and discuss how the macroeconomics indicators have changed after the major factor(s). 4. Discuss what government intervention(s), e.g., fiscal/monetary policy, and/or other actions, are implemented to the nation. 5. What is the next challenge(s) for the nation? Construct an argument and support your answer. Second, the student is responsible for submitting an outline of the project with appropriate references (articles, statistics (data), draft working documents, etc.) and must discuss it with the professor before 02/27/19 (W). The outline must be typed, double-spaced, and less than 200 words. Students will be notified of the schedule of presentations for the project. Students who fail to submit the outline at the scheduled deadline will receive a zero on the project. There is NO exception to this rule. Third, the student is responsible for completing the project prior to the assigned date, then presenting it and engaging in class discussion on the assigned date. Each student (or team) has a maximum 5 minutes presentation (including discussion). A student who fails to conduct and/or present his/her project in class will have his/her maximum score reduced to 20 out of 100. Finally, with the completion of the project, the student will earn a maximum of 100 points for the project, which counts towards ten percent of the course grade. Furthermore, with the completion of the project summary, the student will earn a maximum of extra ten points added to the project. Both members of a team will have the same number of points on the project, except for a student, who failed to conduct and/or present the project in class on the assigned date. Note: If the student wishes to use a PowerPoint presentation, s/he needs to notify the professor before 04/24/19 (W) to make arrangements prior to the presentation. 5