1 Department of Economics and Finance Lutgert College of Business ECO 2013 -Principles of Macroeconomics Summer B, 2012, CRN 50383 Tuesday & Thursday 11.30 AM 2.55 PM Lutgert Hall, 1201 Instructor: Dr. Mushfiq Swaleheen, Associate Professor. Office: Lutgert Hall 3306 Email: mswalehe@fgcu.edu Office Hours: T, R: 10.30-11.30 AM and by appointment. TEXTBOOKS and CALCULATOR: Required: Macroeconomics, 3rd Edition by Hubbard & O'Brien MyEconLab Student Access (from Pearson Education) 3 Scantron sheets Texas Instruments BA2+ Calculator Recommended: Study Guide for Macro by Hubbard PREREQUISITES MAC 1105 Minimum Grade of C ECO 2023 (Principles of Microeconomics) Minimum Grade of C FGCU CATALOG COURSE DESCRIPTION Macroeconomics includes fundamental relationships in the aggregate or macroeconomy, basic measures, uses and limitations of macro activity. Public policy goals and alternative policy proposals regarding, inflation, economic growth unemployment and scarcity. Three credit hours. LINKS WITH OTHER BUSINESS COURSES: This is a foundations course that introduces students to the aggregate national economies and international exchange. This course addresses major economic indicators and the business cycle along with the effects of monetary policy in the monetary authority on business activity. It focuses primarily on the national, aggregated economy and includes the relationship of the national economy to international market environments. The skills and knowledge developed in these courses inform significant structural components of managerial accounting, finance, marketing and management. Subsequent courses that draw significantly upon these foundational economic concepts include: Business Common Core FIN 3403 Business Finance, MAR 3023 Introduction to Marketing, and GEB 4890 Business Strategy Accounting ACG 3103 - Financial reporting & Analysis I, ACG 3113 - Financial reporting & Analysis II, ACG 3341 - Cost Accounting, and ACG 3401 Accounting Information Systems Finance FIN 3244 Money & Capital Markets, ECO 3201 Intermediate Price Theory, FIN 3414 Financial Management, FIN 3504 Principles of Investments, FIN 4514 Security Analysis and the QMB 3200 Economic * Business Statistics II Marketing MAR 3503 Consumer Behavior, MAR 3613 Marketing Research, and MAR 4804 Marketing Strategy. Management MAN 3303 Management of Small Business, GEB 4890 - Business Strategy, MAN 4804 Business Plan Development
2 LINKS WITH LCOB GOALS AND LEARNING OUTCOMES LCOB Learning Goals (EPCK) Learning Objective (Measurable Outcomes) Course Learning Outcomes Method of Assessment Graduates will: Understand the business environment. Be effective problem solvers. Graduates will: Demonstrate knowledge of ethical issues. Demonstrate knowledge of global factors influencing business. Explain the importance of environmental responsibility. Solve business problems using analytical tools. 1. Examine international economics. Describe the balance of payments and exchange rate systems. 2. Measure aggregate economic performance. Explain and calculate the key measures of the macroeconomy, including: GDP and its components, real vs. nominal values, unemployment, and inflation. MEL & exams. MEL & exams. 3. Develop the aggregate demand and supply model. Develop the AD-AS model and utilize to discuss potential GDP, economic growth and productivity, determinants and components of AS and AD, income and expenditure approaches to GDP, and the multiplier effect. 4. Analyze money and financial markets. Describe money, money creation, and financial institutions. Be effective communicators. Have interdisciplinary business knowledge. Deliver effective oral presentations. Prepare effective written reports. Understand main concepts and definitions in accounting, economics, finance, information systems, management, marketing, and operations management. Integrate knowledge across business disciplines. 5. Evaluate monetary and fiscal policies; discuss policy debates and applications. Identify and explain tools of monetary policy and automatic and discretionary fiscal policies. Discuss policy lags and limitations, rules vs. discretion, long run versus short run, expectations, and sources of macroeconomic instability.
3 GRADE BREAKDOWN Item Maximum points Online homework 150 Inclass work and participation 50 Exams Dates First 200 2/09/12 Second 200 3/20/12 Final (cumulative) 400 4/24/12 My grading scale is as follows: A 930-1000 A- 900-929 B+ 870-899 B 830-869 B- 800-829 C+ 770-799 C 700-769 D+ 670-699 D 630-669 D- 600-629 F 599 and below Grades will be assigned purely on the basis of performance. There are no extra credit assignments and your particular situation relating to graduation, scholarship, work, financial aid, work etc., has no bearing on grading. A grade of incomplete may be given out in case of unforeseen emergencies, according to my discretion and in accordance with FGCU guidelines. Poor performance during the semester is not a valid reason for an incomplete. COMMUNICATION: I will make announcements during class and periodically communicate with the class via CRN email at eagle.fgcu. If you do not have an eagle account you need to establish one. I will use Angel to communicate inclass exam grades only. HOMEWORK ASSIGNMENTS: Online homework assignments will be posted in myeconlab. Generally, there will be one home work from each day s lecture. Home works may cover elements of chapters yet to be discussed in the class. You will not be able to submit a homework after the due date and time. In addition to access to the required graded homework assignments, you will also have access to practice homework assignments and other learning tools. See below for instructions on registering with myeconlab. Late homework: A homework posted in myeconlab will have a designated submission deadline. You will not be able to submit an online homework after the submission deadline has expired. There will be no exception to this rule. ATTENDANCE POLICY I will take attendance in the class periodically. However, if you miss a class or classes there is no penalty. This freedom given to you has several associated responsibilities: You will not be late and not leave early; and, when in the classroom you will concentrate on learning and nothing else. EXAMINATIONS The exams will be closed books and will consist of multiple-choice questions. There will be two inclassexams during the semester plus one comprehensive final. Specific dates are noted on the course schedule below. All examinations will be held in the classroom for the course. You will need only a pencil, an eraser, a Texas Instruments BA2+ calculator, and a Scantron form for each exam. MISSED EXAM There will be NO make-up exams. If you encounter a (documented) medical or family emergency and are unable to take an examination, you must notify me prior to or during the examination by phone or email. If you simply do not show up, you will earn a grade of zero. However, if you provide acceptable written documentation, the weight of the final examination will be adjusted by the weight of the missed examination. This grade adjustment option can be used for one in-class examination only. It cannot be used for the final exam.
APPROPRIATE CLASSROOM BEHAVIOR 1. Laptops and cell phones are not to be used in the classroom. They are a distraction to me and your classmates. 2. Please treat myself and your classmates with appropriate respect. 3. I will be in the classroom on time, and I would appreciate it if you are also. 4. In addition, I will not leave in the middle of a lecture and it is poor form for you to do so. 5. If you want to bring your textbook to class that is fine, other than that please do not read outside material in class (this includes newspapers, magazines, and any book you are reading that you just can t put down). 6. One last note, if you want to talk on a non-class discussion related matter do it on your time. I will not tolerate students being disruptive in the classroom. Inappropriate behavior will lead to deductions from in-class work and participation points at my discretion. UNIVERSITY STATEMENTS Academic Behavior Standards and Academic Dishonesty: All students are expected to demonstrate honesty in their academic pursuits. The university policies regarding issues of honesty can be found in the FGCU Student Guidebook under the Student Code of Conduct and Policies and Procedures sections. All students are expected to study this document which outlines their responsibilities and consequences for violations of the policy. The FGCU Student Guidebook is available online at http://studentservices.fgcu.edu/judicialaffairs/new.html Disability Accommodations Services: Florida Gulf Coast University, in accordance with the Americans with Disabilities Act and the university s guiding principles, will provide classroom and academic accommodations to students with documented disabilities. If you need to request an accommodation in this class due to a disability, or you suspect that your academic performance is affected by a disability, please contact the Office of Adaptive Services. The Office of Adaptive Services is located in Howard Hall 137. The phone number is 239 590 7956 or TTY 239 590 7930 Student Observance of Religious Holidays: All students at Florida Gulf Coast University have a right to expect that the University will reasonably accommodate their religious observances, practices, and beliefs. Students, upon prior notification to their instructors, shall be excused from class or other scheduled academic activity to observe a religious holy day of their faith. Students shall be permitted a reasonable amount of time to make up the material or activities covered in their absence. Students shall not be penalized due to absence from class or other scheduled academic activity because of religious observances. Where practicable, major examinations, major assignments, and University ceremonies will not be scheduled on a major religious holy day. A student who is to be excused from class for a religious observance is not required to provide a second party certification of the reason for the absence. GENERAL EDUCATION PROGRAM -This course qualifies as a General Education course in the Social Sciences subject area. The economic way of thinking relies heavily on the usage of critical thinking skills (the ability to link data, knowledge, and insight to make better decisions). Critical thinking is one of the four General Education competencies. All General Education courses are required to have a plan for assessing their students performance on at least one of those four competencies. To meet that requirement, there will be several questions on your final exam designed to assess your critical thinking skills. Those questions will be directly related to the economics content covered in your textbook and in class lectures. 2
3 SCHEDULE OF DISCUSSION 1 Week 1: June 18-24 Measuring aggregate performance 7 Unemployment and inflation 8 Economic growth, the financial system and business cycles 9 Week 2: June 25 July 1 Output and expenditure in the short run 11 Aggregate demand 12 Aggregate supply 12 (Static) Equilibrium in the short run and the long run 12 Week 3: July 2 July 8 Exam 1 (July 3, Tuesday) 7,8,9,11,12 What is money, how is it measured and how banks create money 13 The Federal Reserve System and the quantity theory of money 13 Week 4: July 9 July 15 Monetary policy 14 Fiscal policy 15 Week 5: July 15 July 22 Is there a short run trade-off between inflation and unemployment 16 Professor A.W. Phillips discovery 16 Monetary policy, expectations and Phillips curve in the long run 16 Exam 2 (July 19, Thursday) 13-16 Comparative advantage and gains from trade 6 Week 6: July 23 July 28 The balance of payments 17 The foreign exchange market and exchange rate 17 Final Exam (July 26, Thursday) Comprehensive IMPORTANT DATES Tuesday, July 3: Exam 1 Thursday, July 19: Exam 2 Friday, July 6: Last day to withdraw without academic penalty. Thursday, July 26: Final Examination (Comprehensive) 1 This schedule is tentative and subject to change
4 Registering for MyEconLab MyEconLab is a dynamic, interactive elearning program. To access the MyEconLab online homeworks you need to register and log in. Whenever you want to use MyEconLab after that, you just need to log in. You can do both from the same starting point, at www.pearsonmylab.com To register, you will need a student access code and a course ID (see below). If you purchased a new textbook, it should have come with a Student Access Kit that contains a code you can use to register. If you do not have a Student Access Kit, you can purchase access online with a major credit card. Course ID: swaleheen74643 Course Name: Principles of Macro (Summer B 2012) Registration 1. Go to www.pearsonmylab.com and click the Student button, in the Register section. 2. Enter the course ID, swaleheen74643 and click Continue. 3. If you have an existing Pearson account, Sign in with your existing user name and password, if not click Create an account. 4. Choose to register an access code, or purchase access with a credit card / PayPal. If you are waiting on financial aid to purchase your course materials, select the Get temporary access without payment for 17 days at the bottom of the page. 5. Follow the instructions to complete your registration. Check your email for your registration confirmation. To log into your course 1. Go to www.pearsonmylab.com 2. Click on Sign In 3. Enter your username and password, then click Sign In 4. Click on the course name on your Courses home page to begin working in your course. Be sure to click on the Browser Check link on the Announcements area. This instillation wizard will walk you through necessary plugins and players that you will need to use the MyEconLab resources. Need More Help? A video walkthrough of the registration process is available at http://pearsonmylabandmastering.com/students/ Help and Support from within your course is available by clicking on the Help and Support Link on the top right hand side of your screen. To contact Pearson support directly, please visit: http://247pearsoned.custhelp.com/