Online Course Syllabus EC320 Principles of Macroeconomics Important Notes: This document provides an overview of expectations for this online course and is subject to change prior to the term start. Changes may also occur during the term due to faculty or SPS Distance Learning course updates. Some links may only be active once the term starts. For this course you must check the Regis Bookstore: http://www.efollett.com for the most current online course material information. Course Description Prerequisites Course Outcomes Course Outline Required Course Materials Grading Criteria Course Description This is an introductory course in macroeconomics that will provide the student with an understanding of national and international economic activity. The course will cover an introduction to economics; supply and demand in markets; the flow of economic activity; business cycles; unemployment; price stability; aggregate supply and demand; Keynesian demand and equilibrium; the role of money and the banking system; alternative theories about macroeconomic stabilility and economic growth; comparative advantage; international trade; and alternative economic systems. Prerequisites None Course Outcomes Upon completion of the course, the student will:
Recognize the basic economic problems a society attempts to solve and distinguish between market and non-market methods of solving those problems. Identify the elements of national income accounting and the flow of resources, goods and services, and expenditures. Discuss the determinants of price stability, growth, and unemployment, and the role of fiscal and monetary policy in achieving economic goals. Analyze current events and policy using various theories of the causes and solutions to price stability, unemployment, and economic growth. Recognize the role of the banking system and money in the economy. Apply the basic analytical tools to understanding the basis for international trade, balance of payments, and exchange rates. Top of Page Course Outline This course has the following major components: 1. assignments 2. Problem sets 3. Article summaries 4. Case study activities 5. A final summary report These components are based on an eight week course design. There will naturally be some overlap in assignments from week to week. You will often be working on the next week, while your facilitator is reviewing materials from the previous week. It is important that you keep up with the work as the amount and pace of the work will be such that falling behind will quite detrimental. Specific activities are enumerated below. However, facilitator may make changes in assignments and due dates. Infrequently, case study topics may also be modified, in which case, the facilitator should provide specific and detailed instructions in protocols posted in the. assignments should be completed during the week they are assigned.
From a practical standpoint, the reading assignments should be completed prior to attempting to answer the problem sets. Problem Sets Your facilitator will establish due dates for the problem sets and will communicate this date to the student. Please complete all problem sets promptly. Problem sets are not timed, and are open book. They come from two sources. For weeks 1 and 2 (and an optional set in week 6), the problem sets can be accessed from a link located on the left navagation bar. in the week-by-week section. You should read the introductory material for the problem sets, and print and read the problem set decriptions (pdf files) for those assignment before opening and working on the Excel files where the problems are completed. Instructions for Problem Sets for Weeks 1 and 2 For weeks 3-8, problem sets are embedded in the course site. Access them through the link on the home page. The multiple choice questions self grade; your instructor will evaluate the short answer questions. The results will be available to you when your instructor has completed scoring the short answer questions. The purpose of these problems is to give students necessary practice in dealing with basic tools of economic analysis as discussed in the reading material and the week by week guide. Byron W. Brown, of Michigan State University, developed the problem sets we will be using for weeks 1 and 2 (and for all of the microeconomics course, EC 330) and are available through the Internet. You should first visit the Internet site at http://www.bus. msu.edu/econ/brown/pim/ and review the information under How to do the problems: General Info. and Info. For students, including getting started. These two areas will provide valuable information on the problem sets and the tools you need to complete the problems. Once you have become familiar with the site go to Download a problem set. Here you will download the background and instructions for each problem set in PDF file format and the interactive exercise for each problem set in MS Excel file format. Though the Web site says that you must have Netscape to download the problems, you should be able to download with newer versions of Internet Explorer. To use Explore, right click on the file name and use the menu to save to your hard drive. Once you have
completed the problem set, e-mail the Excel file directly to the facilitator. Please check the periodically in case there are any changes in the problem set submission requirements. Article Summaries and Analysis Article summaries and analysis are due the weeks they are assigned by the facilitator. Generally, two or three such assignments are made during the course. The papers are to be posted to the so that everyone can benefit from the analysis. The Wall Street Journal is an excellent source of such articles. Other sources are Business Week, The Economist, Investors' Daily, etc. (Avoid articles from Barron's, unless you wish to do considerably more work than what will be required.) Papers should be of sufficient length so that you can achieve the following: A summary of the article in 1-2 paragraphs. A one-paragraph explanation of how the article reflects a macroeconomic concept or theme. For example, the article could be discussing Federal Reserve System policy decisions; Japan's stimulus package; IMF policies towards Russia; progress on a common European currency; deficit/surplus projections for the U.S. Federal government; inflation reports; etc. Your observations on the content of the article in terms of significance to the U.S. economy or another nation's economy. For example, if the article dealt with Alan Greenspan's testimony before a congressional committee, you could discuss the actual or potential effects on the stock market, bond market, interest rates, etc. Note that the publication you choose will often print its own views on the importance or impact of the event, person or situation. Feel free to discuss, agree or disagree with those views. Total length of the summary should be approximately 250-500 words. Your facilitator may or may not augment these instructions. If he/she does not, be aware that an analysis that is shorter than 250 words is generally inadequate and not likely to receive a high grade. An appropriate citation of the article (title, author, publication, date). Note: It is not necessary for anyone to respond to the student's posted article summaries. However, you are expected to read them. At the end of the course (if not before), you should be able to dissect the macroeconomic news you read and draw your own conclusions about its significance. Case Study Activities
Initial case study messages are due no later than the Thursday of the week they are assigned. Since this is an online, interactive course, you are expected to engage in commentary and some give and take online as you see the responses of your classmates. After the initial substantive comments are posted, we will spend the next few days, through Sunday evening, on that week's analysis. Please note that a substantive comment may be something like the following: Compares and contrasts the conclusions, and looks for explanations of differences. Explains how you came to different conclusion than your classmate, using the relevant theory and your own experience. Acknowledges information presented by the classmate that is new to you, and illustrates what you learned from it. Includes sources of information other than the assignment that you have found to be interesting and relevant, and what you learned from them. Other entries of similar substance that contribute to your learning and that of your classmates. Replies that say, in essence, I agree,""great analysis, or I disagree are not considered substantive. Final Report Specific guidelines for this activity will be provided by your facilitator. Top of Page Required Course Materials Text Colander, David, 6th Ed., (McGraw-Hill Irwin, 2006); Economics ISBN: 0-07- 297883-X Top of Page
Grading Criteria You will be evaluated on fulfilling the course objectives and meeting deadlines. Accuracy of information, coherence, clarity of presentation, utilization of research, critical thinking, comprehensiveness, and creativity will be considered when evaluating superior performance. Additionally, the depth and breadth of knowledge gained and evidence of reflection thereon are important performance criteria. Top of Page Online Course EC320 Week: 1 2 3 4 5 6 7 8 Course Dynamics This course is organized around an eight-week program. Weekly outcomes, assignments, and critical information are organized week-by-week. Typically, each week includes reading assignments, a problem set, a forum submittal relating to the weekly case study. There will also be article summaries in some weeks, as assigned by the facilitator. Online weeks correlate to a 7-day week. Each week's work begins on a Monday. Week 1 begins on the first day of the term, which is always a Monday. Prior to the start of each week, Sunday, complete the reading assignments. (Note: Your timely understanding of the week-by-week content may be required to complete your weekly assignments.) By Thursday of each week, participate in the discussions. Read other student postings, and reply, when appropriate, by Sunday. Problem Sets are due on Sunday of each week, or as specified by the facilitator. Article summaries are due on Sunday of the week they are assigned by the facilitator and are to be posted to the so that everyone can benefit from the analysis.
Week 1: Basic Analytical Tools Course study guide, syllabus, and text book Web site: http://highered.mcgraw-hill.com/sites/007297883x/information_center_view0/ Colander, Chapters 1-3 In the Web site for the text, find the link to the Wall Street Journal and read that segment. Post an introduction to the by Wednesday of this week. (Look for the 'Introductions' topic.) Include the following information: Your name The city where you live Your occupation or professional interests and aspirations Your e-mail address Why you are taking the course Case Study (see section 1.6.1) Problem Set 1 from http://www.bus.msu.edu/econ/brown/pim/ (section 1.6.3) Knowledge Check (see section 1.6.2) Week 2: Macroeconomic Measurements and Goals
Colander, Chapters 4-5 Case Study (see section 2.5.1) Problem Sets 2, 3 and 4 from http://www.bus.msu.edu/econ/brown/pim/ (see section 2.5.3) Knowledge Check (see section 2.5.2) Week 3: Theory of Aggregate Demand and Supply Colander, Chapters 22-23 Optional Additional information on the Consumer Price Index as presented by the Bureau of Labor Statistics (http://www.bls.gov) Additional information on GDP as presented by the Bureau of Economic Analysis (http://www.bea.gov) Case Study (see section 3.7.1) Problem Set for week 3 (see problem set link on course home page) (section
3.7.3) Knowledge Check (see section 3.7.2) Week 4: Money and the Mechanisms of Monetary Policy Colander, Chapters 24-25 Optional Summary of Schools of Economic Theory presented on the Web site of the Federal Reserve Bank of San Francisco. In the Publications link, find Great Economists and Their Times." http://www.frbsf.org/publications/education/ greateconomists/index.html Case Study (see section 4.8.1) Problem Set for week 4 (see problem set link on course home page) (section 4.8.3) Knowledge Check (see section 4.8.2) Week 5: Assessing Macroeconomic Policy
Colander, Chapter 26 Optional Additional information on the unemployment as presented by the Bureau of Labor Statistics: http://www.bls.gov Case Study (see section 5.5.1) Problem Set for week 5 (see problem set link on course home page) (section 5.5.3) Knowledge Check (see section 5.5.2) Week 6: Budget Deficits, and the Particular Macroeconomic Problems of Developing Countries Colander, Chapters 27-28 Case Study (see section 6.6.1) Problem Set for week 6 (see problem set link on course home page) (6.6.3) Knowledge Check (see section 6.6.2)
Week 7: International Trade and Finance Colander, Chapters 29-30 Case Study (see section 7.6.1) Problem Set for week 7 (see problem set link on course home page) (section 7.6.3) Week 8: Budget Deficits, and the Particular Macroeconomic Problems of Developing Countries Colander, Chapters 31-32 Case Study (see section 8.7.1) Final report
Problem Set for week 8 (see problem set link on course home page) section 8.7.3) Knowledge Check (see section 8.7.2) Final paper as assigned by your facilitator Complete the online evaluation located at the bottom of the Week by Week. Contact techsupport@regis.edu if you need assistance. 2001, Regis University. All rights reserved.