ECON-100 Principles of Macroeconomics Dr. Martha Starr Department of Economics American University Summer 2009 Telephone: (202) 885-3747 Office: Roper Hall, Room 201 Office hours: Tuesdays and Thursdays,12:15-1:45 pm Email: mstarr@american.edu Note: Please put econ-100 macro in the subject line! Class website: AU blackboard Course description This class provides an introduction to macroeconomic analysis. Whereas the field of microeconomics studies individual markets for goods, services, and factors of production, the field of macroeconomics studies the behavior of the economy as a whole. Central problems in macroeconomic analysis include: basic works of the market economy; costs and benefits of free trade; the measurement of economic growth and its determinants in the long-run; measurement, causes and consequences of unemployment and inflation; uses of fiscal and monetary policy to offset business cycles; and linkages between national economies via international finance. A solid understanding of macroeconomics is especially important for understanding the present financial crisis and economic downturn -- as well for as evaluating competing proposals for getting ourselves out of this mess. Buying the textbook + signing up for Aplia The text for the class is N. Gregory Mankiw, Principles of Macroeconomics, 5th edition (2008). We will also be using an online problem-set service, Aplia, for which a subscription is required. The Aplia problem sets are designed to go with Mankiw, but are tailored to our course by me. Why Aplia? The idea behind Aplia is that conventional methods of teaching and learning economics often fail to actively engage students in learning, resulting in spotty or variable understanding of the material covered. This is premised on the view that there are three levels of learning: Knowledge -- remembering previously learned material (e.g. definitions of concepts, core ideas behind theories, etc). Comprehension - having a grasp of the meaning of material (e.g. being able to interpret graphical or statistical information, or explain the rationale behind a given concept or approach). Application -- ability to apply theories, methods, concepts, etc., creatively to analyze new situations. Thus, the Aplia problem sets ask you to use your newly acquired knowledge to analyze or solve problems similar to those found at the end of each chapter. But because the delivery platform is online, there are feedback features that enable you to test and develop your understanding much more than you would from doing problems the old-fashioned way.
- 2 - Aplia s grade it now feature The core feedback feature in Aplia is the grade it now option. After finishing a problem, you can click grade it now and see immediately what you got right and/or wrong. Clicking explanation will further show the reasoning behind the answer. If you initially got items wrong, you can click try another version, which will give you another version of the problem very similar to the first but with a different setup or numbers. You can do a grade it now problem up to three times, and your score will be an average of your attempts. For example, if you get 3 out of 5 on your first attempt, but then try it two more times and get 5 out of 5 on each, your score will be [3 + 5 + 5] 3 = 4.33 out of 5. This engages you more in learning and gives you more opportunities to succeed. Signing up for Aplia The Aplia subscription costs $80 -- which includes free access to an electronic version of the Mankiw textbook via the Aplia website for the duration of the class. THE LAST PAGE OF THIS SYLLABUS GIVES DETAILED INSTRUCTIONS ON SIGNING UP FOR APLIA. Options for getting the Mankiw book You have three ways of getting access to Mankiw: 1. ONLY use the free e-text that comes with your Aplia subscription, so all you pay is $80 for the subscription. [saves trees!] 2. Buy a hardcopy of Mankiw from Aplia for $45, plus the $80 subscription, for a total cost of $80+45=$125. [they'll mail you the book] 3. Buy the textbook from the bookstore (used copy $120) plus separate Aplia subscription for $80, for a total of $200. The only disadvantage to (1) is that you wouldn't have a hardcopy of the book, although you ARE allowed to print pages from the e-book. Aplia assignments [worth 25% of your grade] There will be 10 Aplia assignments over the course of the semester. Due dates are shown on the calendar below. Work must be submitted by 11 pm on the due date; your score will reflect whatever work you have (or haven t!) done as of that time. The first two Aplias are required practice and are due THIS FRIDAY. It is very important to do these assignments, to get familiar with Aplia tools and conventions and to make sure you don t have any configuration problems [Aplia support will help if you do]. For these two assignments, you will get full credit as long as you do them, so you can intentionally get things wrong to see how it works. Out of the 10 assignments, you can drop your two lowest scores. Note that assignments due on Fridays correspond to material covered on the previous Tuesday, and assignments due on Mondays correspond to material covered on the previous Thursday. (Aplia #6 is an exception).
- 3 - Weekly current-events commentaries + presentation [worth 10% of your grade] Over the course of the class, you will have to submit four 1- or 2-page write-ups of articles on a macroeconomic or financial topic from the high-quality press (New York Times, Wall Street Journal, Financial Times, or The Economist). Due dates are shown on the calendar below. For one of these write-ups, you will make a brief (2-4 minute) presentation to the class. Instructions and a schedule for the presentations will be distributed soon. Class participation [worth 5% of your grade] Attending all classes, answering and asking questions, participating in discussions, offering good insights, etc., helps maximize your learning in this class. To earn all 5 participation points, you should attend virtually all classes and be actively contributing to the flow of class discussion. Excellent attendance without much talking is worth about 4 points. Irregularities in attendance automatically reduce participation points to 3 or below. Overview of grades, tests and dates Item % of final grade Aplia assignments (10) 25.0 Dates Due dates shown on calendar below. Aplias #1 and 2 are REQUIRED PRACTICE; you get full credit if you do them but zeroes if you don t. You can drop the lowest 2 of your 10 scores. Midterm 25.0 Thursday, June 4 Weekly current events commentaries of which one will be presented 10.0 Due dates shown on calendar below. Instructions and schedule for presentations to be distributed soon. Final exam 35.0 Thursday, June 25 Class participation 5.0 Throughout the semester
- 4 - Class policies Make-up exams Late current-events write-ups AU s Academic Integrity Code Grades Not given, except for absences caused by an unavoidable medical or family situation that I can verify (e.g. note from health-care provider) Accepted, but with points deducted (unless work is late for a legitimate, unavoidable reason). In effect at all times. No plagiarism, no submitting work that is not your own, no collaboration in exams, etc. Violations will be prosecuted! Grades reflect evaluation of course work as follows: A Outstanding - all superlative work A- Excellent - consistently superlative work B+ Very good B Good B- Good, but with notable gaps in understanding C Satisfactory D Poor F Failing Note: A high grade for the class is not possible without high grades on exams and assignments and near-perfect attendance and consistent class participation.
- 5 - ECON-100-C01 -- COURSE SCHEDULE M A Y Monday Tuesday Wednesday Thursday Friday 18 19 Intro to econ. Chaps. 1-2 (skip circular flow ) 20 21 Supply & demand, gov t. policies Chaps. 4 & 6 22 Aplia #1 & 2 @ 11 pm -- REQUIRED PRACTICE 25 Aplia #3 @ 11 pm 26 Trade, GDP Chaps. 9-10, inc. circular flow (pp. 24-25) 27 28 Article #1 due Inflation, unempl. Chaps. 11 & 15 29 Aplia #4 @ 11 pm J U N E 1 2 3 4 5 Growth, saving & investment, finance M I D T E R M Aplia #5 @ 11 pm Chaps. 12-14 (does not cover material from 6/2) 8 9 10 11 Article #2 due 12 Aplia #6 @ 11 pm Money & inflation Chaps. 16-17 Open-economy, exchange rates Chap. 18 Aplia #7 @ 11 pm 15 16 17 18 Article #3 due 19 Aplia #8 @ 11 pm Aggregate supply & demand Chap. 20 Fiscal & monetary policy Chap. 21 Aplia #9 @ 11 pm 22 23 Article #4 due 24 25 Aplia #10 @ 11 pm Discussion of current macro/financial crisis F I N AL E X A M (covers material from 6/2 on) Have a good summer NOTE: Friday Aplias correspond to material covered on the previous Tuesday; Monday Aplias correspond to material covered on the previous Thursday. (Exception is Aplia #6, which corresponds to material from June 2). Scores are recorded as of the time indicated, so they will reflect whatever work you have (or haven t!) done as of that time.
- 6 - Student Registration and Payment Instructions Course Name: Starr, Macroeconomics (Mankiw 5e) SUM 2009 Start Date: 05/19/2009 Instructor: Martha Starr Course Key: FMDP-N4MF-MN43 Registration If you have never used Aplia before... 1. Connect to http://www.aplia.com. 2. Click the New Student link and enter your Course Key: FMDP-N4MF-MN43. Continue following the instructions to complete your registration. If you have used Aplia before... 1. Connect to http://www.aplia.com. 2. Sign in with your usual e-mail address and password and enter your Course Key when prompted: FMDP-N4MF-MN43. If you are not prompted for a new Course Key, click the Enter Course Key button to enroll in a new Aplia course. Enter your Course Key when you are prompted. * You will have different payment options after you register for your course. If you choose to pay later, you can use Aplia without paying until 11:59 PM on 06/01/2009. Payment options 1. Aplia subscription only ($80) includes access to the digital textbook 2. Aplia subscription ($80) plus hardcopy of textbook ($45). Aplia will mail you the book. Your subscription also gives you access to the digital textbook. * You will have access to the digital textbook up until the end of this course.