Spring 2021 (Remote)                                             Intermediate Macroeconomics                                             ECON 003


Intermediate Macroeconomics Syllabus

This is the expanded syllabus for Section 003 of ECON 3102 for the Spring 2021 semester, worth 4 course credits.

The course is being taught remotely, and you are expected to attend lectures via Zoom. Please ensure you have a stable internet connection.

        My name is Robert Winslow, and I’ll be the instructor for this section. Feel free to email me with absolutely any questions or concerns you have about the course: [email protected]

        An abbreviated version of this syllabus, as well as other resources, can be found on the course Canvas page.


Basic Course Info

Course Description

This course builds on fundamental concepts and techniques learned in ECON 3101 and ECON 1102. The purpose of this course is to introduce you to modern macroeconomics by building macroeconomic models from microeconomic principles, which is consistent with the way that macroeconomic research is conducted nowadays. We will also be learning about the measurement of macroeconomic aggregates.


Credits:

This Course is worth 4 Credits


Class Schedule

Tuesday, and Thursday, at 8 - 10 AM

Lectures will be held online via Zoom. Please check the course Canvas page for the link to the Zoom meeting. 

Exams will be held online on March 04 and May 11.

Midterm is during normal class hours (8-10am) on Thursday, March 04.

Final is 10:30 am to 12:30 am, Tuesday, May 11.

Here is a full class calendar:


Grade Percentage Weights

The final grade of the course will be a weighted average among the problem sets, the midterm, and the final exam.

This weighted average will be calculated the following way:

        For example, say you get 32 out of 40 points on the midterm, 35 out of 40 points on the final, and 154 out of 170 total points on all the homework assignments. Then your grade for the course would be a B:


Instructor Contact and Office Hours

        When contacting me via email, please make sure to put “[3012]” in the subject line. I’ll try to respond to any such emails within 24 hours of receiving them.

        Office hours will be held online via Zoom. During the scheduled office hours, feel free to join the meeting without making an appointment or scheduling. That’s what those hours are there for.

        If the scheduled hours don’t work for you, send me an email with the subject “[3102] Office Hours” and the potential times you would like to meet. Please don’t hesitate to reach out if you need help with this class.


Text Book

Macroeconomics (6th Edition) by Stephen Williamson.

        The course is based on this textbook, and the multiple choice questions on each exam will be drawn from the book’s material. As such, the book is required.

        By default, you have access to an electronic version of the textbook, which you will be able to access via a link on Canvas. There is a charge of about 60 dollars on your student account for this e-textbook. If you prefer to buy a physical copy or pdf of the book, you can opt out of the ebook access and receive a refund. To opt out, search your email inbox for an email with the subjectline "Course Materials Charged on Your Student Account". This email should have opt-out instructions.

        If you use some other source for your textbook, I do strongly recommend that you get the 6th edition. Much of the material is the same as in the 5th edition, but the 6th edition has several more years of post-Financial-Crisis data, and there are a few chapters which have significant changes.


Remote Course Delivery

This is a Remote course with no on-campus meetings. Course lectures will be delivered via Zoom at the times and days mentioned above, with meetings scheduled through the course Canvas website. Office hours take place via Zoom as well.

        You need to log in to your Zoom account at umn.zoom.us, download the desktop app and use meeting IDs/links shared on Canvas to join the lecture meetings. The department expects all of you to attend lectures. In the lectures, you are encouraged to ask questions and make comments.

        While I’m lecturing, you can type questions into the chat window of Zoom, and I will see those questions and answer them as is convenient. (Hopefully, you’ll find this easier than keeping your arm raised.)

        There will also sometimes be short break-out room discussions, where you will be split up into small groups and talk with your fellow students. For these, it will be helpful to have a working camera and microphone.


Policies around Zoom Recordings and/or Pre-recorded Lectures

This course may include video and audio recordings of class lectures and classroom activities. These recordings will be used for educational purposes and the instructor will make these available to students currently enrolled in this ECON 3102 course, and to no one else.

        Students must seek instructor permission in order to share either course recordings or course content/materials with anyone outside of this course. Similarly, instructors who wish to share zoom recordings with other sections or classes must seek and document permission from students whose image or voice are in these recordings.


Topics and Concepts

Topics from the Book

We will be covering material from the textbook, which is Macroeconomics (6th Edition) by Stephen Williamson. 

        The broad plan for the course is to go through the material in Williamson in the following order:

• Measurement Issues

– Introduction (Chapter 1)

– National Accounts and Price Indices (Chapter 2)

– Business Cycle Measurement (Chapter 3)

– Definition and Measurement of Money (Beginning of Chapter 12)

• One Period Macroeconomic Competitive Equilibrium

– Microeconomic Foundations: Consumer and Firm Behavior (Chapter 4)

– Closed Economy Model (Chapter 5)

• Economic Growth:

– The Malthusian world, and the Solow Growth Model (Chapter 7)

– Endogenous Growth (Chapter 8)

• Competitive Equilibrium with Multiple Time Periods

– Microeconomic Foundations: The consumption-saving decision and credit markets. (Chapter 9)

– Credit Market Imperfections (Chapter 10)

– A Real Intertemporal Model with Investment (Chapter 11)

• Money and Business Cycles

– A Monetary Intertemporal Model (Chapter 12)

– Market-clearing Models of Business Cycles (Chapter 13)

– Keynesian Sticky Prices Model (Chapter 14)

• International Macroeconomics (If time allows)

– International Trade in Goods and Assets (Chapter 16)

– Money in the Open Economy (Chapter 17)

        The midterm will most likely cover chapters 1-5,7, and part of 12. The final will be cumulative and cover all chapters from the course.


Prerequisites.

Students should have completed Econ 3101 and its prerequisites (Econ 1101, Econ 1102, and Math 1271) prior to taking this course.

        This course will build on some of the concepts and definitions from Econ 1102.

        We will frequently be solving systems of equations, taking derivatives, and finding the solutions to constrained optimization problems. Please make sure you are comfortable with these concepts and mathematical techniques.


Course Goals

An introductory economics course is meant to teach you the language of economics, while an intermediate course is intended to teach you some of the tools of economics. To that end, our goals for this course will be to:

• Learn about the measurement of macroeconomic data.

• Develop an understanding of the foundations of modern macroeconomic models.

• Subject these various models to data and determine their empirical relevance.

• Use these models to gain a deeper understanding of economic growth and business cycles.


Computer Techniques

The homework assignments for this class require at least some typing, and several problems will involve analysis of real-world data.

        After assigning the first problem set with a data component, I’ll give you a brief demonstration in class about how to download data, manipulate it, and create a graph in Excel.

        Although it is not required to type numerical work and algebra, it is highly recommended that you do so. I will give a demonstration on how to type algebra, and post a guide on Canvas.

        Learning to type mathematical equations will involve an initial time investment, and initially feel slow. However, after this initial hurdle is passed, this skill can reduce the time it takes to write up mathematical documents. Furthermore, the output you create will be more legible and professional looking. The initial time investment may not be worth it for everyone, but given that you are taking an intermediate econ class, it is very likely that you will go on to take additional quantitative courses, or pursue a line of work these skills are relevant.


Details about Coursework and Exams

Problem Sets

• There will be several problem sets for the semester. Problem sets will be posted on the course Canvas page

• The due date of every problem set will be indicated on the assignment, and will be at least one week from the day it is posted.

• Problem sets must be submitted by the beginning of the lecture on the due date. Late assignments will not be accepted unless such accommodations have been discussed with me in advance.

• Problem sets will consist of written answers, mathematical work, diagrams, and data manipulation:

– Written answers must be typed.

– Numerical and algebraic work may be typed or neatly handwritten. Points may be deducted for illegible handwriting. I have included information on Canvas about typesetting mathematical equations, and will give a demonstration in class.

– For diagrams, either computer-made or hand-drawn are fine. If you draw a diagram by hand, then please draw neatly, clearly label each figure, and attach it to the rest of your assignment.

– For data manipulation problems, please carefully read the assignment to see what deliverables the problem is asking for. This may be certain statistics or graphs.


Assignment Submission

Each Student is responsible for delivering a copy before the due date.

• Compile your answers into a single file.

• Give that file a descriptive title which includes your name.

• PDF documents are preferred.

– If you have hand-drawn or handwritten components, scan them and merge the scanned images into the same document as the rest of the submission.

– Word documents can be easily exported to pdf, and LyX/LaTeX documents compile to pdf by default.

– If you submit something other than a pdf, there is a chance that images, formatting or other data may not be preserved.

No late assignments will be accepted unless discussed with the instructor ahead of time. Please speak to me as soon as possible if you need accommodations related to flexible deadlines.


Working in Groups on Problem Sets (Encouraged!)

You are encouraged to work in groups, and to use whatever other resources are available to help you learn. However, you must cite whatever sources you use. If you work with another person, give them credit at the top of the assignment, and don’t copy their answers directly.

• Make sure to acknowledge the people you work with, putting their names on the first page of your assignment. For example, you might say “Pat Fakename helped me set up the Solow Growth model in question 2, and I helped them understand how to draw the graphs in question 4”

• Each student is responsible for writing up his or her own problem set. Do not simply copy and paste from your collaborators, even for something like showing your algebraic work. If you have trouble with a specific part of an assignment, and need to follow someone else’s work step-by-step, then include a specific acknowledgment of such.

• Identical Assignments that fail to acknowledge collaborators will get a grade of zero on the entire assignment, as will any assignment that fails to comply with the academic dishonesty regulations of the University of Minnesota.

• Even with proper acknowledgment, if large chunks of the assignment are identical, then points may be deducted. This isn’t a concern for something like an equation, but for written paragraphs, you should express things in your own words.

Also note that while you may work in groups on problem sets, you must work alone on exams.


Attribution of other Sources

Feel free to use whatever sources you can to help you learn. A website like Stack Exchange, your friend who took the same course last semester, etc. Just remember the following two points:

• Do not copy their words exactly. Even simple paraphrasing of another person’s answer requires you to understand and then recreate a piece of knowledge. Ctrl+C, Ctrl+V doesn’t help you learn anything at all. (And violates university policy.)

• Give credit to whomever or whatever helped you out. Even though the assignments for this class will likely be seen only by me, they are nonetheless a piece of writing which you are claiming to have authored, and therefore it is respectful to give due credit to anyone who helped you with that authorship. 

So in summary, if you copy from someone else without attribution, you get zero on the entire assignment. If you copy from someone else with attribution, you may get partial point deductions. If you get help from someone else, but credit them, and only turn in similar answers rather than identical ones, you will get full credit. The incentive structure is set up to reward both honesty and thoughtful work.


Submission Feedback

I will post your grades on homework assignments on Canvas. After the grades are posted, I will also upload an answer key. If you would like detailed feedback about where points were deducted and why, feel free to visit my office hours or send me an email to arrange a meeting.

        I won’t be posting answer keys for exams on Canvas, but if you would like to discuss how your exam was graded, we can do this via office hours.


Regrading:

If you disagree with the grading of a problem set or a test, you may submit it for review. You must have a written argument for why you should be awarded more points. Also, you must submit these disputes within one week of the problem set or exam being returned, or the grade is final.


More Details about Exams

Exam Format

There will be one midterm exam and one final exam. On each exam, you will be asked to answer :

• 20 multiple choice questions, worth 1 point each.

• 2 short-response questions, each worth 10 points.

Each exam will thus be scored out of 40 points and evenly split between multiple choice and short response.

        The textbook publisher has a large bank of multiple choice questions, which will be used to build the multiple-choice section of the exam. Reading the textbook is thus important for performing well on this section of the exams.

        Short-answer questions may require algebra and will be similar to homework questions. Some of these may simply be questions from the homework with numbers changed. Others may have deeper conceptual twists or be a synthesis of multiple homework questions. In any case, the best study resource will be your completed homework assignments, along with the answer keys to those homework assignments posted on Canvas.

        The final exam is cumulative, and covers all the material in the course.


Exam Times

The midterm will be held online during the time normally scheduled for lectures. The final will be in a separate time slot during finals week.


Make-up Exams

According to University policy, you may request a make-up final only if you have

• Another test scheduled at the same time, or

• Three exams within a 16-hour period.

Make-up midterms may be requested for the following additional reasons:

• Documentation of a medical emergency,

• Travel for school functions or similar circumstances.

If you have any of the above complications other than a medical emergency, make sure to contact the instructor at least two weeks before the exam.


Working in Groups on Exams (Scholastic Dishonesty)

You must work individually on exams, and must not communicate with other students during exam periods. We have zero tolerance for cheating on exams. Suspicious exam submissions may receive zero points.


Additional Information for Students

The following information is copied from the Department of Economics Procedures and Policies for 2020. It is not specific to this course, but may nonetheless prove useful.


Final Letter Grades:

The Economics Department official policy for the final grades is:

The Instructor reserves the right to lower these cut-off points (i.e., increase the letter grades for percentages), but will not raise the cut-offs (i.e., make it harder to get good grades).


Class Assignments

Written answers to homework assignments must be typed; Graphs and numerical work need not be typed, but should be legible.


Course Prerequisites

Students are expected to have successfully completed all prerequisites prior to taking an Economics course.


Disabled Students

Reasonable accommodations will be provided for all students with documented disabilities (by the DRC). Contact the instructor at the beginning of the semester to work out details. This information will be kept confidential.


Student Mental Health and Student Counseling Services:

As a student you may experience a range of issues that can cause barriers to learning, such as strained relationships, increased anxiety, alcohol/drug problems, difficulty concentrating and/or lack of motivation. These mental health concerns or stressful events may lead to diminished academic performance or reduce a student’s ability to participate in daily activities. University of Minnesota services are available to assist you with addressing these and other concerns.

        Information about confidential mental health services is available on campus at Boynton Mental Health.

        Student Counseling Services website: counseling.umn.edu


Sexual Misconduct:

Sexual misconduct (sexual harassment, sexual assault, stalking, and relationship violence) includes unwelcome sexual advances, requests for sexual favors, and/or other verbal or physical conduct of a sexual nature. Such behavior is prohibited in the University setting.

        Per the U of M policy on sexual harassment, I am required to share information that I learn about possible sexual misconduct with the campus Title IX office. Within the requirements of my job, I will be as responsive as possible to your requests for confidentiality and support. You can also, or alternately, choose to talk with a confidential resource that will not share information that they learn about sexual misconduct. Confidential resources include The Aurora Center, Boynton Mental Health, and Student Counseling Services.


Dropping a Class:

Termination of attendance alone is not sufficient to drop a class. You must notify the Registrar’s office. Please contact your academic (college) adviser for details on this process and pay attention to University deadlines for add/drop: onestop.umn.edu/dates-and-deadlines


Incomplete Grade:

Low class standing is not a valid reason for an Incomplete grade. An I is given only in exceptional circumstances like family emergencies or hospitalization; arrangements must be worked out between the student and instructor before the final exam. We require written proof of emergencies. Details about I grades and how to make it up are to be decided by the Instructor and student; you need to fill out the form.


Make-up Exams:

Make up exams are possible for the final exam only if the student has another exam scheduled at the same time, or has three exams within a 16 hour period. This should be pre-arranged with the instructor at least three weeks before the final exam. Make up final exams may also be possible for documented medical emergencies.


Scholastic Dishonesty:

"The College of Liberal Arts defines scholastic dishonesty broadly as any act by a student that misrepresents the student’s own academic work or that compromises the academic work of another. Examples include cheating on assignments or exams, plagiarizing (misrepresenting as one’s own anything done by another), unauthorized collaboration on assignments or exams, or sabotaging another student’s work".

        The University Student Conduct Code defines scholastic dishonesty as “Submission of false records of academic achievement; cheating on assignments or examinations; plagiarizing; altering, forging, or misusing a University academic record; taking, acquiring, or using text materials without faculty permission; acting alone or in cooperation with another to falsify records or to obtain dishonestly grades, honors, awards, or professional endorsement.”

        Penalties for scholastic dishonesty of any kind in any course will entail an "F" for the particular assign-ment/exam or the course. Website for information on Student Academic Misconduct: http://oscai.umn.edu/avoid-violations/avoiding-scholastic-dishonesty


Student Conduct and Classroom Behavior

Students are expected to contribute to a calm, productive, and learning environment. Check the Student Conduct Code to find out what is expected of you.


Study Abroad in Economics:

The Department encourages you to undertake Study Abroad. There are many courses in foreign countries that can satisfy some economics major, minor, or Liberal Education requirements. For more information, please contact our Undergraduate Advisers at [email protected], or the at University’s Learning Abroad Center. There will be no study abroad for Fall 2020


Undergraduate Advisers:

Contact the Undergraduate Advisers if you wish to sign up for an Economics major or minor or to get infor-mation about institutions of higher study. Your APAS form will list your progress toward an Economics de-gree. Advisers: Tiffany Kroeze Murphy and Annie Bigley ( [email protected]); Sign up for appointments at econ.appointments.umn.edu

        Office: 4-100 Hanson Hall , Phone number: 612-625-5893.


Undergraduate Program Information:

Available on the Internet at: https://cla.umn.edu/economics/undergraduate. Registration policies are listed in the University Course Schedules and College Bulletins.


Complaints or Concerns About Courses:

All course grades are subject to department review. Please contact your instructor or TA if you have any com-plaints/concerns about the course. If your concerns are not resolved after talking with your instructor, you can con-tact: Professor Simran Sahi, Director of Undergraduate Studies. (Phone): 612-625-6353 and E-mail: [email protected].


FERPA and Student Privacy

In this class, our use of technology will make student names and emails visible within the course website, but only to other students in the same class. The University uses a secure, password-protected course website; however, if you have concerns, you can adjust settings in your online course profile to hide your email. If you are required to use any tool external to Canvas for learning activities or assignment completion, a link or description of privacy policies will be included in the directions provided in the course site.


Technology Requirements and Support

These technical requirements will allow you to access the Canvas site successfully, send/receive online communica-tions, complete assigned activities, and view multimedia content.

• A U of M internet ID (your official U of M email address)

• Reliable, high-speed Internet access

• A supported web browser (Mozilla Firefox or Google Chrome are strongly recommended; if you’re a Mac user and you like Safari, you may run into problems at some point)

• Laptop, desktop or tablet with a webcam

You are expected to have the ability to use the following technologies: online course site navigation though CANVAS, assignment submission and exam taking in Canvas, Microsoft Office suite tools such as Word, PowerPoint and Excel (or equivalents), and online collaboration and presentation tools. Technical support is available at the UMN IT help site. Information on campus computer labs and learning spaces are available. The Information Technology page Working and Learning Off Campus is for students who need help with technology issues.

    It is recommended that students use a desktop or laptop computer less than six years old with at least 1GB of RAM, and use the most recent version of Chrome or Firefox with JavaScript enabled. Internet connections should be at least 512kbps.

    We ask you to turn on your computer camera/video during class discussions; it helps the instructor and builds classroom community. Please keep your audio turned off during lectures and turn it on when asking questions or participating in class discussions.

    All communication about this course will come to you through the Canvas LMS. During the first week of class, please make sure you set your notifications so that you receive course information. This is your responsibility.

    You will take two exams (details later) via Zoom. In case of computer malfunction (losing internet connection and other problems), please send an email to the instructor at once, and I will get back to you with steps to follow.

    I will not grant due date extensions due to problems you may have with the devices or services you’re using. If your personal computer does not have the necessary capabilities to complete the activities and assignments for this course, or if you experience difficulties with your internet connection, you must find alternative computer resources (link mentioned above).

    For tips and information about Canvas visit the Canvas Guide Using Help - Student