ECON 2202

Intermediate Macroeconomics

Syllabus – Summer I, 2021

Course and Instructor Information

Course Title: Econ 2202 – Intermediate Macroeconomics

Credits: 3

Format: online

Prerequisites: ECON 1200 - Principles of Economics (Intensive), or ECON 1202 – Principles of Macroeconomics, and one of MATH 1071, 1110, 1121, 1131, 1151, or 2141.

Professor: Francis Ahking

Email: [email protected]

Telephone: (860) 486 3026

Office Hours/Availability: When class is in session, emails will be answered as soon as possible, but generally no later than 24 hours after receipt except emails received on Saturdays, which will be answered the first thing Monday. Put “Econ2202your name” in the subject line to allow me to prioritize your emails and to avoid them ending up in the spam folder. You can also leave me a message in “Ask a question” forum in the “Discussion Board” in HuskCT.

Course Materials

Required course materials should be obtained before the first day of class.

Required Materials:

The required text for this class is Macroeconomics, 10/e, by N. Gregory Mankiw, published by Worth Publishers. This textbook comes with different formats, e.g., e-book, hardcover, softcover. I have ordered the loose-leaf, 3-ring binder version of the textbook, which is available from the Bookstore. You are welcomed to purchase or rent any version of the textbook, new or used, from any vendor you wish, e.g., our bookstore also has a rentable ebook available, or online from Amazon or directly from the publisher.

There is an online homework and testing tool called SaplingPlus associated with this textbook. It is not required. However, if you have used SaplingPlus in another class and are familiar with it, you are more than welcome to order that package directly from the publisher, since it comes with an e-book and costs less than the version I ordered for this class.

Additional learning resources:

In order to accommodate the many different learner styles, in addition to the textbook, I have made the following additional learning materials freely available to you, subject to the usual fair-use copy-right law:

• PowerPoint slides: these are made available by the publisher to the instructor and I’m making them available to the class. They are available in “Lecture PowerPoint Notes” in HuskyCT.

• Lecture notes: these are comprehensive lecture notes, based on my in-person lectures. They have been edited and expanded for use in an online class to make them self-contained. They include all the PowerPoint slides that I use in class and also what I normally don’t lecture in class because of time constraint. They are available in “Lecture Notes” in HuskyCT.

• Additional notes: I will post additional notes, mainly solutions and explanations to Quizzes and exam, to “Course Resource” in HuskyCT.

• Recorded lecture videos: I have also recorded short lecture videos of key concepts of every chapter and post them for use by the class. You will be able to find them at “Lecture Videos” in HuskyCT.

Course Description

Course Description from Course Catalog.

From course catalog:

Intermediate macroeconomic theory, covering national income accounting; the determination of aggregate output, employment and price levels; elements of business cycles and economic growth.

Additional faculty description:

In macroeconomics, we study the working of the aggregate economy in the short run and the long run. We also study how policies can be used to minimize the damages done by business cycles in the short run, and to foster long-run economic growth. My approach to macroeconomics emphasizes the long run. Another popular approach to the study of macroeconomics is to emphasize the micro foundations of macroeconomics. The difference in these two approaches is rather minor at the undergraduate level. For example, rather than examining the decisions of an individual regarding consumption, saving and labor supply, we examine aggregate consumption, investment and employment/unemployment rate. I prefer the long run approach since it allows for a deeper understanding of the role of the financial system in both the short and the long run. Regardless of which approach is chosen, the study of macroeconomics always consists of theories and macroeconomic policies.

Course Objectives

By the end of the semester, students should be able to:

1. Discuss the key macroeconomics variables and explain how they are measured

2. Compare and contrast the Solow and Romer models of long-run economic growth

3. Explain how policies can be used to foster sustainable long-run economic growth

4. Analyze the costs of short-run business cycles and possible policy responses

5. Recognize the potentials and limitations of fiscal and monetary policies in short-run stabilization

Course Outline and Calendar

Economics 2202, Summer 1, 2021 Weekly calendar

Please note: All deadlines are U.S. Eastern Standard Time (EST)

Week 1: June 1 – June 6 Module 1 – Introduction to macroeconomics, basic concepts, and economy in the long run
Module Learning Objectives	Learning Activities	Assessments (graded)
Module Objectives:   This module introduces you to   macroeconomics and its key building   blocks. In addition, we introduce the long-   run classical model. Chapters 1 and 2 are   review of Principles of macroeconomics, go   over them quickly and focus more on   chapter 3. By the end of this module, you   will be able to:   1. Describe the main issues addressed in   the study of macroeconomics   2. Define and discuss the measurements   of the key macroeconomics data   3. Explain the key properties of a   production function, in particular, the   Cobb-Douglas production function   4. Explain the relationship between saving   and investment for a closed economy   5. Describe how income is distributed to   factors of production according to the   Classical theory of distribution	1. Class orientation, self-   introduction   2. Principle learning source:   Read textbook, chapters   1 - 3   3. Additional learning   materials, chapters 1 – 3:       • Lecture notes       • PowerPoint slides       • Recorded lecture videos	Exercise 1   start date: Wednesday, June 2,   12:01 a.m.   due date: Thursday, June 3,   11:59 p.m. Quiz 1   start date: Friday, June 4, 12:01   a.m.   due date: Saturday, June 5,   11:59 p.m.

Week 2: June 7 - June 13 Module 2 – Macroeconomics in the long run – Money, inflation, and unemployment
Module Learning Objectives	Learning Activities	Assessments (graded)
Module Objectives:   We continue the study of the   economy in the long run by looking   at the role of money in the long run,   and the long run unemployment rate.   When you have finished this module,   you will be able to:   • Describe what money is and the   functions of money   • Explain how a fractional reserve   banking system creates money   • Discuss how the Central Bank   controls the money supply   • Describe the long-run   relationship between money   growth, inflation, and interest   rate   • Differentiate the effects of   anticipated and unanticipated   inflation   • Explain the natural rate of   unemployment	1. Principle learning source:   Read textbook, chapters 4, 5   and 7 (omit chapter 6)   2. Additional learning materials,   chapters 4, 5, 7:       • Lecture notes       • PowerPoint slides       • Recorded lecture videos	Exercise 2   start date: Wednesday, June 9,   12:01 a.m.   due date: Thursday, June 10,   11:59 p.m. Quiz 2   start date: Friday, June 11, 12:01   a.m.   due date: Saturday, June 12, 11:59   p.m.

Week 3: June 14 - June 20 Module 3 – Growth models
Module Learning Objectives	Learning Activities	Assessments (graded)
Module Objectives:   This module develops first the   Solow growth model, then   introduces two simple   endogenous growth models.   When you are done with this   module, you will be able to:   • Discuss the basic Solow   growth model and its   extensions   • Demonstrate how   endogenous growth models   can explain sustained   economic growth	1. Principle learning source:   Read textbook, chapters 8, and 9   2. Additional learning materials,   chapters 8, and 9:       • Lecture notes       • PowerPoint slides       • Recorded lecture videos	Mid-term examination   start date: Monday, June 14, 12:01   a.m.   due date: Tuesday, June 15, 11:59   p.m.   (chapters 1 – 7, omit chapter 6) Exercise 3   start date: Wednesday, June 16,   12:01 a.m.   due date: Thursday, June 17, 11:59   p.m. Quiz 3   start date: Friday, June 18, 12:01   a.m.   due date: Saturday, June 19, 11:59   p.m.

Week 4: June 21 - June 27 Module 4 – Short run economic fluctuations – understanding business cycles
Module Learning Objectives	Learning Activities	Assessments (graded)
Module Objectives:   We turn our attention to short-   run fluctuations in the economy   in this module. The main   purpose in this module is to build   the IS-LM model. At the end of   this module, you will be able to:   • Describe the phases of a   business cycle   • Demonstrate the working of   the IS curve, including the   factors that shift the IS curve   • Explain the working of the   LM curve, including the   factors that shift the LM   curve	1. Principle learning source:   Read textbook, chapters 10, and 11   2. Additional learning materials, chapters   10, and 11:       • Lecture notes       • PowerPoint slides       • Recorded lecture videos	Exercise 4   start date: Wednesday, June   22, 12:01 a.m.   due date: Thursday, June 23,   11:59 p.m. Quiz 4   start date: Friday, June 24,   12:01 a.m.   due date: Saturday, June 27,   11:59 p.m. Discussion   “Epidemics and Economics”   start date: Monday, June 21,   12:01 a.m.   end date: unlimited but no   credit will be given for posting   after Sunday, June 27, 11:59   p.m.   See also “Information for   discussion” under “Course   Resources” for detail.

Week 5: June28 – July 2 Module 5 – Stabilization policy, summary, and conclusion
Module Learning Objectives	Learning Activities	Assessments (graded)
Module Objectives:   This is the last module of the   course. We’ll examine the role of   monetary and fiscal policies in   stabilizing the economy. By the   end of this module, you’ll be able   to:   • Explain how the AD curve is   derived from the IS and LM   curves   • Explain the objectives of   monetary and fiscal policies   and their roles in stabilizing   the economy   • Describe how to derive an   alternative short-run AS   curve	1. Principle learning source:   Read textbook, chapters 12, and   14.1   2. Additional learning materials,   chapters 12, and 14.1:       • Lecture notes       • PowerPoint slides       • Recorded lecture videos	Exercise 5   start date: Tuesday, June 29,   12:01 a.m.   due date: Wednesday, June 30,   11:59 p.m. Final examination   start date: Thursday, July 1, 12:01   a.m.   due date: Friday, July 2, 11:59   p.m.

Course Assessments, and Grading

Summary of Course Grading:

Course Components	Weight
Discussion	5%
Homework	20%
Quizzes	20%
Mid-term exam	25%
Final exam	30%

Homework:

There will be five homework/exercises. These exercises are intended to be a self-assessment of your understanding of the learning materials. Each exercise (homework) will consist of about 25 - 30 multiple-choice questions. You will be given two days to complete the exercises, but each exercise must be completed and submitted before the due date to receive credit. As an example, each exercise will become available on Wednesday, at 12:01 am until Thursday, 11:59 pm. The exception is homework 5, which will be available on Tuesday and due on Wednesday on the last week of class. During this time period, you can start an exercise and complete it later, provided that you save all your answers but do not submit it for grading. You must, however, submit the exercise no later than the due date to receive credit. For example, suppose you start and complete half an exercise one day and wish to come back the next day to finish. You save all your answers but do not submit the exercise for grading. The next day, you continue with the exercise, finish it and also make some corrections to the previous day’s answers. This time you submit the answers for grading.

You will be allowed two submissions, and your score will be the average of the two, or your single score if you have only one attempt. Detailed information about when homework assignments are due can be found in the Course Outline and Calendar above.

Quizzes:

Quizzes will be available every week except the last week when you’ll have your final examination, for a total of four quizzes. The quiz each week is an assessment of that week’s learning objectives. Each quiz will have about 25 - 30 multiple choice questions. In Course Outline/Calendar above, you can find information about when quizzes are available and their due dates.

Quizzes are timed assessments, about 40 minutes for each quiz, you are allowed two submissions per quiz. Your quiz score is the average of your two submissions, or the score of your only submission if you have only one submission. When you start on a quiz, you must complete and submit the quiz in the time allocated in one sitting. If you submit the quiz twice, both submissions must be submitted before the due date/time to receive credit.

Mid-term and Final Examinations:

There is one mid-term and one final examinations. They are similar to the way quizzes are administered, except that you are allowed two submissions for the mid-term exam but only one submission for the final exam. The Course Outline/Calendar above will give you information about when the examinations will become available and their due dates. I will also send out additional information regarding each exam beforehand.

Discussion:

Online discussion is a valuable learning tool. It encourages student engagement and more importantly, interaction among students, which tends to be difficult for an online course. We will have one online discussion, which will take place at the beginning of the fourth week of the semester. Exact dates and topic can be found in Course Outline/Calendar above. You will also find more complete information about the online discussion, including how it is graded by going to "Information for Online Discussion" under "Course Resources" on the left-hand side of the course menu in HuskyCT.

Grading Scale (for Undergrad):

Grade	Letter Grade	GPA	Grade	Letter Grade	GPA
92-100	A	4.0	68-72	C+	2.3
88-91	A-	3.7	63-67	C	2.0
83-87	B+	3.3	58-62	C-	1.7
78-82	B	3.0	54-57	D+	1.3
73-77	B-	2.7	50-53	D	1.0
			46-49	D-	0.7
			<46	F	0.0

Due Dates and Late Policy

The availability dates of all course assessments and their due dates are stated in Course Outline/Calendar above. Deadlines are based on Eastern Standard Time (EST); if you are in a different time zone, please adjust your submittal times accordingly. The instructor reserves the right to change dates accordingly as the semester progresses. All changes will be communicated as announcements, and a copy of each announcement will be sent as an email to the email address on record.

Since this is an online course, and each assessment is available in a window of several days with clearly stated due dates, moreover, because the results of each online assessment will be made available to students immediately or soon after the due dates, there will be no make-up of missed assessment except under very unusual and verifiable circumstance. Being away and have no access to the internet is not a valid reason. Technical issues that prevent you from completing your assignments in a timely manner is also not a valid reason. If you encounter a technical issue, please do not contact me as I’m unable to help you and valuable time will be wasted. Contact the HuskyCT helpline immediately instead, which is available 24/7. Please remember that many commercial establishments in the U.S., such as Starbucks, McDonald’s, etc., have free wifi access available to their customers. Also, you can use your smartphone as a hotspot, and it will work very well if you have data speed of 4G LTE, which is all the carriers in the U.S. For students currently taking this course from China (other than Hong Kong), you do not need a VPN, which will slow down your internet. From personal experience, if you have China Mobile or China Unicom, using your cellphone as a hotspot will work just fine. From past students’ experiences, most of the difficulties which prevented students from completing online assessments in a timely manner could be prevented if students start early. Students who start their online homework in the afternoon or evening of the due dates tend to experience more unforeseen difficulties, e.g., power outage, internet interruption, In sum, it is entirely your responsibility to make sure that you submit all your assessments on time.

Feedback and Grades

I will make every effort to provide feedback and grades in a timely manner. Your score of all online assessments, e.g., exercises, quizzes, examinations, will be available immediately, or soon after you submitted your assessment. A more complete feedback, including the questions, your answer choices, and the correct answers will be available approximately 24 - 48 hours after the due dates, to accommodate possible excused late submission. Note that you must have submitted the assessment to receive the results of that assessment. For example, if, for whatever reason you did not submit Quiz 1, you will not receive the results of Quiz 1. This means you will not be able to receive the questions in Quiz 1 to help prepare for an exam. For Quizzes and the mid-term exam, I’ll also make available a set of explanations to some of the answers in “Course Resources” to further make the feedbacks more valuable as learning tools. The scores for the online assessments will be available in “My Grades” in HuskcyCT. You can expect your course grade to be available within 72 hours following the end of the semester.

Student Responsibilities and Resources

As a member of the University of Connecticut student community, you are held to certain standards and academic policies. In addition, there are numerous resources available to help you succeed in your academic work. Review these important standards, policies and resources, which include:

• The Student Code

o Academic Integrity

o Resources on Avoiding Cheating and Plagiarism

• Copyrighted Materials

• Netiquette and Communication

• Adding or Dropping a Course

• Academic Calendar

• Policy Against Discrimination, Harassment and Inappropriate Romantic Relationships Sexual Assault Reporting Policy

A Word About Academic Integrity with Online Assessment

The University of Connecticut takes academic integrity very seriously. All graded assessments must represent your individual and independent effort. Prohibited activities include, among other activities, cheating of any sort during quizzes/examinations, copying of another student's homework (this is plagiarism). My rules are relatively simple. For homework exercises, you can discuss your assignments with other students. However, you cannot discuss the solution or the answer. You can use your textbook, my lecture notes, PowerPoint slides, your own notes, scratch pad, and a calculator. For the mid-semester and the final exams, you can also use your textbook, my lecture notes, PowerPoint slides, your own notes, scratch pad, and a calculator. For all online assessments, you cannot communicate with any other person(s) with any means whatsoever, e.g., texting, video chat, talking, phone call, email, etc. Please check with me if you have questions.

You are responsible for acting in accordance with the University of Connecticut's Student Code. Please review and become familiar with the Student Code of the University, in particular, the section on “Academic Integrity in Undergraduate Education and Research”, which may be found on the website of the Office of Community Standards. If you have any questions, check with me. Note that copying or other form of plagiarism generally involves at least two students. Both (or more) students may be subject to disciplinary action under the Student Code. If you are found in violation of the Student Code of Conduct, you’ll receive a grade of F for this class.

Students with Disabilities

The University of Connecticut is committed to protecting the rights of individuals with disabilities and assuring that the learning environment is accessible. If you anticipate or experience physical or academic barriers based on disability or pregnancy, please let me know immediately so that we can discuss options. Students who require accommodations should contact the Center for Students with Disabilities, Wilbur Cross Building Room 204, (860) 486-2020 or http://csd.uconn.edu/.

Blackboard measures and evaluates accessibility using two sets of standards: the WCAG 2.0 standards issued by the World Wide Web Consortium (W3C) and Section 508 of the Rehabilitation Act issued in the United States federal government.” (Retrieved March 24, 2013 from Blackboard's website)

Resources for Students Experiencing Distress

This is an unusual time we’re living in. Reported cases of stress and depression have gone up among young adults.

The University of Connecticut is committed to supporting students in their mental health, their psychological and social well-being, and their connection to their academic experience and overall wellness. The university believes that academic, personal, and professional development can flourish only when each member of our community is assured equitable access to mental health services. The university aims to make access to mental health attainable while fostering a community reflecting equity and diversity and understands that good mental health may lead to personal and professional growth, greater self-awareness, increased social engagement, enhanced academic success, and campus and community involvement.

Students who feel they may benefit from speaking with a mental health professional can find support and resources through the Student Health and Wellness-Mental Health (SHaW-MH) office. Through SHaW-MH, students can make an appointment with a mental health professional and engage in confidential conversations or seek recommendations or referrals for any mental health or psychological concern.

Mental health services are included as part of the university’s student health insurance plan and also partially funded through university fees. If you do not have UConn’s student health insurance plan, most major insurance plans are also accepted. Students can visit the Student Health and Wellness-Mental Health located in Storrs on the main campus in the Arjona Building, 4th Floor, or contact the office at (860) 486-4705, or https://studenthealth.uconn.edu/ for services or questions.