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Principles of Macroeconomics  (ECON1202)

INSTRUCTOR

Paul G. Duch, MBA, MS   

email:    [email protected] 

COURSE DESCRIPTION

This course provides an overview of the applications of macroeconomics. Starting with understanding the key indicators of GDP, unemployment, and inflation, we provide a framework for analyzing macroeconomic goals and policies.  The history of economic thought is traced, from the early Classical thinkers through Keynes to today's variations on the theories.  The Federal Reserve and the important role of monetary policy is examined.  We keep our finger on the pulse of current events and the global nature of economics to provide an important backdrop to understanding the course material.

Class Meets: Online via Blackboard.

The format is asynchronous.

OVERALL APPROACH AND GUIDELINES:

1. Chapters will be covered continuously at a rate of approximately one per 48 hours.  Attached to this syllabus is a schedule of the chapter sequence with applicable dates.  You should begin each chapter by reading the text material, and view the Powerpoint presentation which includes an audio lecture. Powerpoints are found in a folder within the Content section of Blackboard.

2. Graded assignments will be required for each chapter. Assignments will be due approximately one per 48 hours, including sometimes on weekends.

Each chapter will have a homework quiz, found by clicking the Blackboard menu item “Quizzes (Homework)”  These will be completed and graded online.

There will also be an end-of-class question for each chapter, found by clicking the menu item “End of Class Questions.”  These are also completed and graded online.

3.  Be sure to read any instructions before starting graded assignments. Different assignments require different formats and methods for entering the replies. These are all machine-scored, which means the computer is programmed to look for exact answers in an exact format.  If you include anything extra like a punctuation mark, or misspell a word, the machine will mark it as incorrect.

For example, let’s say a question requires you to determine how many pizzas will be bought, and the answer is 6 pizzas.  If the instructions say to enter only the number, then your answer must be: 6    

It will be marked incorrect if you enter: 6 pizzas

Similarly, if the answer requires a word, you will be marked incorrect if you misspell the word, or if you add a period or anything extraneous.

4.  Grades are final for all submitted online assignments.  

5. Due dates are firm.  Assignments will disappear once the due date is passed.  If you miss a deadline, you will get a 0 for that assignment.  

6.  You can contact me at any time via the UConn email or the Blackboard email. If you have questions about the material, or questions about any assignment, be sure to get in touch with me.

7. I hold virtual office hours by appointment via Blackboard zoom.  If you have questions about the material or your grading, you can arrange to discuss in a more “face-to-face” setting.  If you wish to set up a session, email me anytime.

8. Midterm and Final Exams will be given in accordance with the schedule shown in this syllabus.  Exams will be 50 multiple choice questions and will be available to be done throughout the day until midnight.  You will have a 2.5 hour time limit to complete once you begin.

TEXTBOOK

"Macroeconomics: Private and Public Choice" 17th ed, by Gwartney, Stroup. (16th also can be used)

COURSE OBJECTIVES

Upon completion of this course, each learner will be able to:

· Understand the workings of the business cycle

· Evaluate the performance of the macroeconomy through various economic indicators, such as GDP, CPI, and employment data

· Articulate the role that government plays in the formation of macroeconomic policy.

· Differentiate between fiscal and monetary policy

· Understand the basics about the financial markets and the role of the banking system

· Discuss different theories, such as Keynesian, Classical, and Rational Expectations

· Understand the global nature of our economy

· Evaluate the role of government in terms of regulatory policy

· Understand the how and why of the recent economic crisis

ASSIGNMENTS AND GRADING

1.    Mid-Term and Final Exams (40%)

The exams will consist of 50 multiple choice questions to be completed online.  If you do not do the Mid-Term on the scheduled date, you will have to do both the Mid-Term and Final on the date of the Final.

Mid-term Exam   July 25

Final Exam          Aug 11

2.   End of Class Questions (45%)

These are questions directly related to each chapter covered.  They will come in a variety of formats; e.g., math problems, short answer, multiple choice.  

They are due in accordance with the attached schedule.

There will be 12 of these.  I will drop your lowest score and count the best 11.

3.   Homework Quizzes (15%)

There will chapter quizzes that will be due for each chapter.  These will be 6 multiple choice questions each.

There will be 12 of these.  I will drop your lowest score and count the best 11.

Academic dishonesty of any type will not be tolerated in this class. Students should refer to the Student Code (see section on Academic Integrity) as well as the policy posted on HuskyCT for specific guidelines.

Other related links: http://www.ossa.uconn.edu/ and harassment at http://www.ode.uconn.edu/ .

COURSE OUTLINE/ READINGS

  Chapter 1 The Economic Approach

Key learnings from this chapter include: Scarcity and the need to make economic choices; opportunity cost; cost vs benefit analysis; economizing behavior and rational thinking; examples of positive and normative statements.

Chapter 7 Taking the Nation's Economic Pulse: GDP

Key learnings from this chapter include: What counts toward GDP; Expenditure and Cost-Income approaches; Real vs Nominal GDP

Chapter 8  Economic Fluctuations, Unemployment, and Inflation

 Key learnings from this chapter include: Who is included, and excluded, from the labor force; Three types of unemployment; Unemployment rates U3 and U6; The concept of Full Employment; Inflation and the CPI measures

Chapter 9  An Introduction to Basic Macroeconomic Markets

Key learnings from this chapter include: Four key markets (Resources, Goods and services, Loanable funds, ForEx); Circular flow model; Aggregate Demand and Aggregate Supply; Equilibrium in the macroeconomy

Chapter 11 Fiscal Policy: the Keynesian View and Historical Development

Key learnings from this chapter include: Early Classical theory; The Great Depression and John Keynes; Keynesian view of fiscal policy; Automatic stabilizers

Chapter 12 Fiscal Policy: Incentives and Secondary effects

Key learnings from this chapter include: Budget deficits and the Crowding-out Effect; Early Classical and New Classical views on fiscal policy; Supply-side theory; the Phillips Curve

Mid-term Exam

Chapter 13 Money and the Banking System

Key learnings from this chapter include: How is Money defined; M1 and M2 measurements; How banks create money; the Federal Reserve

Chapter 14 Monetary Policy

Key learnings from this chapter include: The Federal Reserve’s tools of Monetary Policy; How Monetary Policy can affect aggregate supply and demand; the quantity theory of money

Chapter 15  Policy, Output, and Employment

Key learnings from this chapter include: The Business Cycle over the past 100 years; Forecasting tools; Adaptive vs rational expectations

Chapter 5   Difficult Cases for the Market and the Role of Government

Key learnings from this chapter include: Market failures (demand-side and supply-side); externalities; non-rival and non-excludable; anti-trust regulations such as the Sherman Act and the Clayton Act; government failure

Chapter 18    Gaining from International Trade

Key learnings from this chapter include: Size and growth of the U.S. trade sector; the theories of absolute advantage and comparative advantage; how gains from specialization and trade translate into improved living standards; trade barriers and why countries adopt them

Chapter 19  International Finance and the Foreign Exchange Market

Key learnings from this chapter include: Determinants of exchange rates; Historical overview of international trade and foreign exchange; Spot rates vs futures rates

Final Exam