Economics 211
Macroeconomic Principles
Summer 2013
Instructor: Brian B. Young Telephone: [602] 325.3274
Email: Web:
Alternative email:
Office hours: / By appointment in GCC Math 115 or in O5-107.Twitter/Facebook: / Please “follow” @GCCAZ_ECN211and/or “like” for important course information and updates
Calendar: / There is a link to the Google Calendar for this class in the file depository.
Course description: A descriptive analysis of the structure and functioning of the national economy. Emphasis is on economic institutions and factors that determine national income and employment. Consideration is given to the topics of income, unemployment; inflation, interest rates, and economic growthwith special emphasis give to monetary and fiscal policies.
Required text: Foundations of Macroeconomics, (3rd custom GCC edition or 4th edition, or any edition of “Macroeconomics” or “Economics” from 3rd to 6th will suffice) of Robin Bade and Michael Parkin, Addison Wesley, 2010. It is necessary, but not sufficient, to read the text to achieve success in this course. Look on amazon.com, barnesandnoble.com, and elsewhere to find better prices.
Attendance: Attendance is mandatory. Roll will be taken at the beginning of class. Students who miss roll will be counted as absent. If a student stops attending and needs to drop the class, it is the responsibility of the student to withdraw prior to the posted deadline. Failure to do so can result in a failing grade in the class.
Course outline:
1)Introduction (Ch. 1)
a)Syllabus
b)Definitions and Graphing
2)The Global Economy and the Economic Problem (Ch. 2 and Ch. 3)
a)PPF
b)Comparative advantage, specialization, and gains from trade
3)Demand and Supply (Ch. 4)
a)Market Equilibrium
b)Price Rigidities
+++ Exam #1 +++ (???)
4)GDP (Ch. 5)
5)CPI (Ch. 6)
6)The Labor Market (Ch. 7)
7)Potential GDP and Economic Growth (Ch. 8 and Ch. 9)
a)Classical v. Keynesian interpretations
b)Economic Growth and Productivity
+++ Exam #2 +++ (???)
8)Investment and Capital Markets (Ch. 10)
a)Interest rates
b)The effects of financing a deficit
9)The Monetary System (Ch. 11)
a)The Banking System
b)The Federal Reserve System
i)Policy tools
ii)Money creation and fractional reserve banking
10)Money, Interest, and Inflation (Ch. 12)
a)Velocity and the quantity theory of money
b)The costs of inflation
+++ Exam #3 +++ (???)
11)Aggregate Supply – Aggregate Demand and the Business Cycle (Ch. 13)
12)Aggregate Expenditure (Ch. 14)
13)The Phillips Curve (Ch. 15)
14)Fiscal Policy (Ch. 16)
a)The Federal Budget (deficit)
b)The debate: taxation v. expenditures
15)Monetary Policy (Ch. 17)
a)How the Fed conducts monetary policy
b)The dual mandate of the Fed (inflation v. unemployment)
16)International Trade and Finance (Ch. 18 and Ch. 19)
+++ Exam #4 +++ (???)
Course content may vary from this description to meet the needs of this particular class.
Grading: Grading will be based upon points earned on four exams. There will be three exams during the semester and one final exam. Each exam, including the final, is worth 100 points. The final exam is not comprehensive. Grades will be assigned as follows: A = 360 or more points; B = 320 to 359 points; C = 265 to 319 points; D = 200 to 264 points; Failing = 200 points. An optional extra credit project or optional problem setsmay or may not be offered. Attendance and class participation will be considered in borderline cases.
Disclaimer: All provisions in this syllabus are subject to revision by the instructor. Such revisions, if any, will be announced in class and on Twitter/Facebook. Exams will be announced at two class periods prior to the exam date. It is the student’s responsibility to make note of all such announcements concerning syllabus revisions and assignments, and, in case of absence or tardiness, to contact the instructor to determine if any such announcements, revisions, or assignments were made while the student was absent from the class. GCC and the instructor will make reasonable accommodations for persons with documented disabilities. Students should notify the Disabled Student Resources Office and the instructor of any special needs. Disciplinary standards in this course will be maintained as per the GCC Student Handbook. Phones must be turned off during the lecture period.