Richard W. StrattonPrinciples of Macroeconomics

Principles of Macroeconomics

3250:201

Course Syllabus

Description:

This course will provide an overview of macroeconomic issues: the determination of output, employment, unemployment, interest rates, and inflation. Monetary and fiscal policies are discussed, as are the public debt and international economic issues. It introduces basic models of macroeconomics and illustrates principles with the experience of the United States and other economies.

This course uses the internet extensively. The complete syllabus, updates, communications, and other activities are located and access through the course homepage. This term, the main access is through WebCT. To connect to WebCT, point your browser to: is also a developing course home page at: Principles of Economics Home Page

Instructor contact information:

Office: College of Arts and Sciences (CAS) room 444. Phone number: 330-972-7440 Zip+: 1908

On-line: Through WebCT or by email at

Required text:

Foundations of Macroeconomics 2nd edition, by Robin Bade and Michael Parkin

Expectations:

Education is a cooperative effort. You and I must each contribute our best efforts to succeed in our goal of learning. Research clearly demonstrates that learning is positively correlated with (1) time on task, (2) effort, and (3) feedback.

What you can expect from me:

You can and should expect my best effort to provide you with a quality education. This includes treating each student fairly and without prejudice, structuring the course to help you succeed, being available to assist you when you have questions, providing prompt and useful feedback on your performance and responding to changing student needs within ethical and practical boundaries.

If you contact me, you can expect me to respond within two business days (Monday through Friday). My phone number and email address are listed above.

How quickly I can provide feedback on your performance varies with the type of assessment. Most assessments will be returned within five business days. Those assessments which usually take the longest to review, such as papers, should be returned within ten business days. Overall grades and other grade related information will be posted on WebCT within two days after each major assessment is returned.

This course is under constant development to improve its structure. The current syllabus is the most recent revision. Any changes in the course will be announce in class and posted on WebCT as soon as they are made.

What I expect of you:

First and foremost I expect you to treat everyone in class with respect and courtesy, this includes respecting yourself. Do not short change yourself by giving less than the optimal effort in this class, do your own work and give credit where credit is due.

The University’s statement of student responsibilities can be found on the Web at rule number 3359-42-01 Student rights and responsibilities.These responsibilities include refraining from the commission of plagiarism and from aiding or abetting another student in the commission of plagiarism. For help the Office of the General Counsel provides “Guidelines for Avoiding Plagiarism”at their website

I expect you to spend significant time on this course, to give me your best effort, and to respond promptly if the feedback provided raises questions.

Time:

I expect you to come to every possible class ready to focus your attention on learning. In new student orientation sessions, students are told they should spend an average of two hours per week outside of class for every hour of lecture. For this course, that means spending a MINIMUM of 6 hours of quality time per week outside of class (every week). Therefore, plan to spend a MINIMUM of 9 hours per week, every week on this class! During this time you should complete all assigned activities; including reading the textbook and completing the assigned work. You should memorize the meaning and use of new terms, struggle with understanding new concepts and contemplate how the ideas discussed might apply to your life.

Effort:

I expect you to come to every possible class ready to focus your attention on learning. This means that you are prepared, rested, and alert. You should have paper and writing instruments. All assigned activities should be complete. You should have read the appropriate sections in the textbook; memorized new terms, their meanings and use. You should have struggled with understanding new concepts and have contemplated how the ideas discussed might apply to your life. The course is designed to encourage you to be an active learner.Being prepared is essential to fully and successfully engage in the classroom activities.

I expect you in inform me at the earliest possible opportunity, if there are any special circumstance of which I must be aware to treat you fairly or that I should accommodate to help you succeed.

Student Holistic Academic Health Center:

Instructor: Richard Stratton
444 CAS; 330-972-7440; / Tutor Programs:
Economic Graduate Student Teaching Assistants – CAS 443
How to use WebCT / Aplia.com
If you have a problem with WebCT, try the WebCT Help List Serv at:
/ CBT hours:
Writing Lab / University tutoring
Math Lab / Reading Lab
If you believe that you have a disability that limits your learning, you may contact the
Office of Accessibility, SAS 125, (330) 972-7928 (v) or (330) 972-5764 (TDD)
www3.uakron.edu/access / Counseling, Testingand Career Center (CTCC)

Free, comprehensive psychological services are offered to currently enrolled students
CTCC College Survival Kit
The Office of Student Development
Enriching your collegiate experience through involvement in co-curricular programs
/ Center for Career Management
The comprehensive career services office at The University of Akron.

WebCT information:

WebCT will be used extensively in this class. All updates to the syllabus, calendar, assignments, assessment activities, and general class matters will be posted there. We will also use WebCT’s communications module for email, discussion of related issues, and generally improve communications.

To connect to WebCT, point your browser to:

For a tutorial, click on the Tutorial icon.

If you have a problem with WebCT, try the WebCT help desk at:

Please see the attached information for details on access and policies.

Computer testing (CBT) information:

All computer based testing is done in the CBT lab room 325 Carroll Hall. Please see their web page, for details on operating hours and policies. It is best to contact them for an appointment to assure you can take the tests when you want. Walk-ins are taken on a “first come first served” basis.

Tutoring:

Economic Graduate Student Teaching Assistants are usually available from 8 a.m. to 5 p.m. M-Th and 8 a.m. to 1 p.m. Friday in College of Arts & Sciences 443, across the hall from my office. When this room is being used for classes you can find the graduate assistants in room 437. There is no cost for the help these students provide. The on-campus tutoring office offers peer-tutoring services for this class free of charge in Carroll Hall 215A. Contact them for an appointment.

The instructor is available during office hours and by appointment. Contact me by e-mail or by phone at 972-7440. You may also call the Department at 972-7546. After class is often the best time to continue and expand classroom discussion.

Course Objectives:

These objectives are based on a set of proficiencies for undergraduate economics students proposed in an article by W. Lee Hansen[1] and recently adopted by the Economics Department. Students who successfully complete this course should be able to:

  1. access existing knowledge about macroeconomics
  2. You will be able find information on macroeconomics – current issues, theories, tools and related data.
  3. find and interpret existing macroeconomic data
  4. You will be able to obtain some current macroeconomic data, from a variety of sources.
  5. You will be able to explain the meaning of these data, as well as limitations to their use.
  6. demonstrate command of that knowledge
  7. You will be familiar with the terms used by economists and understand their meaning. You will be able to explain, in your own words, important and defining the differences between alternative theories and/or explanations of macroeconomic events.
  8. You will be able to identify appropriate and inappropriate use of economic knowledge.
  9. interpret and apply existing knowledge in a variety of situations macroeconomics
  10. You will be able to identify economic issues, describe the essential economic concepts, and select appropriate theories and tools to analyze the issues in situations you have not previously encountered.
  11. effectively employ selected analytical and critical thinking tools used by economists

Additionally, research indicates that student learning and retention increases if students are active rather than passive. One way to enhance active learning is with small groups or teams (Together Everyone Achieves More). Therefore, students will have the opportunity to form teams to enhance their opportunity to succeed.Small groups can also allow more flexibility to accommodate students with different primary learning preferences.

Publications:

A major objective of this course is to promote the application of principles and concepts presented to current events, since students who are able to do so seem to learn the material better, retain it longer, and indicate more satisfaction with the course. Reading publications such as The Economist, U.S. News and World Report, Newsweek, The Wall Street Journal, and Forbes can alert students to current events to which concepts discussed in class can be applied.

Evaluation:

Assessment / Value / Description
Homework
And
Quizzes / 400 points / Numerousexercises(12- 15) will be assigned during the term. Some will be homework, some in class quizzes.
Your best ten (10) ofthese exercises will count. Homework is due at the beginning of class (first 5 minutes) on the days indicated. I will accept no late submissions for ANY reason (illness, death in the family, or the family dog).
Original essays / 200 points / During the term each student will have the opportunity to write and share two (2)short (3-400 words) essays. Each will be worth a maximum of 100 points. See assignments and grading rubric for details.
CBT Multiple-Choice Tests / 500 points / There are a total of five (5) multiple-choice exams during the term; each is worth 100 points. Students will have two (2) attempts for each test.
Tests 1-4 are 40 question hourly exams on specific topics from the textbook, as described in the “Summary of Test Contents”.
Test 5 is an 80 question comprehensive final exam.
Total available points / 1100 points

Grading:

Grade / Points / Grade / Points
A / 900 / C / 700
A- / 880 / C- / 680
B+ / 840 / D+ / 640
B / 800 / D / 600
B- / 780 / D- / 580
C+ / 740 / F / Below 580

Course Structure:

Prior to meeting in class, students will complete the assigned readings, worksheets, and CBT quiz.

Readings: Students should read the assigned chapters in the textbook, memorized new terms, their meanings and use, and at least struggled with understanding new concepts presented.

Worksheets: The worksheets are designed to encourage each student to encounter the material before it is covered in class, to reveal questions about the material, and prepare students to participate meaningfully during class. Typically some class time is devoted to students working on the worksheets in groups.

Prepare a list of questions: Prepare a list of questions about any of the material you have prepared. Be as specific as you can. This will help you express yourself in class. The specificity of the question will also help you get a satisfactory answer.

Students are encouraged to consult one another as they compose their answers. Learning from peers is a powerful aid to student success. However, each student must complete and submit their own assignments. Copying another student’s work and claiming it as your own is plagiarism. It will not be tolerated.

During class, there will be a variety of activities. Class time is a very limited and valuable resource. We must strive to make the best use of it we can. Classroom activities are designed to encourage individual participation and accountability, group cooperation, and an atmosphere of positive interdependence of the entire class. From time to time work generated during class will be collected for assessment.

Student questions: Most classes will begin with student questions on the selected material, the assigned worksheetsand/or current events. This allows the scarce classroom time to be used to address those issues students find most difficult to comprehend.

Group work: Additionally, students may work in groups to develop better understanding of the material covered on a worksheet or in the textbook. If they chose, students may work individually to develop an understanding of important material.

Lecture: Occasionally, usually as a last resort, the instructor may lecture.

Quizzes: Short exercises based on the worksheets will occasionally be given.

After class, students will work on homework, essay assignments, and take the CBT exams.

Homework: Homework exercises, like quizzes, are NOT a group activity. Homework is typically due the first class day following classroom discussion of the related worksheet. Each student must submit their own work at the beginning of the class they are due. Any student that fails to submit a completed copy upon entering the classroom will receive no credit for that homework.

These exercises are structured similarly to the worksheets.They are designed to allow students to practice material and gain a deeper understanding. They should allow students to assess their understanding of the material.

Writing Assignments: During the term each student will have the opportunity to write and share four (4) original short (3-400 words) essays and numerous responses to other students’ essays. Students should consult the “Class Writing Opportunities” document for detailed instructions. What follows is a short summary.

Students will select a recent article or news story and formulate an economic question, thesis or theme to address in the essay. They will then write a short paper (3-400 words) that addresses the question, thesis, or theme. The essays should then be submitted to peers for critique. After receiving peer input on their paper, each student will revise the essay and submit the revised essay to me via WebCT. See the description of the writing assignments and grading rubric for details.

Students should read their classmates essays and respond quickly.

Exams: Are given at strategic points during the course to allow each student to demonstrate her or his command of economic terminology and existing economic knowledge. These tests are part of your learning activity and are constructed on a modified mastery model. Thus you will be able to attempt each test twice. Your best score will count towards your course grade. Each test covers a specified set of topics and is generated by a stratified random sample of questions from a large data bank. Thus while each attempt of the test will be different, the difficulty level and coverage will be comparable.

They are administered at the Center for Computer Base Testing (CBT) to allow a manageable level of administration cost. For each test there will be a specific time period (usually 1 week) during which you must take the test. All test windows end at 4 pm!! These times are listed on the syllabus and on the WebCT calendar. Updates will be posted on WebCT.

After you complete the test you may obtain a report of your performance on each topic covered by the test by requesting the report from personnel in Carroll Hall room 324. Please be patient, as the reports may take a few minutes to generate. We are working to make these reports more accessible, but for now this is the best we can due.

Your best strategy for maximizing your performance on these assessments is to study the textbook chapters covered on the test. Make sure you know the definitions, can identify concepts and are able to complete the end-of-chapter questions. After this preparation, take the test for the first time. After you receive your score for the test, review the analysis of your performance to determine those topics on which you performed unsatisfactory. Study those topics on which you wish to increase your understanding and retake the test. Historically, those who have taken the retest at least 18 hours after the first have improved their scores, while those taking the retest the same day as the first attempt have not.

Disclaimer: This syllabus is subject to change as the pace of the course is determined, in part, by the students in the course. Modifications will be posted on WebCT as soon as they are made.

Notice:

The readings in the outline below are from the text. All readings should be completed before doing the assigned worksheets. Please bring any questions or misunderstandings to my attention as soon as possible.

OUTLINE OF TOPICS, READINGS, and ASSIGNMENTS (subject to change)

Readings / Assignments
Week 1
01/16 to 01/20 / Monday 01/16– No Class
Martin Luther King Jr Day
Chapters 1 – 2 (Introduction) / Worksheet 00 (Web CT)
Week 2
01/23 to 01/27 / Chapters 3 – 4 (Markets and exchange) / Worksheet 01
Week 3
01/30 to 02/03 / Chapter 19 (International Trade) / Homework01 (Key terms)
Worksheet 02
CBT Test 01(BP 1- 4, 19)
Week 4
02/06 to 02/10 / Chapter 5 (GDP and Standard of Living) / Homework 02 (Voluntary Exchange)
Worksheet 03
Week 5
02/13 to 02/17 / Chapter 7 (The CPI and Cost of Living) / Homework 03 (GDP)
Worksheet 04
Week 6
02/20 to 02/24 / Chapter 6 (Jobs, Unemployment) Chapter 8 sections 8.2 and 8.3) / Homework 04 (Prices)
Worksheet 05
Week 7
02/27 to 03/03 / Chapter 8 (AD-AS) Chapter 14 sections 14.2 and 14.3 / Homework 05 (Labor Markets)
Worksheet 06
CBT Test 02 (BP 5 - 8)
Week 8
03/06 to 03/10 / Chapter 9 (Investment and Saving) Chapter 13 section 13.1 / Homework 06 (Aggregate Demand and Supply)
Worksheet 07
Week 9
03/13 to 03/17 / Chapter 10 (Economic Growth)
Discussion of Essays / Homework 07 (Saving and Investment)
Worksheet 08
Essay 01 (Compare Measure of Activity and Measure of Well-being)
Week 10
03/20 to 03/24 / Chapters 11 and 12 (Monetary System and Money Creation) / Homework 08 (Growth)
Worksheet 09
Week 11
03/27 to 03/31 / Spring Break
Week 12
04/03 to 04/07 / Chapters 11 and 12 (Monetary System and Money Creation) / Homework 09 (Money 01)
Worksheet 10
CBT Test 03 (BP 9 - 12)
Week 13
04/10 to 04/14 / Chapter 13 (Money, Interest, and Inflation) / Homework 10 (Money 02)
Worksheet 11
Week 14
04/17 to 04/21 / Chapters 14 and 15 (Business Cycles and Expenditure Multipliers) / Homework 11 (Inflation)
Worksheet 12
Week 15
04/24 to 04/28 / Chapter 16 (Fiscal and Monetary Policy) / Homework 12 (Multipliers)
Worksheet 13
CBT Test 04 (BP 13 - 15)
Week 16
05/01 to 05/05 / Chapter 18 (Fiscal and Monetary Policy Debates) / Homework 13 (Policy)
Worksheet 14
Homework 14 (Policy Debates)
Essay 02 (Fiscal and/or Monetary Policy)
Week 17
05/08 to 05/12 / Final Exam Week / CBT Test 05 (Comprehensive final exam)

See official final exam date and times at: