PRINCIPLES OF MACROECONOMICS: SPRING2014

Course Information
Course / GECON 200: Principles of Macroeconomics
Semester/Year / Spring 2014
Section / Registration # / Days/Time / Location
0007 / 10826 / TTH 3:30-4:45 / ZSHG004
0008 / 10827 / TTH 5:00-6:15 / ZSH G107
0009 / 10828 / MW 5:05-6:20 / ZSH G105
Instructor Information
Instructor / Philip Heap
Office / ZSH 445
Office Hours / Tuesday, Wednesday: 12:00-2:30and by appointment.
Phone / Office: (540)568-3031 / Home:(540)442-8881 (do not call between 9:00pm-6:00am)
E-Mail / / Web Site /
Course Description
The objective of this course is to understand the behavior of economic systems at both the national and global level. Topics include the methodology of economics as a social science, demand and supply, measurement of important macroeconomic variables, models of growth and global income inequality, inflation, interest rates, unemployment, business cycles, stabilization policy, and international finance.
This course is a COB prerequisite and satisfies the Global Experience requirement in Cluster Four. These courses help students become critical thinkers about their own societies and the larger global community. Students will be able to identify, conceptualize and evaluate: i) basic global problems, ii) global political, social, cultural and economic systems, iii) the issues involved in analyzing societies different from one's own, iv) the global forces that shape societies, v) theoretical models used in studying global problems, and vi) the strengths and limitations of alternative solutions to global problems across and within cultures.
Requirements and Policies
Textbook and other reading. / 1. Pearson Custom: Economics. GECON 200, Intro Macroeconomics, Philip Heap.
2.Abrams, B. Return to Animal Farm, McGraw Hill.
3. Abrams, B. The Terrible 10, The Independent Institute.
4. Easterly, W. The Elusive Quest for Growth, MIT Press.
5. Allison, J. The Financial Crisis and the Free Market Cure. (DO NOT BUY)
6. I will post additional readings on the website for this course.
Grading / Your grade in the course will depend on 5in-class quizzes (50 points), 2 book quizzes (20 points)and a final exam(30 points). Grading for coursework is likely to follow the standard criteria of 90-100=A, 80-89=B, 70-79=C, etc. If there is an adjustment to thescale, it will be in your favor.For example, the cutoff for an A may fall to 87. Under no circumstances will extra credit assignments or makeup points be offered because of poor performance on an exam or quiz.
In-Class Quizzes / I will give 8-9 in-classesquizzes, but only the best 5 scores will count towards your course grade. Each quiz will contain three or four short-answer questions, and may cover material from the previous two lectures and/or assigned reading for that day. I do not announce quizzesahead of time. I also have no reservations about giving a quiz on the first day of class. Since you are able to drop 3-4 quizzes, I do not offer makeups.
Book Quizzes / I will give 2 take-home book quizzes. You will have one class period to complete the quiz so it is important that you keep up with the assigned reading.
Attendance
Participation / There is no formal attendance policy for this course, however, attendance is strongly encouraged. Although participation is not required as part of your grade, it is strongly encouraged, and may benefit you when I assign final grades. Come to class prepared to answer questions directed at you. If you miss a class, you are responsible for getting any notes you missed. Please do not ask me to give you a private lecture on what you missed.Any student who does not attend the first two scheduled meetings of the class may be administratively dropped from the class. All students are responsible for verifying the accuracy of their schedules ( ).
Help Sessions / On Saturday or Sunday mornings (not all) I will hold help sessions to answer questions about the material from lecture and/or the reading. These sesssion are not mandatory, but students who attend generally receive higher grades that those who do not.
Final / The final exam is comprehensive and is worth 30% of your course grade. The dates and times for the final exam are as follows:
MW 5:05 class: Monday, May 5, 3:30-5:30
TTH3:30 class: Tuesday,May 6, 1:00 – 3:00 pm
TTH5:00 class: Tuesday, May 6, 3:30 – 5:30 pm
You must take the final when it is scheduled. No exceptions.
Add/Drop Withdrawals / The last day to add/drop this course is January 21. The last day to withdraw from this course isMarch 21. I do not give WP’s or WF’s so make sure you do not miss the withdrawal deadline.
Honor Code / I expect you to abide by the JMU Honor Code in this course. Please familiarize yourself the Honor Code. I will take appropriate action if I detect any instances of unauthorized collaboration or assistance. Unless otherwise written in the directions, you must complete all work on your own. Telling students in another section that there is a quiz that day and/or the questions on your quiz is a violation of the honor code.
Contact Information / If you have questions about the course material, see me during my office hours. If you cannot make it during those times, make an appointment. You are also free to drop by my office and I will be glad to help if I have the time. You may call my office or home (6:00am - 9:00pm). I rarely answer my phone even when I am home, so please leave a message. If I am there, I will either pick up or call you back.
Classroom Behavior / 1. Get to class on time: If you come late to class, you will have to sing “I’m A Little Teapot” or some other song in front of the class. Yes, I am serious.
2. You may not leave class during lecture. Take care of any “business” before class starts.
3. Turn off your cell phoneand do not use it during class. If your cell phone goes off or I see you checking message/texting etc., I will penalize you 10 points (10% of your grade)and I reserve the right to kick you out of class.
4. Do not talk to others while I am lecturing or one of your classmates is talking. I will penalize you 10 points (10% of your grade) and I reserve the right to kick you out of class.
5. Unless you have a medically verifiable disability, I do not allow the use of computers, notepads, or any technological devices in class.
Inclement Weather Policy / I will hold class unless classes are cancelled by the JMU administration for bad weather, bomb threats, fire alarms, or other unforeseen exigencies. If I am unable to make it to class, you should receive an e-mail and/or someone will post a note on the classroom door.
Accomodations / See JMU’s website for policies regarding observances for accommodating disabilities and religious holidays.
Tips for Doing Well In this Course
For many of you, this will be a difficult course. The material itself is not complicated, but many students take time getting used to the “economic way of thinking.”
1. As a rough guide, you should spend at least two hours studying for one hour of lecture: 4-5 hrs per week.
2. I would take rough notes during class, and then rewrite them before the next class. Supplement your class notes with notes from reading.Ask me during the next class and/or come seem me if you have gaps in your notes and/or did not understand some of the material I discussed.
3. Read before you come to class.
4. Ask questions if you do not understand something I say and/or if I cover something too quickly.
5. Come see me as soon as you get behind/lost/confused.
Course Outline
The following outline is tentative and is subject to change. I will announce reading assignments in class and post them on the course website. I expect you to read beforeyou come to class.You are responsible for all the material whether I cover it in class or not.
Unit / Topics
1 / Introduction and Basic Concepts
2 / Trade and International Finance
3 / Demand and Supply Analysis
4 / Aggregate Demand and Supply Analysis
5 / Money, Banks, and the Federal Reserve System
6 / Monetary Policy
7 / Fiscal Policy
8 / Economic Growth and Development