Syllabus
ECON 2313-002 and 003
Spring Semester, 2011
Course: Principles of Macroeconomics
Learning Objectives: (1) To achieve an understanding of fundamental principles of economics such as opportunity cost, the law of demand, and comparative advantage; (2) to obtain familiarity with basic measures of aggregate economic activity such as gross domestic product, the unemployment rate, and the money supply; (3) to comprehend the essential features of the principal (competing) theories of aggregate output (or income) and employment, inflation, exchange rates and the balance of trade; and (4) to appreciate the link between macroeconomic theory and policy.[1]
Professor:
Christopher Brown
Business 412
870-972-3737 (tel.)
870-972-3417 (fax)
Office Hours: 1:30 to 3:00 p.m. MTWR
Text:
Robin Bade and Michael Parkin. Foundations of Macroeconomics, Student Value Edition packaged with MyEconLab (Boston: Pearson Higher Education), 2010. ISBN-13: 978-0-13-61267-9.
MyEconLab: MyEconLab is an online homework, tutorial, and assessment system that accompanies the Bade and Parkin text. Homework assignments completed online using MyEconLab will count for 15 percent of your grade in this course. There will be at least one graded homework assignment per chapter. The nine (9) highest homework scores will be counted toward your “homework” score (see below). MyEconLab provides access to economic news and videos from the Financial Times and ABC, as well as a complement of learning aids such as etext, guided solution, and the grapher tool. See attached sheet for registration instructions. Do not purchase a text that is not packaged with MyEconLab.
Examinations and Grades: The final grade is determined on the basis of the student’s performance on four (4) examinations and homework assignments completed using MyEconLab. Exams will consist of multiple choice questions. The various components have the following weights in the determination of the student’s final average:
Item / Weight(Percent)
Homework / 15
Exam 1 / 15
Exam 2 / 20
Exam 3 / 20
Final Exam / 30
Total / 100%
The following scale will be applied to determine the student’s final grade:
Range(Percent) /
Grade
88-100 / A
77-87 / B
65-76 / C
50-64 / D
Below 50 / F
Web Site: Browse to myweb.astate.edu/crbrown/2313.html to visit the ECON 2313 Home Page. The web site is best viewed by Internet Explorer 6.0 or higher. The course home page contains class announcements, links to course materials (such as PowerPoint slides used during lectures), and links to articles or other materials relevant to the course.
Make-up Policy: Should a student be forced to miss an examination, the student should make every effort to notify the professor in advance of the exam to be missed. If unable to contact the professor (by phone or e-mail) prior to the exam, the student should contact the professor as soon as possible. Presuming the student has made a good faith effort to notify the instructor, and if the student can present a credible excuse for his or her absence, then a make-up exam will be arranged.
Cell Phones: Be sure to turn off your cell phone during lectures. Students are warned that surreptitious texting may result in chastisement and/or public humiliation.
Schedule of Topics, Reading Assignments, and Examinations
Date /Topic / Reading
Assignment
Jan 10 / Introduction
Jan 12 / The Economic Way of Thinking / Ch. 1
Jan 14 / Making and Using Graphs / Appendix to Ch. 1
Jan 17 / MLK Day Observed
Jan 19 / U.S. and Global Economies / Ch. 2
Jan 21 / Opportunity Cost; The Production
Possibility Frontier / Ch. 3, pp. 62-74
Jan 24 / Comparative Advantage and Gains from Trade / Ch. 3, pp. 75-82
Jan 26 / Demand and Supply / Ch. 4, pp. 84-98
Jan 28 / Market Equilibrium; Effects of
Price Ceilings and Floors / Ch. 4, pp. 99-110
Jan 31 / Exam 1
Feb 2 / National Income Accounting / Ch.5, pp. 114-126
Feb 4 / Use and Limitations of Real GDP / Ch. 5, pp. 127-136
Feb 7 / Measuring Real GDP / Appendix to Ch. 5
Feb 9 / Jobs and Unemployment / Ch. 6
Feb 11 / The Consumer Price Index (CPI)
and the Cost of Living / Ch. 7
Feb 14 / Potential GDP and the
Natural Rate of Unemployment / Ch.8
Feb 16 / Saving, Investment, and the
Interest Rate / Ch. 10, pp. 241-257
Feb 18 / Government in the Loanable Funds Market / Ch. 10, pp. 258-264
Feb 21 / Exam 2
Feb 23 / Business Cycle Definitions and Facts / Ch. 13, pp. 325-337
Feb 25 / Aggregate Supply and Demand / Ch. 13, pp. 338-348
Feb 28 / Aggregate Expenditure;
The Consumption Function / Ch. 14, pp. 351-357
Mar 2 / Equilibrium Expenditure / Ch. 14, pp. 358-363
Mar 4 / The Multiplier Effect / Ch. 14, pp. 364-374
Mar 7 / The Functions of Money;
Measures of the Money Supply / Ch. 11, pp. 267-273
Mar 9 / The Banking System and the Federal Reserve / Ch. 11, pp. 274-281
Mar 11 / Bank Deposit (Money) Creation; Fed Open
Market Operations; The Money Multiplier / Ch. 11, pp. 282-294
Mar 14 / Money and the Interest Rate / Ch. 12, pp. 297-306
Mar 16 / The Quantity Theory of Money / Ch. 12, pp. 307-322
Mar 18 / The Federal Budget / Ch. 16, pp. 399-409
Mar 21-25 / Spring Break
Mar 28 / Discretionary Fiscal Policy;
The Automatic Stabilizers / Ch. 16, pp. 410-422
Mar 30 / Monetary Policy;
The Transmission Mechanism / Ch. 17, pp. 433-445
Apr 1 / Exam 3
Apr 4 / Alternative Monetary Policies / Ch. 17, pp. 446-459
Date /
Topic /
Reading
Assignment
Apr 6 / Trade Patterns and Trends;
International Outsourcing / Ch. 18, pp. 461-465
Apr 8 / Comparative Advantage--Again / Ch. 18, pp. 465-475
Apr 11 / Effects of Import Tariffs, Quotas,
and other Nontariff Barriers / Ch. 18, pp. 476-482
Apr 13 / Arguments for Trade Restrictions / Ch. 18, pp. 482-492
Apr 15 / WSSA: No Class
Apr 18 / The Balance of Payments / Ch. 19, pp. 493-500
Apr 20 / Exchange Rates / Ch. 19, pp. 501-511
Apr 22 / The Chinese yuan Issue;
Speculation and “Hot” Money / Ch. 19, pp. 512-518.
Apr 25 / Review Session
Apr 27 / Final Examination, Comprehensive [2]
How to Register and Enroll in Your MyEconLab Course
Welcome to MyEconLab! Your instructor has set up a MyEconLab course for you.
Textbook: Bade/Parkin: Foundations of Macroeconomics 5e
Course Name: ECON 2313 Spring 2011
Course ID: XL0M-11TZ-501Z-60M2
To join your instructor's course, please complete the following two steps:
1. REGISTER for MyEconLab, and, 2. ENROLL in your instructor's course
To register, you will need:
1. A valid e-mail address, and, 2. The access code that came with your MyEconLab Access Kit
If you don't have an access kit, you can purchase access online at http://www.myeconlab.com.
You will have the choice to purchase access with or without a full etext. Once enrolled in your professor's course, you will also have the option to purchase a discounted version of your text.
Step 1: Register for MyEconLab
1. Go to http://www.myeconlab.com and click the Students button, in the Register section.
2. Follow the on-screen instructions for choosing author and title.
3. Choose Register with an Access Kit/Code if an access kit was included with your book. If you need to purchase access online, click Purchase Access.
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1
[1] Other concepts (learning objectives) are: opportunity cost; demand and supply; price determination; national income and product accounts; business cycles; unemployment; inflation; aggregate demand and supply; money and the banking system; the federal budget; monetary policy; fiscal policy; national/public debt, and; international trade and finance.
[2] 12:30-2:30 p.m.