Econ 2301- Principles of
Macroeconomics
Section 016, Synonym 43943
Fall-2009
South
Austin Campus
1:25-1:50
p.m., T- Th
INSTRUCTOR:
Joseph Eblen TEL:
512-223-9224 (office hour)
OFFICE: 1321 CLASSROOM: 1316
OFF. HOURS: M-T-W, 12:15-1:15 p.m. E-MAIL:
jeblen@austincc.edu
And conferences by
outside appointment
COURSE
MATERIALS:
Principles
of Macroeconomics—N. Gregory Mankiw, 5th. ed.
COURSE DESCRIPTION:-
Principles
of Macroeconomics deals with consumers as a whole, producers as a whole, the effects of government spending and taxation policies and
the effects of the monetary policy carried out by the Federal Reserve Bank.
Macroeconomics is concerned with unemployment, inflation, and the business
cycle.
INSTRUCTIONAL METHODOLOGY: lecture, lecture/discussion, group
projects, Socratic, research based.
Specific emphasis will be on:
I. Success: To see every student succeed is my teaching and educational
commitment. Success is measured in
gaining an understanding of our subject and in applying it in the world around
you.
II. Interactive Learning: When learning occurs, usually the teacher
doesn't lecture for an hour or so while the class just sits. Questions and constructive comments help
clarify a subject and increase everyone's understanding. I welcome them. Throughout lectures I will
lay out the principles that our subject is based on and demonstrate
applications of them; I will take whatever time is necessary for clarity
throughout our class, stop frequently to answer questions, and work to see that
every student who wants to learn succeeds.
III. Listening: The act of listening can lead to
understanding and will help in taking good notes. Also, if there is something in the lecture
that is not clear, this can be the best time to ask about it. In addition, a fair amount of the test
questions will come from good notes.
IV. Problem Solving: The key in understanding Macroeconomics is
gaining the ability to solve problems.
In doing so, first, one must understand the material; second, one should
use the given tools such as graphs and formulae to arrive at the correct
answer. In lecture, I will work example
after example to demonstrate how it is done.
You will gain experience and knowledge from solving problems with your
classmates. On practicing problem solving, it is important to work together
and give help when needed because problem solving is a key to
mastering macroeconomics.
V. Reading: Read the assigned
material before coming to class. This
will help in your understanding of the material and will reinforce the
lecture. If some concept still remains
unclear, I will help so that you will be able to stay current with the
subject. Economics is an analytical
subject that builds upon itself so that if you don't
understand the first step, the second step will not be as straightforward. It's
easy to fall behind. When you do not
understand something, please see me as soon as possible so that your
understanding of the subject will remain clear.
COURSE RATIONALE:
This
course is meant to give students insight into the dynamics of our national
economy. The knowledge gained in the course will make students better informed
citizens and allow them to follow the debates over national economic policy
reported in the news media. This course is also a foundation course that will
prepare students to be successful in upper division finance, marketing,
business administration, economics, government, and social work courses.
COMMON COURSE OBJECTIVES/STUDENT
OUTCOMES AS ESTABLISHED BY THE ECONOMICS DEPARTMENT:
Students
who complete this course will be able to understand:
-the
meaning of unemployment and inflation data and how that data is collected and
computed;
-the
meaning and components of the National Income Accounts, especially GDP;
-the
meaning of the business cycle and its phases;
-and
to manipulate the basic Aggregate Supply, Aggregate Demand model of the macro
economy;
-how
fiscal policy operates, its tools, and its advantages and drawbacks;
-how
a fractional reserve banking system works;
-how monetary policy operates, its tools, and its
advantages and drawbacks.
COURSE/CLASS POLICIES:
All ACC
guidelines and policies as outlined in the student handbook and the college
catalog will be followed (scholastic dishonesty, withdrawals, incomplete
grades, etc.) Concerning freedom of expression, each student is strongly
encouraged to participate in class. In any classroom situation that includes
discussion and critical thinking, there are bound to be many differing
viewpoints. These differences enhance the learning experience and create an
atmosphere where students and instructors alike will be encouraged to think and
learn. On sensitive and volatile topics,
students may sometimes disagree not only with each other but also with the
instructor. It is expected that faculty
and students will respect the views of others when expressed in classroom
discussions.
ATTENDANCE:
Mandatory for success. Some material given in
class will not come from the textbook and the volume of material to be covered
makes the effort for you that much greater to catch up. In addition, the class and your notes will
support continued understanding of the subject and will make a difference in
one's knowledge and final grade. At
times, role will be taken; in addition, missing work or failing to pick-up work
when it is handed back will count as an absence. After four absences, the classmate will receive an F for the class
and no further quizzes, homework or exams will be issued.
OFFICE HOURS :
The
instructor is eager to help all students achieve their goals for this course.
But students must do their part and communicate during office hours or by
e-mail or voice mail with the instructor regarding any difficulties or
challenges with course materials or life circumstances.
WITHDRAWALS AND DROPS AND INCOMPLETES:
The last day to drop a course is August 26
and the last date to withdraw is November 23.
WITHDRAWLAS :
Students are
responsible for withdrawing themselves from the course. The instructor will not initiate withdrawals nor is
responsible for withdrawing students. Students who simply stop coming to
class but do not officially withdraw themselves from the class will be required
to be assigned a grade-it will be an
"F." Please note that a
recent state policy limits incoming freshmen to only 6 withdrawals for the
entirety of their college careers. No “incompletes” will be allowed except
for documented medical reasons.
INCOMPLETES :
Incompletes
are discouraged. They will be given only when extraordinary events intervene so
as to make completion of the course impossible. If you want an incomplete,
these events must be documented. To receive an incomplete the student must have
completed all work (each individual exercise) up to the Final with a C or
better on each, individual exercise. The student must also come by my office to
fill out an incomplete form. If the form is not filled out, an incomplete grade
will not be given. Incompletes will not be given to students who are behind
schedule when the semester nears its end. Nor will incompletes be given to
students who need just a few more points to make the next higher letter grade. The grade of “I” (Incomplete) will only be
awarded for medical reasons verified by a satisfactory
letter from a physician. All “Incompletes” must be completed within four weeks
in the following semester.
There are no exceptions to this policy. Plenty of opportunity exists during the
semester to accomplish your goals.
SCHOLASTIC DISHONESTY:
Scholastic
dishonesty: Acts prohibited by the college for which discipline may be
administered include scholastic dishonesty, including but not limited to
cheating on an exam or quiz, plagiarizing, and unauthorized collaboration with
another in preparing outside work. Academic work submitted by students shall be
the result of their thought, research or self-expression. Academic work is
defined as, but not limited to tests, quizzes, whether taken electronically or
on paper; projects, either individual or group; classroom presentations, and
homework.
Students with
Disabilities:
Students
with disabilities: Each ACC campus offers support services for students with
documented physical or psychological disabilities. Students with disabilities
must request reasonable accommodations through the Office for Students with
Disabilities on the campus where they expect to take the majority of their
classes. Students are encouraged to do this three
weeks before the start of the semester.
CLASSROOM CIVILITY:
Civility
is the rule and respect for your classmates is expected. Everyone has paid for the opportunity to
learn and participate. Coming in late
for class or leaving the classroom during lecture--Please see me first and you will find I will be supportive and
accommodating if you do have a reason. Any
disruption to the learning process and/or the lecture will not be
tolerated. You will be asked to leave
the class immediately. Examples of disruptive
behavior follow. Prolonged chattering
within groups is intolerable; after the first verbal warning, if the noise
continues, you will be asked to leave the class and not return until you visit
with me. Making offensive remarks, using
cell phones, reading the textbook
and newspapers, and dominating the discussions are all a NO. Any outbursts, foul language and the ilk will
merit a visit to the Dean of Students and a request from the instructor that
the student be dismissed from the class.
…..just
be nice……..
___________________________________________________________________________
|
SUBJECTS OF INTEREST |
CHAPTER |
DATES |
|
1. Interdependence and the Gains from
Trade |
Chapters 1-2-3 |
Aug. 25, 27, Sept. 1 |
|
2. Forces of Supply and Demand |
Chapter 4 |
Sept. 3, 8 |
|
REVIEW QUIZ; Start Chapter 10 |
|
Sept 10 tentative |
|
3. Measuring a Nation's Income- GDP |
Chapter 10 |
Sept. 15, 17 |
|
4. Measuring Inflation- CPI |
Chapter 11 |
Sept. 22 |
|
5. Unemployment and Its Natural Rate |
Chapter 15 |
Sept. 24, 29 |
|
6. Productivity |
Chapter 12 |
Oct. 1 |
|
EXAM I |
|
Oct. 6 tentative |
|
7. Saving, Investment and the Financial
System |
Chapter 13 |
Oct. 8, 13 |
|
8. The Monetary System |
Chapter 16 |
Oct. 15, 20 |
|
9. Money Growth and Inflation |
Chapter 17 |
Oct. 22, 27 |
|
10. Open Economy Macroeconomics |
Chapter 18 |
Oct. 29, Nov. 3, 5 |
|
EXAM II |
|
Nov. 10 tentative |
|
11. International Trade |
Chapter 9 |
Nov. 12 |
|
12. Aggregate Demand and Aggregate
Supply |
Chapter 20 |
Nov. 17, 19 |
|
13. Monetary and Fiscal Policy on
Aggregate Demand |
Chapter 21 |
Nov. 24, Dec. 1, |
|
14. Inflation and Unemployment |
Chapter 22 |
Dec 3, 8 |
|
EXAM III - FINAL |
|
Dec. 10 definite |
***** Note: This syllabus is subject to change at the
discretion of the instructor.
COURSE
GRADING SYSTEM
GRADES: 267+ A(89-100%) DETAILS:
Three Exams- -180pts. 237-266 B(79-88%) Quizzes/HW -60pts. 207-236 C(69-78%) Paper -30pts. 180-206 D(60-69%) WSJ Present -30pts. 179- F(59%-)
Total –300pts
EXAM DATES: Exam I-60pts. -- 6 October - tentative
Exam II-60pts.– 10
November - tentative
Exam III-60pts. – 10 December - definite
Exams are lecture/notes-based and will
include the Questions
& assigned Problems/Applications of each chapter.
The final is cumulative. The exams will be a combination of multiple choice, true/false
and questions/problems to be solved and answered in a written format. You can bring calculators; they must be
cleared before the test.
Missed
Examinations:
There are no make-up exams; the score of the following exam will be
doubled, but the absence from the exam must be excused. Absence from an exam or a class is excused at the instructor’s
discretion and so make sure your excuse is a professor-approved, legitimate, verifiable
one (a death in the immediate family, an illness, an ACC approved function)
and notify me about it before the class (or within 24 hours of the
missed class if there is a death in the immediate family); otherwise a zero
grade will be given. Do not miss the
final as there is no following exam.
Quizzes/HW:
There will be six,
ten points each, and will be in class or through
ACC email.
Paper:
A one page
paper, the Economic Naturalist, using the concepts of macroeconomics in showing
how the Economy has had an effect on you.
Details will be given in class and on Blackboard.
Wall Street Journal Report: One
short presentation and short paper based on a recent Wall Street Journal
article where you point out Macro principle(s).
Details-- in class and on Blackboard
ALL ASSIGNED GRADES ARE FINAL (unless there’s a calculating or scantron
error). The idea of debating for more points is a
thing of the past here.
STUDENTS ARE EXPECTED TO HAVE AN ACC
EMAIL ACCOUNT AND THEIR BLACKBOARD ACCOUNT (THESE ARE DIFFERENT ACCOUNTS) SET
UP AT THE BEGINNING OF CLASSES. STUDENTS
ARE EXPECTED TO CHECK THEIR EMAIL ACCOUNT DAILY. STUDENTS ARE EXPECTED TO REVIEW THEIR GRADES
ON BLACKBOARD. ONE WEEK AFTER THE GRADE
IS POSTED, IT BECOMES FINAL.
--Check
Blackboard weekly where our assignments and schedule are posted in the
Announcements section. Also, grades will be updated weekly and
become final one week after they are posted.
While I will make every effort to see the correct grade is recorded, the
responsibility is yours to review it and to make certain it is correct. No one looks after your business better than
you.
HOW
TO STUDY FOR THIS CLASS: 1-Read the chapter
when it is assigned. 2-Read and reread
the lecture notes. 3-Do the Questions
for Review using the lecture notes and book, if necessary. 4-Try again to do the
Questions for Review without using the lecture notes and book. 5-Repeat this process until
you do not have to use the book or notes, but can answer/work the problems on a
blank sheet of paper. 6-Do the
Assigned Problems & Applications using the same method. 7-Study the lecture notes thoroughly. 8-Never hesitate to stop by my office for my
help. In
conclusion, it’s going to be work, work, and work. And know you have help when you need it.
EXTRA CREDIT: Extra
credit is given if and only if the instructor initiates it first for the whole
class. A classmate can always ask, but
missed assignments, the infamous never made a ‘B’, the blame game and such do
not work. Learning and working toward
the goal of understanding macroeconomics are the paths to success and points.
_____________________________________________________________________________
To see every student succeed is my
teaching and educational commitment.
Success is measured, first, in gaining an understanding of our subject
and, second, in applying it in the world around you. Through lectures I will lay out the
principles that our subject is based on and demonstrate applications of them; I
will take whatever time is necessary for clarity throughout our class, stop
frequently to answer questions, and work to see that every student who wants to
learn succeeds.
The act of learning is hard work and
that is something no one can do for you.
Also, with learning, it is as Confucius said, I hear, I forget; I see, I
understand; I do, I remember. The learning in our class will be
interactive. You may be called on to
present a solution to an assigned problem, or to share with the class some
event of interest you’ve found in the WSJ, or to answer questions about
an ongoing lecture. At times, I’ll ask
you to demonstrate what I’ve said to a fellow classmate to see if you both
understand a key point.
When one asks what is
macroeconomics, many people can't quite get at the definition. Actually, this is not that surprising because
it plays so many roles in our lives both decision making and ethical
responsibility. It can begin with a
hike in interest rates and from that we make buying and/or selling
decisions. While macroeconomics is the
study of the economy as a whole, its influence can be personal: did we get that
job or have we been downsized out of one?
Economic growth can boost our confidence or see it wane and vice versa. As the world becomes more globally integrated
through trade and finance, our economy and lives can be changed by economies of
countries thousands of miles away.
Everyday we put economics into practice by our actions; we all have a
sense of macroeconomics, but, perhaps, not in an analytical and logical
way. Here, we'll work toward gaining
that. Macroeconomics has both
explanatory and predictive power and our emphasis will be on the critical
thinking needed to use this.
Economics can be particularly
challenging. Its tools are profession
specific terminology & concepts, problem solving,
and, most important, the ability to explain the economic sense of particular
situations. By the end of the course
the students will have a clearer comprehension of the events we find occurring
in our lives today and the role each of us play in them. I would like you to have gained from the
knowledge here the satisfaction of understanding and the enjoyment and power of thought.
_______________________________________________________________________