Byron Gangnes
Fall 2009
Webster 103, TR 3:00-4:15
Economics 131. Principles of Macroeconomics
**Preliminary--Subject to Change (revised 8/25/09)**
http://www2.hawaii.edu/~gangnes/131main.htm
Office
Hours
Prof. Gangnes: Wednesday 10:00-11:30 AM or by appointment, Saunders 513, 956-7285, gangnes@hawaii.edu.
Teaching Assistant Xiaodong Sun: Tuesday 9:30-11:00 AM or by appointmen, Saunders 539, 956-8639, sun9@hawaii.edu
Student
Learning Outcomes
1.
To be familiar with and able to explain key principles
of macroeconomics, including the causes and effects
of inflation, unemployment and income inequality; determinants of international
differences in economic growth rates; sources of business cycle fluctuations;
the role of government policy in stabilizing the economy and promoting
long-term growth; financial markets and the Fed's monetary policy; taxes,
spending and the problem of budget deficits, the determination of trade
imbalances, exchange rate fluctuations and balance of payments crises.
2. To be able to use appropriate models to analyze the issues listed above, and to draw appropriate conclusions about the likely effect of economic developments and policy interventions.
There is no prerequisite for this course.
Resources
The following course materials are available as a
bundle from the bookstore:
Text: Robin Bade and Michael Parkin, Foundations
of Macroeconomics (with MyEconLab
for Cousecompass), 4th ed. Pearson Addison-Wesley,
2009.
Course Administration
and Online Resources: MyEconLab
in CourseCompass (http://www.coursecompass.com/).
Subscription included in bookstore bundle or can be purchased separately. CourseID: gangnes94686
Assigned textbook readings for each course section
are indicated in the course schedule. From time to time I will assign
additional readings on issues of current interest. You are responsible for all
assigned textbook and supplementary readings and the content of my
lectures.
Course
Requirements
Grades for the course will be based on two midterm
exams (20% each), one comprehensive final exam (30%), homework assignments (20%),
and in-class quizzes and activities (10%).
Exams:
Exams will consist of multiple choice questions and
application questions similar to those in the weekly homework assignments. The
midterm and final exams must be taken at the dates and times given in
the schedule below.
You must bring a valid picture ID card to each
exam.
Homework:
There will be a MyEconLab homework assignment each
week, which you will complete online. Late
homework will not be accepted. While I
encourage you to study with other students, I expect you to complete your online homework individually. The teaching assistant will go over homework answers
during the next weekly review session.
In-Class Quizzes
and Exercises:
Approximately once each week there will be a short
in-class quiz or exercise on the material we are studying that week. Only students in attendance will be able to
complete these activities. In some
cases, you may be asked to work in small groups to complete the in-class
exercise.
Class Participation:
I expect you to attend all lectures, to prepare in
advance, and to participate actively in class discussions. I will reward you
with extra credit for class participation.
Plus-Minus
Grading
I will award plus and minus grades for course work
and the overall course grade, according to this
plus-minus grade schedule, applied to adjusted (curved) scores.
The University has strict standards on academic
honesty and severe penalties for dishonesty. Please review carefully this page
on honesty and the language in the University
Catalogue.
If you feel you need reasonable accommodations
because of the impact of a disability, please (1) contact the KOKUA Program
(V/T) at 956-7511 or 956-7612 in room 013 of the QLCSS, and (2) speak with me
privately to discuss your specific needs. I will be happy to work with you and
the KOKUA Program to meet your access needs related to your documented disability.
Learning economics involves acquiring familiarity
with economic concepts and developing the skill of applying economic methods to
analyze policy issues. To understand the key economic principles we are
studying in class, be sure to keep up with the textbook readings. Look over
assigned readings before the lecture, and then read them more carefully
afterwards. Use the Powerpoint lectures as a starting
point and take careful notes during lectures, since exam questions will be
based directly on lecture content and assigned readings.
The weekly homework assignments will give you practice using economic principles to analyze specific
problems. Work through these problems carefully. Attend the weekly review
sessions for additional help on the previous week's homework assignment. Keep
abreast of economic news by reading the business section of a good general
newspaper, The Wall Street Journal, or The Economist on a regular
basis.
Our class MyEconLab
(CourseCompass) web site is the place to go for an
up-to-date version of this syllabus, links to topical articles, online homework
assignments, and copies of my lecture notes. The MyEconLab
site also includes an online version of the textbook, a study guide, a discussion board, current news stories, and other
resources.
One MyEconLab
tool that may be particularly helpful is the Study Plan. This
interactive study tool allows you to assess your current knowledge by taking
sample tests and then, based on your results, it leads
you through targeted study of topics you still need more work on. Please see
the TA or me if you need help.
VangoNotes for Foundations of
Economics, 3/e (click link in online version of this syllabus) are
MP3 audio files that provide 20-25 minute chapter reviews and practice quizzes.
(Your instructor wrote the scripts for most of the macro chapters, so maybe
this will give you an idea of what he thinks is important!) These are
an added-cost textbook supplement, and you can buy individual chapters or the
whole book. Note that these were
written for the previous edition of the textbook, and the order and
content of chapters has changed somewhat, so let me know if you have any
questions.
Come see me or the teaching assistant if you have
questions about the course or your progress, or if you would like additional
help. And be sure to consult our class web page often for up-to-date course
information.
Course
Schedule
The following is a plan for the course, showing
exam dates (firm) and a lecture schedule (tentative).
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Date |
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Begin
Discussing: |
Text
Chapter |
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Aug. |
25
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Course
Overview, Intro to Economics |
1 |
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27
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The
Macroeconomy and the Macro Policy Challenge |
2 |
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Sep. |
1
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Economic
Fundamentals |
3 |
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3
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8
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Demand,
Supply and Equilibrium |
4 |
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10
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15
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Measuring
the Economy's Output |
5 |
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17 |
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22 |
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24 |
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29 |
First Midterm
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Oct. |
1
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6
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The
Financial System and Monetary Policy
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11
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8
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13 |
Money, Interest and Inflation |
12
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15 |
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20 |
Aggregate
Supply-Aggregate Demand
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13
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22 |
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27 |
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29 |
Second Midterm
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Nov. |
3
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Fiscal Policy
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16
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5
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10
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The Short-Run Policy Tradeoff | 15 |
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12 |
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17 |
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19 |
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24 |
Economic
Growth
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9
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26 |
Thanksgiving -- No Class |
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Dec. |
1
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3
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Exchange
Rates, Balance of Payments and Crises |
19 |
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8
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10 |
Last
Day of Class |
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Final Exam: Tuesday, December 15, 2:15-4:15 PM