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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 202-2"
COURSE NAME: "Principles of Macroeconomics"
SEMESTER & YEAR:
Spring 2017
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SYLLABUS
INSTRUCTOR:
John Westley
EMAIL: [email protected]
HOURS:
MW 10:00 AM 11:15 AM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
By appointment or before and after class
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COURSE DESCRIPTION:
An introduction to the basic principles of the macro economy, such as national income accounting, determination of national income, business cycles, inflation, unemployment, fiscal and monetary policy, macroeconomics in the open economy, and economic growth.
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SUMMARY OF COURSE CONTENT:
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The course will cover the following topics in macroeconomics: the appropriate balance between the market and the government the economy, comparative advantage and trade, supply and demand, the data of macroeconomics, including employment, economic growth, the financial system, basics of finance, money, banking and central banks, inflation, loanable funds, the fiinancial crisis of 2008, exchange rates, balance of payments, aggregate supply and demand, business cycles, monetary and fiscal policy the inflation-unemployment tradeoff, the nature of common currency areas, and current issues in the Eurozone.
The course will use assigned readings to shed additional light on key current issues, including the appropriate balance on market and government, especially with regard to the issue on inequality; the causes and consequences of the financial crisis of 2008; and the problems facing the Euro area.
Students are strongly encouraged to read articles from the “Economist” (available in the university’s library), the “Wall Street Journal” and “Financial Times”, and should follow the daily news on economic events.
Materials on the course will be posted on the MyJCU website. |
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LEARNING OUTCOMES:
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- Understand basic macroeconomic concepts and use them to construct a critical argument
- Learn to read data and evaluate to sources of economic data
- Write and speak clearly and carefully in articulating a convincing argument
- Be able to assess the arguments of public figures concerning economic policy |
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| End This Depression Now | Paul Krugman | W W Norton | 978-0-393-08877-9 | | | | | |
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REQUIRED RESERVED READING:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments |
| The Price of Civilization | Jeffrey D Sachs | Random House | 978-1-4000-6841-8 | | |
| Common Wealth: Economics for a Crowded Planet | Jeffrey D Sachs | Penguin | 978-1-59420-127-1 | | |
| The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers | Robert L Heilbroner | Simon and Schuster | 978-0-684-86214-9 | | |
| After the Music Stopped: The Financial Crisis, the Response and the Work Ahead | Alan Blinder Penguin 978-0143124481 | Penguin | 978-0143124481 | | |
RECOMMENDED RESERVED READING:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments |
| The Shifts and the Shocks | Martin Wolf Penguin 978-159420-544-6 | Penguin | 978-159420-544-6 | | |
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| First Exam | Short answers and essays. | 25% |
| Second Exam | Short Answers and Essays | 25% |
| Short Papers | Ten in all, each worth one point | 10% |
| Final Exam | Short Answers and Essays | 40% |
-ASSESSMENT CRITERIA:
AWork of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the couse. 90-93: A-; 94 - 10
BThis is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments. 80-83 B-; 84-86 B; 87-89 B+.
CThis is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings. 70-73, C-; 74-76, C; 77-79, C+.
DThis level of performances demonstrates that the student lacks a coherent grasp of the material.Important information is omitted and irrelevant points included.In effect, the student has barely done enough to persuade the instructor that s/he should not fail. 60-63, D-; 64-66, D; 67-69, D+.
FThis work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant. Below 60 is failing.
-ATTENDANCE REQUIREMENTS:
As the final exam is comprehensive, students who miss 4 classes or fewer (excused or unexcused) will have the option to drop the grades from the midterm exams that are low, and to add the weight of those exams to the final. Students who do not meet the attendance requirements will not have this option.
Students are expected to have read assignments before class and to participate in class discussion. |
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ACADEMIC HONESTY
As stated in the university catalog, any student who commits an act of academic
dishonesty will receive a failing grade on the work in which the dishonesty occurred.
In addition, acts of academic dishonesty, irrespective of the weight of the assignment,
may result in the student receiving a failing grade in the course. Instances of
academic dishonesty will be reported to the Dean of Academic Affairs. A student
who is reported twice for academic dishonesty is subject to summary dismissal from
the University. In such a case, the Academic Council will then make a recommendation
to the President, who will make the final decision.
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STUDENTS WITH LEARNING OR OTHER DISABILITIES
John Cabot University does not discriminate on the basis of disability or handicap.
Students with approved accommodations must inform their professors at the beginning
of the term. Please see the website for the complete policy.
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SCHEDULE
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Week 1: January 16, 18
Chapter 1 Ten Principles of Economics
Chapter 2 Thinking Like an Economist
Interdependence and the Gains from Trade (Chapter 3 from the 2nd Edition, Mankiw and Taylor Macroeconomics; see handout)
Chapter 3 The Market Forces of Supply and Demand
Week 2: January 23, 25
Chapter 4 Measuring a Nation's Income
Chapter 5 Measuring the Cost of Living
Week 3: January 30, February 1
Chapter 7 Unemployment
Chapter 6 Production and Growth
Week 4: February 6, 8, 10
Monday: Exam 1: Chapters 1-7
Wednesday and Friday: Chapter 8 Saving, Investment and the Financial System
Week 5: February 13, 15
Chapter 9 The Basic Tools of Finance
Week 6: February 22, 24
Chapter 10 The Monetary System
Week 7: February 27, March 1
Chapter 11 Money Growth and Inflation
Chapter 12 Open-Economy Macroeconomics: Basic Concepts
Week 8: March 6, 8
Chapter 13 A Macroeconomic Theory of the Open Economy
Week 9: March 13, 15
Monday: Exam 2: Chapters 8 - 13
Wednesday: Chapter 16 Aggregate Demand and Aggregate Supply
Week 10: March 20, 22
Chapter 16 (continued)
Chapter 17 The Influence of Monetary and Fiscal Policy on Aggregate Demand
Week 11: March 27, 29
Chapter 17 (continued)
Chapter 18 The Short Run Trade-Off Between Inflation and Unemployment
SPRING BREAK
Week 12: April 10, 12
Chapter 21 The Financial Crisis and Sovereign Debt
Week 13: April 19
Chapter 20 Common Currency Areas and Monetary Union
Week 14: April 24, 26
Chapters 20 and 21 Review
Final exam: Comprehensive. See the University schedule for date and time.
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