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COURSE NAME: "Principles of Macroeconomics "
SEMESTER & YEAR: Fall 2017

EMAIL: [email protected]
HOURS: MW 10:00-11:15 AM
PREREQUISITES: Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS: 8:00-8:30 before class or by appointment

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.
The course will cover the following topics in macroeconomics: comparative advantage and trade, supply and demand, the data of macroeconomics, economic growth, unemployment, the financial system, basics of finance, money, banking and central banks, inflation, loanable funds, exchange rates, balance of payments,  aggregate supply and demand, business cycles, monetary and fiscal policy, and the inflation-unemployment trade-off.  The course focus is on critical-thinking and analyses of economic issues.

*  Understand basic macroeconomic tools and concepts so as to use them to construct critical arguments regarding economic issues

*   Learn to read data and evaluate sources of economic data

*   Develop applications of mathematical tools

*   Write and speak clearly and carefully so as to better articulate arguments

*   Locate data sources and prepare visual presentations to learn how to properly document materials  and convey information clearly and ethically

Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
Brief Principles of MacroeconomicsGregory MankiwSoutherwestern Cengage13-978-0-324-60087-2 Any edition of the Mankiw introductory text (or the combined micro-macro version) will do.

First ExamShort problems and essays20%
Second ExamShort problems and essays20%
Third ExamShort problems and essays20%
Final exam Comprehensive essays plus short problems30%
Assignment using empirical dataStudents will work with Penn World Table data on a selected country and produce graphs on key economic variables as well as write up a short summary of their findings. The specific assignment will be handed out in class.10%

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 course. 90-93: A-; 94 and higher: A
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-; 64-67: D; 68-69: 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.


As the final exam is comprehensive, students who miss 4 classes or fewer (excused or unexcused) will have the option to drop one of their lowest midterm exam grades and move that weight to the final. Students who do not meet the attendance requirements will not have this option.

Students who are late to class (arriving after the attendance call) are counted as not attending.

Students are expected to have read the chapters before class and to participate in the lectures if they wish to learn the material well.


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.
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.


Week 1: August 28, 30

Chapter 1 Ten Principles of Economics

Chapter 2 Thinking Like an Economist

Chapter 3 Interdependence and the Gains from Trade

Week 2:  September 4, 6

Chapter 4 The Market Forces of Supply and Demand

Chapter 5 Measuring a Nation's Income

Week 3:  September 11, 13 + Extraordinary make-up class Friday, September 15

Chapter 6 Measuring the Cost of Living

Chapter 7 Production and Growth

Week 4:   September 18, 20, 22

Exam 1: Wednesday, September 20: Chapters 1, 2, 3, 4, 5, 6

Chapter 8: Savings, Investment and the Financial System

Week 5:  September 25, 27

Chapter 9: The Basic Tools of Finance

Week 6: October 2, 4  

No class Monday, October 2

Exam 2: Wednesday, October 4:  Chapters 7, 8 and 9.

Week 7: October 9, 11

Chapter 10: Employment

Chapter 11: The Monetary System

Week 8:   October 16, 18

Chapter 12 Money, Growth and Inflation

Week 9: October 23, 25

Chapter 16: Aggregate Demand and Aggregate Supply

Week 10:  October 30

Chapter 17: The Influence of Monetary and Fiscal Policy on Aggregate Demand

Week 11: November 6, 8

Exam 3, Monday, November 6:Chapters 10, 11, 12, 16

Chapter 15: Keynes and IS-LM Analysis 

Week 12: November 13, 15

Chapter 13: Open-Economy Macroeconomics: Basic Concepts

Chapter 14: A Macroeconomic Theory of the Open Economy - (China, globalization,  capital flight)

Week 13: November 20, 22  

Chapters 19 Financial Crisis

Week 14: November 27, 29

Chapter 20 Common Currency Areas and Monetary Union

Week 15: See University Schedule for date and time of the final exam which is comprehensive