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COURSE NAME: "Principles of Macroeconomics"
SEMESTER & YEAR: Spring 2021

EMAIL: [email protected]
HOURS: TTH 8:30 AM 9:45 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.  The course includes a debate on a macroeconomic topic assigned by the professor.

The course materials are posted on Moodle, our leaning management system, available at http://moodle.johncabot.edu/ .



*  Understand basic macroeconomic tools and concepts so as to use them to construct critical arguments regarding economic issues: to include trade, measurement of GDP and inflation, markets, financial system, labor markets, central banks and monetary policy, aggregate demand and supply, fiscal policy, IS-LM, business cycles, and economic growth.

*   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
MacroeconomicsMankiw and TaylorCengage978-1-4737-6856-7 Older editions will also be fine to use.

First ExamShort problems and essays20%
Second ExamShort problems and essays20%
Third ExamShort problems and essays20%
Final exam Comprehensive essays plus short problems30%
Assignment: Short PresentationStudents will present a single visual power point slide and present a short discussion (video) to the class. Assessment includes the depth of the presentation and preparation of the speaker.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 will have the option to drop ONE of their lowest midterm exam grade and move those weights to the final. Students who do not meet the attendance requirements will not have this option.

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

No electronic devices are allowed in class.  No eating and drinking during class.

Bring a calculator to class.

Students who are remote will be asked to turn their videos on at the beginning of class so that we can all say hello!


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.


The schedule may change so always check the announcements in class.
Week 1:  January 19, 21
Chapter 1 and Chapter 2:  Introduction 
Trade: Interdependence and the gains from trade (see pdf Chapter on Moodle)

Week 2: January 26, 28
Trade (cont.) 
Chapter 3: The Market Forces of Supply and Demand

Week 3: February 2, 4
Chapter 4:  Measuring a nation’s well-being and the price level
Chapter 5: Production and growth

Week 4: February 9, 11
Chapter 5: (cont.)
Exam 1: Thursday, Chapters Trade, 3, 4, 5
Chapter 7: Saving, investment, and the financial system

Week 5: February 16, 18
Chapter 7: (cont.)

Week 6: February 23, 25
Chapter 8: The monetary system

Week 7:  March 2, 4
Chapter 8 (cont.)
Short Presentation 1 due March 4

Spring Break

Week 8: March 16, 18
Chapter 6: Unemployment and the labor market
Exam 2:  Thursday: Chapters 7 and 8
Chapter 9: Open-economy macroeconomics

Week 9: March 23, 25
Chapter 10: Business cycles
Chapter 12: Aggregate demand and aggregate supply
(Chapter 11: Keynesian economics and IS-LM for those interested in studying this more in depth).

Week 10: March 30, April 1
Exam 3: Take home exam on Chapter 12 due Tuesday, April 6
Chapter 13:  The influence of monetary and fiscal policy on aggregate demand

Week 11: April 6, 8
Chapter 15:  Supply side policies
Short Presentation 2 due April 6

Week 12: April 12, 15
Chapter 16: The causes and aftermath of the 2008 financial crisis

Week 13:  April 20, 22
Chapter 17: Common currency areas
The macroeconomic implications of COVID-19

Week 14: April 27, 29
Course review

Final Exam Period: May 3 to 7
See University schedule for the day and time.
Comprehensive final exam.