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COURSE NAME: "Intermediate Macroeconomics"
SEMESTER & YEAR: Fall 2023

EMAIL: [email protected]
HOURS: MW 6:00 PM 7:15 PM
PREREQUISITES: Prerequisites: EC 201, EC 202

The subject matter of this course is the nature and determination of a country’s most important measures of economic well-being: aggregate output and unemployment, and a series of related variables such as inflation, interest rates, and exchange rates. The course presents economic models that can be used as tools to understand the behavior of these aggregates and evaluate alternative economic policies.
In this course we extend the study of macroeconomics to more deeply examine the macroeconomic outcomes such as economic growth, unemployment,  inflation, and the business cycle as well as the policy responses to those outcomes. 

1. Understand how to critically use economic models to analyze macroeconomic outcomes and policy responses.

2. Learn how to use economic data to understand and interpret macroeconomic trends.

3. Communicate lucidly and clear about more complex topics. 

4. Develop problem solving skills.

5. Gain a greater awareness of the behavior of key economic actors and institutions and the policy decisions that they face.

Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Macroeconomics, 10th EditionN. Gregory MankiwMacmillan international 13-978-1-319-24358-6 Previous editions can work. Follow the subject lines for the Chapters.   

Exam 1Problems and essays. 20%
Exam 2Problems and essays.20%
Final Comprehensive Exam Comprehensive final exam. 35%
Exam 3Problem and essays.15%
Participation AssignmentTo be provided 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. A- 90 to 93; A 94-100
BThis is highly competent level of performance and directly addresses the question or problem raised. There is a demonstration of some ability to critically evaluate theory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture and reference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments. B- 80-83; B 84-86; B+ 87-89
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. C- 67-69; C 70-75; C+ 76-79
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. D+ 65-66; D 63-64; D- 60-62
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 percent.


You can miss up to 6 classes for any personal reason without any excuse.  You are responsible for the material you miss or any class participation exercises. 

Students will have the option to drop ONE of the lowest midterm exams and move the weight to the comprehensive final if that improves the overall grade.  NOTE:  you cannot simply miss an exam and assume that is the one that is dropped. You must take all exams unless you have a formal excuse from the Dean's Office - see below. In sum, if you miss an exam without an excuse, the zero cannot be dropped from your course final grade weight.

You cannot make-up a major exam (midterm or final) without the permission of the Dean’s Office. The Dean’s Office will grant such permission only when the absence was caused by a serious impediment, such as a documented illness, hospitalization or death in the immediate family (in which you must attend the funeral) or other situations of similar gravity. Absences due to other meaningful conflicts, such as job interviews, family celebrations, travel difficulties, student misunderstandings or personal convenience, will not be excused. Students who will be absent from a major exam must notify the Dean’s Office prior to that exam. Absences from class due to the observance of a religious holiday will normally be excused. Individual students who will have to miss class to observe a religious holiday should notify the instructor by the end of the Add/Drop period to make prior arrangements for making up any work that will be missed. 

Should a student miss an exam, the professor will move the weight of the missed exam to the comprehensive final. No special make -up exams will be given however, the student should take the missed exam in a timed situation and ask the professor to give them informal feedback to check their study progress.  

No electronic devices allowed in class with the exception of a tablet to take notes.  No eating or drinking in class.



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.


Subject to change - see the Moodle Course Site for details of exam dates, content, and other assignment deadlines.  

The schedule may change so always check the announcements in class.

Week 1: Sept. 4, 6


Chapter 2 The Data of Macroeconomics


Week 2: Sept. 11, 13

Chapter 3 National Income


Week 3:  Sept. 18, 20

Chapter 4 The Monetary System: What It Is and How It Works


Week 4:  Sept. 25, 27

Chapter 5: Inflation: Its Causes, Effects, and Social Costs


Week 5:  Oct. 2, 5

Exam 1:  Monday, October 2: Chapters 2, 3, 4, and 5.

Chapter 6: The International Flows of Capital and Goods


Week 6: Oct. 9, 11

Chapter 7: Unemployment and the Labor Market


Week 7:   Oct. 16, 18, 20

Chapter 8: Economic Growth I: 8-1, 8-2

Chapter 9: Economic Growth II: 9-2

Baumol’s Unbalanced Growth Model


Week 8:  Oct. 23, 25


Exam 2: Wednesday Oct. 25 Chapters 6, 7, 8, 9 and Baumol’s Unbalanced Growth Model


Week 9: Oct. 30

Chapter 10: Introduction to Economic Fluctuations

Chapter 11: Aggregate Demand I: Building the IS-LM Model


Week 10: Nov. 6, 8

Chapter 12: Aggregate Demand II: Applying the IS-LM Model

Chapter 15:  A Dynamic Model of Economic Fluctuations: 15-1 The Taylor Rule



Week 11:  Nov. 13, 15

Chapter 13: The Open Economy Revisited 13-1 to 13-4

Exam 3: Chapters 10, 11, 12, 13 take home test.



Week 12:  Nov. 20, 22

The Minsky moment

Chapter 16: Alternative Perspectives on Stabilization Policy


Week 13: Nov. 27, 29

Chapter 17: Government Debt and Budget Deficits

Pension Funding


Week 14: Dec. 4, 6



Final Exam Period: Dec. 11 – Dec 15 

See University schedule for the day and time.

Comprehensive final exam.