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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 202-2"
COURSE NAME: "Principles of Macroeconomics"
SEMESTER & YEAR: Spring Semester 2013
SYLLABUS

INSTRUCTOR: Westley John
EMAIL: jowestley@johncabot,edu
 HOURS: MW 11:30-12:45
TOTAL NO. OF CONTACT HOURS: 45
CREDITS: 3
PREREQUISITES: Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS: By appointment and after class
COURSE DESCRIPTION:

The objective of this course is to introduce students to an analytical framework that can be used to understand economic issues affecting the national and global economy. Students are encouraged to read The Economist (in the University’s library) as well as follow the daily news with respect to economic events. 

SUMMARY OF COURSE CONTENT:
 The course will cover the following topics in macroeconomics: comparative advantage and trade, supply and demand, the data of macroeconomics (measuring national income, inflation and unemployment), economic growth, the financial system, basics of finance, money, banking and central banks,  loanable funds, exchange rates, balance of payments, aggregate supply and demand, business cyles and monetary and fiscal policy. 
LEARNING OUTCOMES:
  • Understand of basic macroeconomic concepts and how to use them to construct and follow a critical argument
  • Learn to read data and evaluate sources of economics data
  • Develop use of simple mathematical tools
  • Locate data sources and prepare visual presentations of an economic topic that demonstrates ability to properly document materials  and convey information clearly and ethically
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Brief Principles of MacroeconomicsN. Gregory MankiwSouth-Western Cengage Learning 978-0538477062     
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
The Worldly PhilosophersRobert L. Heilbroner 978-0684862149  Any edition will do.
The Return of Depression Economics and The Crisis of 2008Paul KrugmanW W Norton 9780393071016  
How Markets Fail John CassidyPicador9780312430047  
End This Depression Now Paul Krugman W W Norton 978-0393088779  
Common Wealth Jeffrey D Sachs Penguin Press 978-1-59420-127-1  
The Price of Civilization Jeffrey D Sachs Random House 978-1-4000-6841-8  
Keynes Hayek: The Clash That Defined Modern EconomicsNicolas WapshottW.W. Norton 978-0-393-07748-3  
The Price of Inequality Joseph StiglitzW W Norton 978-0-393-08869-4  
This Time Is Different: Eight Centuries of Financial FollyCarmen M Reinhart and Kenneth RogoffPrinceton University Press978-0691152646  
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Exam 1Exam 1 covers chapter 1-6 in the text25%
Exam 2Exam 2 covers chapters 7-12 in the text25%
ParticipationStudents may prepare eight papers 2-3 pages during the course. There will be two papers for the first exam cycle, three for the second and three for the third. The topics for the papers will be handed out after the first lecture session for each exam cycle. Each paper counts for 1 point. Credit of up to 2 points will be given for attendance and active participation in class discussion.10%
Final Exam The final exam will emphasize chapters 13-17 in the text, but will be comprehensive.40%

-ASSESSMENT CRITERIA:
 

Assessment Guidelines for assigning main letter grades: A, B, C,D, and F.

A:  Work 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.

B:  This is a 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.

C:  This is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.

D:  This 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.

F: This work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant.
-ATTENDANCE REQUIREMENTS:
Students are strongly encouraged to attend and are responsble for all material covered in class. Students are expected to do the readings before class and participate actively in the lecture as part of their own learning experience. Each unexcused absence in excess of 2 per exam cycle will result in a penalty of 1 point of the overall grade. 
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.
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.
SCHEDULE

OUTLINE

Week 1 January 14, 16

Chapter 1 Ten Principles of Economics

Chapter 2 Thinking Like an Economist

Chapter 3 Interdependence and the Gains from Trade

Week 2  January 21, 23

Chapter 4 The Market Forces of Supply and Demand

Week 3 January 28, 30, February 1

Chapter 5 Measuring a Nation’s Income

Chapter 6 Measuring the Cost of Living

Week 4 February 4, 6

Exam 1: Chapters 1 - 6

Chapter 7 Production and Growth

Week 5 February 11, 13

Chapter 8 Saving, Investment, and the Financial System

Week 6 February 18, 20

Chapter 9 The Basic Tools of Finance

Chapter 10 Unemployment

Week 7 February 25, 27

Chapter 11 The Monetary System

Week 8 March 4, 6

Chapter 12 Money, Growth, and Inflation

Exam 2 (Chapters 7-12)

Week 9 March 11, 13

Chapter 13 Open-Economy Macroeconomics: Basic Concepts 

Week 10 March 18, 20

Chapter 14 A Macroeconomic Theory of the Open Economy 

Spring Break 

Week 11 April 3

Chapter 15 Aggregate Demand and Aggregate Supply 
 
Week 12 April  8, 10

Chapter 15 (continued)

Chapter 16 The Influence of Monetary and Fiscal Policy on Aggregate Demand  

Week 13 April 15, 17

Chapter 16 (continued)

Chapter 17 The Short-Run Trade-Off Between Inflation and Unemployment 

Week 14 April 22, 24

Chapter 17 (continued) 

Review of course; the “Second Great Contraction" - Applications of material covered in the class

Final exam: Comprehensive; see the university schedule for date and time.