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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 202-1"
COURSE NAME: "Principles of Macroeconomics"
SEMESTER & YEAR: Spring 2014
SYLLABUS

INSTRUCTOR: Mary Merva
EMAIL: [email protected]
HOURS: TTH 8:30 AM 9:45 AM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS: 3
PREREQUISITES: Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS: TTH 8:00-8:30 before class

COURSE DESCRIPTION:
The objective of this course is to introduce students to an analytical framework that can be used towards understanding economic issues. The aims of the course are  first, to provide students with a fundamental background in macroeconomics so as to understand some of the big economic questions:  the wealth of nations, the causes of business cycles, and the debates surrounding the use of fiscal and monetary policy to address issues of poverty, unemployment, inflation, and economic growth. Second, to provide students with a clear understanding of economic institutions, measures, and events such as: the financial system, central banks, balance of payments, exchange rates, and trends in important economic data series.  In the class we will explore financial crises, the evolving role of China in the global economy, the origins and challenges of European Monetary Union, and the controversies surrounding the use of monetary and fiscal policy.
SUMMARY OF COURSE CONTENT:
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 tradeoff.
LEARNING OUTCOMES:

*  Understand basic macroeconomic concepts use them to construct a critical arguments

*   Learn to read data and evaluate sources of economic data

*   Develop use 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

TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Macroeconomics 2nd EditionMankiw and TaylorSouth Western Cengage13 978 1 4080 4392 9 Students may use the first edition.   
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
First ExamShort answers and essays.25%
Second ExamShort answers and Essays25%
ProjectPresentation and description of economic data10%
Final exam Comprehensive short answers and essays40%

-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 course. 90-93: A-; 94+
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.

-ATTENDANCE REQUIREMENTS:

The final exam is comprehensive and requires applying the material learned throughout the course.  Students may demonstrate acceleration in their understanding of the material after reviewing their midterm exams. Following the assessment guidelines above, students who demonstrate a strong understanding of the material on the comprehensive final at the end of the course may have the weight of their final increased relative to their midterms to reflect the learning process of this course.  Students who do not meet the attendance requirements will not have this option.



Students are expected to have read before class and to participate in the lectures. Participation will be based on random selection of students to provide background information on the assigned readings or reports on economic events. Students who miss more than four classes - excused or unexcused - will not have the chance to recuperate a low mid-term exam grade on the comprehensive final exam; students who arrive after the roll has been called will be considered to have missed the lecture.

Classes will begin at 8:15 for the weeks indicated on campus so as to recuperate the time for two class sessions that will be cancelled as the Instructor will not be present due to professional obligations for the University.

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

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 Class begins at 8:15

 

Chapter 4 The Market Forces of Supply and Demand

 

Chapter 5 Measuring a Nation's Income

 

 

 

Week 3: January 28, 30 Class begins at 8:15

 

Chapter 6 Measuring the Cost of Living

 

Chapter 7 Production and Growth

 

 

 

Week 4: No class Tuesday, February 4; February 6 Class begins at 8:15

 

Chapter 8 Saving, Investment, and the Financial System

Week 5: February 11, 13 Class begins at 8:15

 

Chapter 9 The Basic Tools of Finance

 

Chapter 10: Employment

Week 6: February 18, 20 

 Review

Thursday, February 20: Exam 1:  Chapters 1, 2, 3, 4, 5, 6, 7, 8, 9

 Week 7: February 25, 27 Class begins at 8:15

 

Chapter 11 The Monetary System

 

Chapter 12 Money, Growth and Inflation

Week 8: March 4, 6

 

Chapter 13 Open-Economy Macroeconomics: Basic Concepts

 

Chapter 14 A Macroeconomic Theory of the Open Economy

Week 9: March 11, 13

 

Chapter 14 (continue)

Spring Break

Week 10: March 25, 27


Chapter 16 Aggregate Demand and Supply


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

Week 11: April 1, 3

 

No class Tuesday, April 1

 

Exam 2 Thursday, April 3 Chapters 9, 10, 11, 12, 13, 14, 16

 

Week 12: April 8, 10 

Chapter 15:  Introduction to the IS-LM Model

Chapter 18 The Short Run Trade-Off Between Inflation and Unemployment

 

 Chapter 19 The Financial Crisis

Week 13: April 15, 17

 

Chapter 19 The Financial Crisis (continued)

 

Chapter 20 Common Currency Areas and Monetary Union

Week 14: April 22, 24

 

The Chinese Economy:  Economic Issues for the Global Economy

Final exam: Comprehensive. See the University schedule for date and time.