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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 202-2"
COURSE NAME: "Principles of Macroeconomics"
SEMESTER & YEAR:
Spring 2014
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SYLLABUS
INSTRUCTOR:
John Westley
EMAIL: [email protected]
HOURS:
MW 1:30 PM 2:45 PM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS:
By appointment or before and after class
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COURSE DESCRIPTION:
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COURSE AIMS:
The objective of this course is to introduce students to an analytical framework that can be used for 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 crisis of the eurozone and the reasons for the poor performance of the industrialized countries since the onset of the economic downturn of 20'08. |
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SUMMARY OF COURSE CONTENT:
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SUMMARY OF COURSE CONTENT:
The course will cover the following topics in macroeconomics: the appropriate balance between the market and the government the economy, comparative advantage and trade, supply and demand, the data of macroeconomics, including employment, economic growth, the financial system, basics of finance, money, banking and central banks, inflation, loanable funds, exchange rates, balance of payments, aggreagate supply and demand, business cycles, monetary and fiscal policy and the inflation-unemployment tradeoff. |
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LEARNING OUTCOMES:
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LEARNING OUTCOMES:
- Understand basic macroeconomic concepts and use them to construct a critical argument
- Learn to read data and evaluate to sources of economic data
- Write and speak clearly and carefully in articulating a convincing argument
- Be able to assess the arguments of public figures concerning economic policy |
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| Macroeconomics, 2nd Edition | Mankiw and Taylor | Southwestern Cengage | 13 978 1 4080 4392 9 | | Readings for the short papers will be books on reserve in the library or articles posted for EC202-2 on MyJCU. | | | |
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REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments |
| Austerity: The History of a Dangerous Idea | Mark Blyth | Oxford University Press | 978-0-19-982830-2 | | |
| The Price of Civilization: Reawakening American Virtue and Prosperity | Jeffrey D Sachs | Random House | 978-1-4000-6841-8 | | |
| The Price of Inequality: How Today’s Divided Society Endangers Our Future | Joseph E Stiglitz | W W Norton | 978-0-393-08869-4 | | |
| The Return of Depression Economics and the Crisis of 2008 | Paul Krugman | W W Norton | 978-0-393-07101-6 | | |
| How Markets Fail | John Cassidy | Picador | 978-0-312430047 | | |
| This Time Is Different: Eight Centuries of Financial Folly | Carmen M Reinhart and Kenneth Rogoff | Princeton University Press | 978-0691152646 | | |
| End This Depression Now | Paul Krugman | W W Norton | 978-0-393-08877-9 | | |
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| First Exam | Short answers and essays. | 25% |
| Second Exam | Short Answers and Essays | 25% |
| Short Papers | Ten in all, each worth one point | 10% |
| Final Exam | Short Answers and Essays | 40% |
-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 couse. 90-93: A-; 94 - 100 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-; 64-66, D; 67-69, 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:
ATTENDANCE REQUIREMENTS:
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 have more than four unexcused absences will lose one grade point for each unexcused absence beyond the fourth. |
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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.
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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.
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SCHEDULE
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Week 1: January 13, 15
Chapter 1 Ten Principles of Economics
Chapter 2 Thinking Like an Economist
Chapter 3 Interdependence and the Gains from Trade
Chapter 4 The Market Forces of Supply and Demand
Week 2: January 20, 22
Chapter 5 Measuring a Nation's Income
Chapter 6 Measuring the Cost of Living
Week 3: January 27, 29
Chapter 10 Unemployment
Week 4: February 3, 5
Monday, February 3 Exam 1: Chapters 1-6, 10
Chapter 7 Production and Growth
Week 5: February 10, 12
Chapter 8 Saving, Investment, and the Financial System
Chapter 9 The Basic Tools of Finance
Week 6: February 17, 19
Chapter 11 The Monetary System
Chapter 12 Money, Growth and Inflation
Week 7: February 24, 26
Chapter 13 Open-Economy Macroeconomics: Basic Concepts
Week 8: March 3, 5
Chapter 14 A Macroeconomic Theory of the Open Economy
Week 9: March 10, 12
Monday, March 10 Exam 2: Chapters 7-9, 11-14
Chapter 16 Aggregate Demand and Supply
Spring Break:
Week 10: March 24, 26
Chapter 16 Aggregate Demand and Supply (continued)
Chapter 17 The Influence of Monetary and Fiscal Policy on Aggregate Demand
Week 11: March 31, April 2, 4
Chapter 17 The Influence of Monetary and Fiscal Policy on Aggregate Demand (continued)
Chapter 18 The Short Run Trade-Off Between Inflation and Unemployment
Week 12: April 7, 9
Chapter 19 The Financial Crisis
Week 13: April 14, 16
Chapter 19 The Financial Crisis (continued)
Chapter 20 Common Currency Areas and Monetary Union
Week 14: April 23
Chapter 20 Common Currency Areas and Monetary Union (continued)
Final exam: Comprehensive. See the University schedule for date and time.
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