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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 202-2"
COURSE NAME: "Principles of Macroeconomics"
SEMESTER & YEAR: Spring 2015
SYLLABUS

INSTRUCTOR: John Westley
EMAIL: [email protected]
HOURS: MW 10:00 AM 11:15 AM
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

COURSE DESCRIPTION:
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.
SUMMARY OF COURSE CONTENT:

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, the fiinancial crisis of 2008, exchange rates, balance of payments, aggregate supply and demand, business cycles, monetary and fiscal policy the inflation-unemployment tradeoff, the nature of common currency areas, and current issues in the Eurozone. 

The course will use assigned readings to shed additional light on key current issues, including the appropriate balance on market and government, especially with regard to the issue on inequality; the causes and consequences of the financial crisis of 2008; and the problems facing the Euro area. 

Students are strongly encouraged to read articles from the “Economist” (available in the university’s library), the “Wall Street Journal” and “Financial Times”, and should follow the daily news on economic events. 

Materials on the course will be posted on the MyJCU website. 
LEARNING OUTCOMES:

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
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Macroeconomics, Second Edition Mankiw and TaylorSouthwestern Cengage13 978 1 4080 4392 9      
REQUIRED RESERVED READING:
Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
The Price of Civilization: Reawakening American Virtue and ProsperityJeffrey D Sachs Random House 978-1-4000-6841-8  
The Shifts and the Shocks:What We’ve Learned - and Still Have to Learn - From the Financial CrisisMartin Wolf Pentuin 978-1-59420-544-6  
End This Depression NowPaul KrugmanW W Norton 978-0-393-08877-9  
After the Music Stopped: The Financial Crisis, the Response and the Work AheadAlan Blinder Penguin978-0143124481  
Common Wealth: Economics for a Crowded Planet Jeffrey D Sachs Penguin978-1-59420-127-1  
The Haves and the Have-Nots Branco MilanovicBasic Books 978-0465031412  

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
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 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 couse. 90-93: 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 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 assignments 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.
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 18, 20
 Chapter 1 Ten Principles of Economics
 Chapter 2 Thinking Like an Economist
 Chapter 3 The Interdependence and the Gains from Trade
 Chapter 4 The Market Forces of Supply and Demand

Week 2: January 26, 28
 Chapter 4 Measuring a Nation's Income
 Chapter 5 Measuring the Cost of Living

Week 3: February  2, 4
 Chapter 7 Unemployment  
 Chapter 6 Production and Growth

Week 4: February 9, 11
 Monday, February 9 Exam 1: Chapters 1- 7
 Wednesday, February 11: Chapter 8 Saving, Investment and the Financial System

Week 5: February 16, 18
 
Chapter 8 Saving, Investment, and the Financial System 
 Chapter 9 The Basic Tools of Finance 

Week 6: February 23, 25
 Chapter 10 The Monetary System

Week 7: March 2, 4
 Chapter 11 Money, Growth and Inflation  
 Chapter 12 Open-Economy Macroeconomics: Basic Concepts

Week 8: March 9, 11
Chapter 13 A Macroeconomic Theory of the Open Economy
 
Week 9: March  16, 18
 Monday, March 16 Exam 2: Chapters 8-13 
 Chapter 14 Business Cycles  

Week 10: March 23, 25

 Chapter 16 Aggregate Demand and Aggregate Supply 
 Chapter 17 The Influence of Monetary and Fiscal Policy on Aggregate Demand 

Week 11: March 30, April 1 

 Chapter 17 The Influence of Monetary and Fiscal Policy on Aggregate Demand (continued) 
 Chapter 18 The Short Run Trade-Off Between Inflation and Unemployment  
 

Spring Break

Week 12: April 13, 15 
 Chapter 19 Supply Side Policies 
 Chapter 20 Common Currency Areas and the European Monetary Union  

Week 13: April 20, 22
 Chapter 20 Common Currency Areas and Monetary Union (continued)
 Chapter 21 The Financial Crisis and Sovereign Debt

Week 14: April 27, 29 
 Chapter 21The Financial Crisis and Sovereign Debt (continued)  

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