Course Syllabus

JOHN CABOT UNIVERSITY

COURSE CODE: "EC 302-1"
COURSE NAME: "Intermediate Macroeconomics"
SEMESTER & YEAR: Spring 2017

SYLLABUS

INSTRUCTOR: Lawrence Bartolomucci
EMAIL: [email protected]
HOURS: TTH 6:00PM 7:15PM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS: 3
PREREQUISITES: Prerequisites: EC 201, EC 202
OFFICE HOURS: Wednesday - before/after class

COURSE DESCRIPTION:
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.

SUMMARY OF COURSE CONTENT:
The course presents the economic models and techniques used in modern macroeconomic theory as tools to understand the behaviour of several aggregates (e.g. aggregate output, unemployment, inflation, interest rates, exchange rates) and evaluate alternative economic policies (monetary and fiscal policy used by governments to fight inflation and unemployment and to promote growth in the economy). Firstly, the course will cover the major macroeconomic markets. Financial and goods markets will be analyzed through the IS-LM model in a closed and then in an open economy. We will then investigate the labour market, in order to construct the AS-AD model. After that, we will study the exchange rate regimes; the macroeconomic policy issues, in particular in the Euro zone; moreover we will have a focus on the pathologies of the economic system, such as hyperinflation.

LEARNING OUTCOMES:
- Understand how basic models of the economy summarize and explain the interactions between the main macroeconomic variables - Learn to read data of current economic performances - Understand what causes economic activity to fluctuate over the years - Develop specific skills in interpreting the role of different authorities in trying to stabilize the economy and to achieve specific economic and political goals - Understand the connections between the domestic economy and the rest of the world - Review the different positions of several schools of thought – e.g. Keynesian economics vs classical economics – and how they can be synthesized

TEXTBOOK:

Book Title	Author	Publisher	ISBN number	Library Call Number	Comments	Format	Local Bookstore	Online Purchase
Macroeconomics	Greg Mankiw	Worth Publisher	1464182892

REQUIRED RESERVED READING:

NONE

RECOMMENDED RESERVED READING:

NONE

GRADING POLICY
-ASSESSMENT METHODS:

Assignment	Guidelines	Weight
Exam 1	Short answer questions, exercises and essay exam on Lectures 1 - 7	25%
Exam 2	Short answer questions and essay exam on Lectures 8 - 15	25%
Final exam	Comprehensive final exam: it includes three analytical essays, one math problem and a set of short answer questions	50%

-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
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.
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.
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.
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.

-ATTENDANCE REQUIREMENTS:
Students are expected to have read before class and participate in the lectures.

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

- What is Macro and What Must Macro Explain?

Some Macro Facts

Ideological Controversy in Macro

- The short period

The goods market and IS curve

Week 2

- The money market and LM Curve

- The IS-LM model

Week 3

- The IS-LM model (cont.)

- Fiscal and Monetary Policy

Week 4

- Exam 1

- The IS-LM model in an Open Economy

Week 5

- The IS-LM model in an Open Economy (cont.)

- Economic Policies in an Open Economy

Exchange rate regimes

Week 6

- Aggregate Demand

- The medium term

Labour Market

Week 7

- Aggregate Supply

- The AS-AD model

Week 8

- Unemployment

- Inflation

Week 9

- Phillips curve

- The long period

Week 10

- Exam 2

- Pathologies: Hyperinflation

Week 11

- Hyperinflation

- Public Debt

Week 12

- Role of economic policy

Week 13

- Role of economic policy (cont.)

- Constraints to monetary and fiscal policy

Week 14

- Solow Growth Model

- Solow Growth Model: Population Growth and Technological Progress

Week 15

- Review of course

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