ࡱ> #` 0f'bjbj 7f1111t624Nv3L33344.535 NNNNNNNPh-SN64466N34N888634N86N88r(DT(E3Tj3 0E147F|DKN0NDSz7S(E(EpSE?50o5"855?5?5?5NNh8:?5?5?5N6666^d^ Intermediate Macroeconomics, Fall 2008 Economics 311 Lecturer: John Lu, PhD Office: Sage Hall 2016 Phone: 805.437.8545 E-mail:  HYPERLINK "mailto:john.lu@csuci.edu" john.lu@csuci.edu Office hours: Monday 5-6 pm, or by appointment Class time: Class location: Monday 6 8:50 pm Bell Tower 2505 In-class exam 1: Monday, 06 October In-class exam 2: Monday, 10 November Final exam: Monday, 8 December, 7:00 p.m. - 9:00 p.m. Course website:  HYPERLINK "http://blackboard.csuci.edu" http://blackboard.csuci.edu (This site has lecture notes, answer keys to homework assignments and a Digital Drop Box for sending me documents.) Required text: Macroeconomics by N. Gregory Mankiw (6th edition, Worth 2007) (A copy of the text is on reserve at the library.) Text website:  HYPERLINK "http://bcs.worthpublishers.com/mankiw6/default.asp?uid=0&rau=0" http://bcs.worthpublishers.com/mankiw6/default.asp?uid=0&rau=0 Authors blog:  HYPERLINK "http://gregmankiw.blogspot.com/" http://gregmankiw.blogspot.com/ Grading system Your grade for the course is based on homework and exams in the following way: TaskPercent of gradeHomework assignment 20Exam 125Exam 225Final exam 30 Grades for total points from the homework and exams will be assigned according to the following distribution: 90%-100%: A+, A, A- 80%-89%: B+, B, B- 70%-79%: C+, C, C- 60%-69%: D+, D, D- Some discretion and adjustment will likely be necessary in determining the final grade based on difficulty of exams and regular class attendance/participation in the class. I typically assign a median (midpoint) grade of a B-/C+. Exams . There will be no make-up exams, so if you can not attend class on the day of the in-class exams or you can not attend the final exam, please do not enroll in this course for a grade. You are welcome to take the course for a pass-fail grade. All three exams will include mostly multiple choice questions focused on the lecture notes, textbook and homework (also taken from the textbook). The final exam will concentrate on material after the second in-class exam, but will also include some earlier material. Homework assignments There will be a total of ten (10) homework sets in this course. They are due a week after assigned. Late homework will not be accepted. If you can not finish in time hand in what you have completed for partial credit. If you know that you will be out of town or otherwise unavailable when the assignment is due, you must submit it early. Please turn in your assignments at class time or at my office or in the Digital Drop Box under the Course Tools link by 4 p.m. on the due date. You are encouraged to work in groups to complete the homework assignments. However each student must submit his/her own answers to each problem set. Homework assignments are graded based on completeness and effort, and secondarily on accuracy. Answers to the homework problems will be posted on the website after the due date under the Course Documents folder. You are expected to read the answers to the homework assignments by yourself, since I will not generally cover homework assignments in lecture. I may call on individuals to explain their answers in class from time to time. Class attendance and participation Regular class attendance is expected. It may help your grade if you are otherwise on the borderline between 2 grades. Course overview Macroeconomics is a branch of economics that deals with the aggregate performance, structure, and behavior of a national or regional economy. Macroeconomists develop theories, models, and other measurement tools to examine, explain, and predict the complex relationship between macro- variables including gross national product, consumption and saving, investment and debt financing, unemployment and inflation, international trade, and factors driving short-run fluctuations in business activities and long-run economic growth. Understanding these macroeconomic tools is fundamental in evaluating policy alternatives, developing robust forecasting capabilities (in both private and government sectors), and becoming an informed citizen in the society. Our class time will include lecture and in-class discussion (including some current events). Lecture material will be based on the material from the textbook, so it is good to read the text before or shortly after class. Learning objectives: At the end of this course, good students will be able To understand measures of national income, unemployment, and inflation, and their relationship To understand the role of money and monetary policy in the economy To understand the role of public sector and fiscal policy in the economy To understand the factors of economic growth in the long-run To understand the basic macro-economic models and Business Cycle Theory (e.g., Cobb-Douglas production function, IS-LM model, Phillips Curve, and quantity theory of money, etc.) and their limitations To understand how government debt affects the economy Cheating Don't cheat. If I catch you looking at someone else's exam or at notes during an exam, you will receive an F for the exam. Any case of cheating will be referred to Judicial Affairs. Working with fellow students on homework assignments, however, is not cheating and is encouraged. Advice on studying Create your own notebook: print the lecture notes before lecture and write on them during lecture. It is highly recommended that you read the assigned material before it is covered in class. Remember that my lecture notes are NO substitutes for your reading the textbook materials. Learning the materials in a measured pace is far better and less anxiety-producing than cramming before exams. Complete the homework assignments carefully and on time. Follow domestic and international economic affairs closely, as they may be the best real world examples and case studies to apply the knowledge you learn from the textbook. Pay attention to what presidential and other political candidates say about the economy and their policy recommendations, and see how the theories and models you learn in class may support or refute their positions. Discuss or debate policy issues with your classmates. You may find this course will be more enjoyable and you will probably learn more. DateLecture topicAssigned readingProblems and applications at the end of chapters 08/25/08.Review of syllabus and the use of models.Chapter 1: The science of macroeconomics. 09/08/08Measures of real and nominal income and expenditureChapter 2: The data of macroeconomics09/15/08National income, productionChapter 3: National income: where it comes from and where it goes. Chapter 2 problems due: 4, 5, 6, 909/22/08Money and inflation, real and nominal variables revisitedChapter 4: Money and inflation (skip appendix)Chapter 3 problems due: 7, 8, 9, 1209/29/08Exchange rates, purchasing power parityChapter 5: The open economy (skip appendix)Chapter 4 problems due: 2, 4, 6, 910/06/08Exam 1: Chapters 2-5 (6 8 pm)Chapter 5 recommended problems: 2, 3, 4, 610/13/08UnemploymentChapter 6: Unemployment10/20/08Introduction to aggregate demand and supplyChapter 9: Introduction to economic fluctuationsChapter 6 problems due: 2, 4, 7, 810/27/08Aggregate demandChapter 10: Aggregate demand IChapter 9 problems due: 1, 2, 3, 411/03/08Aggregate demandChapter 11: Aggregate demand II (skip appendix)Chapter 10 problems due: 1, 2, 3, 411/10/08Exam 2: Chapters 6, 9, 10, and 11 (6 8 pm)Chapter 11 problems due11/17/08Aggregate supplyChapter 13: Aggregate supply, inflation and unemployment11/24/08Inflation-Unemployment TradeoffChapter 13: Aggregate supply, inflation and 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