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ECON 3080-001 Intermediate Macroeconomic Theory

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ECON 3080-001 Intermediate Macroeconomic Theory
ECON 3080 Sec. 001
MWF 10:00 - 10:50 PM Room: Hellems 241
Instructor: Kristina Sargent, ECON 309C, [email protected]
Office Hours: M 11:30 AM - 12:30 PM, F 1:00 - 2:00 PM and by appointment.
Textbook:
Required: Charles I. Jones (2011). Macroeconomics, W. W. Norton & Company
Recommended: I highly recommend you read a reputable news source daily. The Wall Street
Journal, New York Times, Financial Times and The Economist are all good sources. Keeping up
with economics, business and political news (both domestic and international) is an excellent way
to apply what you learn to the “real” world. It will help you understand the course material better,
make you a much better guest at dinner parties, and give you a way to show your annoying cousin
how much smarter you are at Spring Break. An ability to read articles and glean economic intuition
and information will also be necessary for homework assignments.
Website: D2L
Prerequisites:
1. ECON 1000 or ECON 2020 or equivalent from another institution
2. ECON 1078 and 1088, or MATH 1300, or MATH 1310, or MATH 1081, or MATH 1080, 1090
and 1100, or APPM 1350, or equivalent from another institution
Course Description:
Macroeconomics is the study of the aggregate economy. We will explore the determinants of
long term trends, short term fluctuations (business cycles), and the roles that consumers, firms, and
governments play in the economy. Over the course of the semester we will cover long run growth,
aggregate demand and supply, unemployment and wages, inflation, monetary and fiscal policy, as
well as applying the tools of analysis to the recent recession. In addition, we will look at the
microeconomic underpinnings of portions of the theory. In the end you will have the technical tools
and knowledge necessary to intelligently read about and discuss current and past macroeconomic
events.
In general, we will be using many simple equations to build “toy models” of the economy. By
playing with these, we can gain deeper intuition into the highly complex economic interactions that
create real problems and benefits for people worldwide. Some of the most important national and
international political issues concern the potential costs and benefits of economic policy (in)action.
While these models don’t give easy, perfect answers, from them you will have a stronger understanding of the mechanisms and chains of causality that underlie these issues.
Lectures:
Attendance of the first three classes is mandatory, and non-attendance may resulting in being
administratively dropped from the course.
In some cases lecture will extend beyond the content of the textbook, so it is strongly encouraged
you attend lecture. My lecture notes will not be available, so if you do miss a class you should plan on
getting notes from a classmate. Lectures are intended to cover material from the book and connect
the concepts to real world examples, providing additional in class practice when appropriate.
Grade Policy:
There will be 5 components of your final grade.
Midterm 1 20%
Midterm 2 20%
Midterm 3 20%
Final 25%
Homework 20%
Presentation 15%
Exams:
Your midterm grade will be comprised of the best two out of the three midterm exams. The
midterm exams will not be cumulative beyond the cumulative nature of the material. I do not give
make-up exams nor do I give exams early/late. Any unexcused absence on an exam day will result
in that exam being the one dropped. Finally, no cell phone or graphing calculators are permitted
for exams. Please bring a basic calculator or be prepared to do calculations with pen and paper.
If you have three or more final exams scheduled on the same day, you are entitled to arrange an
alternative exam time for the last exam or exams scheduled on that day. Also, if you have two final
exams scheduled to meet at the same time you are entitle to arrange an alternative examination
time for the later course. To qualify for rescheduling final exam times, you must provide evidence
that you have three or more exams on the same day or two exams meeting at the same time, and
arrangements must be made with your instructor no later than the late drop deadline (18 March).
Homework:
Over the semester there will be 4 problem sets due. No late assignments will be accepted and
no assignment will be dropped from your grade. I will post the 4 problem sets on D2L. A hard
copy is due at the beginning of class on the given date. They are intended to apply the theory and
concepts from the textbook and lecture and help prepare you for the exams. I encourage you to
work in small groups on these assignments, though I require everyone to turn in their own copy.
Each problem set will make up 5% of your overall grade.
Presentations:
These will be completed in small groups assigned randomly by me, and will act both to help you
review for the final exam and to help you apply the skills you’ve learned throughout the semester to
a more “real-world” setting and current events topics. A full rubric will be posted on D2L. Details
to follow.
Tentative Course Outline:
Due dates and exam dates are firm. Topic coverage is subject to change.
Week # . . . . . . . . . . . . . . . . . . . . Topic(s) . . . . . . . . . . . . . . . . . . . . Chapter(s)
Week 1 . . . . . . . . . . . . . . . . . . . . Intro to Macro . . . . . . . . . . . . . . . . . . . . 1, 2, 3
Week 2 . . . . . . . . . . . . . . . . . . .Production & Growth . . . . . . . . . . . . . . . . . . .4
Week 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . Solow . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Week 4 . . . . . . . . . . . . . . . . . . . . . . . . . . Romer . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Week 5 . . . . . . . . . . . . . . . . . . . . . . . . . . .Labor . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Week 6 . . . . . . . . . . . . . . . . . . . . . . . . . Inflation . . . . . . . . . . . . . . . . . . . . . . . . . 8
Week 7 . . . . . . . . . . . . The Short Run & The IS Curve . . . . . . . . . . . . 9, 11
Week 8 . . . . . . . . . . Monetary Policy & The Phillips Curve . . . . . . . . . . 12
Week 9 . . . . . . . . . . . . . . . . . . . . . . AS-AD Model . . . . . . . . . . . . . . . . . . . . . . 13
Week 10 . . . . . . . . . . . . . . . . The Great Recession . . . . . . . . . . . . . . . . 10, 14
Week 11 . . . . . . . . . . . . . . NO CLASS SPRING BREAK . . . . . . . . . . . . . .
Week 12 . . . . . . . . . . . . . . . . . . Open Economies . . . . . . . . . . . . . . . . . . 18, 19
Week 13 . . . . . . . . . . . . . . . . . . . . . . Consumption . . . . . . . . . . . . . . . . . . . . . . 16
Week 14 . . . . . . . . . . . . . . . . . . . . . . . Investment . . . . . . . . . . . . . . . . . . . . . . . 17
Week 15 . . . . . . . Exchange Rates and International Finance . . . . . . . 20
Week 16 . . . . . . . . . . . . . . . . . . . Presentations . . . . . . . . . . . . . . . . . . . Various
. . . . . . . . . . . . . . . . . . . . . . . . . Final in HLMS 241 . . . . . . . . . . . . . . . . . . . . . . . . .
Problem Set Due Dates:
PS1 due Feb. 5 Week 4
PS2 due Feb. 17 Week 6
PS3 due Mar. 16 Week 10
PS4 due Apr. 20 Week 15
Exam Dates:
Exam 1 Feb. 19 Week 6
Exam 2 Mar. 18 Week 10
Exam 3 Apr. 22 Week 15
Final Exam Tues. May 3 1:30-4:30 PM
Office Hours:
These are for your benefit, please take advantage of them. It is an excellent opportunity to get
individual or small group help to clarify concepts from class. If my office hours do not work for you
due to another class or work, please email me and we can arrange a time to meet.
Email:
Please use email wisely. I will do my best to respond to emails in a timely fashion, usually less
than 24 hours- I will not respond out of regular business hours (M-F 8-5). If your question has to
do with clarification, it may be difficult to explain fully over email, so I will suggest coming to office
hours. If I feel the entire class could benefit from the clarification, I will do so in lecture. Finally,
I will be hesitant to answer emails which ask something administrative which is included on the
syllabus, i.e. “When is the exam?”, or “Are any assignments dropped?”
Extra Help:
Do not hesitate to come to my office during office hours or by appointment to discuss a homework
problem or any aspect of the course. You also may want to consider the free tutoring lab offered
by the department. Once the tutoring schedule is posted, I will email the class, and post to D2L.
If you want to hire an outsider tutor (for a fee), you can find a list of such people through the
department website. Once the list is published, I will send this information via email and post on
D2L.
Important Dates:
Drop Deadline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 27
First Exam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 19
Final Exam Rescheduling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . March 18
Second Exam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . March 18
Final Exam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 3
Tips for Success:
Things that I think generally help you do well in my class:
1) Read the book chapter before class. This will greatly increase what you get out of lecture,
and improve recollection of the material for the exam.
2) Skim the book chapter again after class. Recall the concepts which seemed difficult prior to
class, those that are still difficult, and those that seem easy.
3) Do the homework as we cover the material in class. Do not wait until the day/day before it
is due. If you work as we go, the homework will naturally build from lecture materials, and won’t
take as long as if you wait to tackle it at midnight.
4) Use office hours effectively. This means coming prepared with specific questions either from
lecture, homework or other sources.
5) Use the tutoring lab, and/or hire a private tutor.
6) Come to class. This seems like a no-brainer, but it always amazes me how many students
skip every lecture, only to be lost come exam time.
7) Don’t be afraid to ask questions, or to ask for help!
8) Finally, don’t cheat. If you don’t know the material, own up to it, and take the grade you
earn.
University Policies:
Disability Policy
If you qualify for accommodations because of a disability, please submit a letter from Disability
Services to me in a timely manner so that your needs may be addressed. Disability Services
determines accommodations based on documented disabilities. Contact: 303-492-8671, Willard
322, and http://www.Colorado.EDU/disabilityservices
Religious Observance Policy
Campus policy regarding religious observances requires that faculty make every effort reasonably
and fairly deal with all students who, because of religious obligations, have conflicts with scheduled
exams, assignments, or required attendance. If you have a conflict, please contact me at the
beginning of the semester so we can make proper arrangements.
Code of Behavior Policy
Students and faculty each have responsibility for maintaining an appropriate learning environment. Students who fail to adhere to such behavioral standards may be subject to discipline.
Faculty have the professional responsibility to treat all students with understanding, dignity, and
respect to guide classroom discussion and to set reasonable limits on the manner in which they and
their students express opinions. Professional courtesy and sensitivity are especially important with
respect to individuals and topics dealing with differences of race, culture, religion, politics, sexual
orientation, gender variance, and nationalities. Class rosters are provided to the instructor with
the students legal name. I will gladly honor your request to address you by an alternate name or
gender pronoun. Please advise me of this preference early in the semester so that I may make the
appropriate changes to my records.
Honor Code
All students of the University of Colorado at Boulder are responsible for knowing and adhering
to the academic integrity policy of this institution. Violations of this policy may include: cheating,
plagiarism, aid of academic dishonesty, fabrication, lying, bribery, and threatening behavior. All incidents of academic misconduct shall be reported to the Honor Code Council ([email protected]:
303-725-2273). Students who are found to be in violation of the academic integrity policy will
be subject to both academic sanctions from the faculty member and non-academic sanctions
(including but not limited to university probation, suspension, or expulsion). Other information on the Honor Code can be found at http://www.colorado.edu/policies/honor.html and at
http://www.colorado.edu/academics/honorcode
Discrimination and Harassment Policy The University of Colorado at Boulder policy on
Discrimination and Harassment (http://www.colorado.edu/policies/discrimination.html, the University of Colorado policy on Sexual Harassment, and the University of Colorado policy on Amorous
Relationships applies to all students, staff, and faculty. Any student, staff, or faculty member who
believes s/he has been the subject of discrimination or harassment based upon race, color, national
origin, sex, age, disability, religion, sexual orientation, or veteran status should contact the Office
of Discrimination and Harassment (ODH) at 303-492-2127 or the Office of Judicial Affairs at 303492-5550. Information about the ODH and the campus resources available to assist individuals
regarding discrimination or harassment can be obtained at http://www.colorado.edu/odh
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