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ECON 2020-200 Principles of Macroeconomics

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ECON 2020-200 Principles of Macroeconomics
ECON 2020-200
Summer 2011
Principles of Macroeconomics 2020-200, MTWRF 9:15 – 10:50am, HLMS 230
Instructor: Yiqing Xie
Administrative Details
Text: Paul Krugman and Robin Wells, “Macroeconomics”, 2nd Edition,
Worth Publishers, 2009.
Office: Economics 414
Hours: TR 11:00am – 12:30pm or by appointment
Phone: (303) 492-7709 but the strongly preferred method of contact is:
e-mail: [email protected]
Content:
Macroeconomics is the study of the economy as a whole. It examines the
aggregate behavior of the economy. This is different from microeconomics,
which is the study of the economic behavior of individual consumers, firms,
and industries. We will study how economists model the relationships between
aggregate economic variables and examine how various fiscal and monetary
policies can affect the results. The main goal of this class will be to improve
your economic literacy and ability to apply economic models to analyze world
events.
The course is divided into four parts. We begin with an introduction to
Macroeconomics. In part 2, we look at long run economic growth and the
financial system. In part 3, we turn our attention to short run economic
fluctuations. In part 4, we show how stabilization policy including fiscal policy
and monetary policy work in the economy for both short run and long run.
Prerequisites:
ECON 2010 (Principles of Microeconomics) is required for all students in this
class. Students should be familiar with the economic concepts of supply,
demand, and elasticity. High school level algebra knowledge is assumed and
students should be comfortable using graphs, tables, and equations.
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Grading Policy:
I have an unusual and complicated (but extremely fair!) grading system. There
will be two midterms and a comprehensive (cumulative) final. On each exam
enough points are added to everyone's bring the mean score up to 75. NOTE:
it is points that are added not questions. So, for example, if the median for a
particular exam is 68, 7 points will be added to each person's exam. Hence,
doing well on a difficult exam, say getting a 96 when the median was 68 enables
you to get over 100 points, in this example receiving a 103. Should the mean
for an exam be above 75, I do not subtract (such an outcome indicates either
that you are part of an unusually smart or studious class or--more likely?--that I
made the test too easy, hence it is my problem). After these adjustment points
are added, I will calculate your course test grades as the largest number arising
from the following alternative calculated scores:
"Score 1": .20(1st Mid Grade) + .20(2nd Mid Grade) + .30(Final Exam Grade)
+ .20(Recitation) + .10(In-class Participation)
"Score 2": .20(2nd Mid Grade) + .50(Final Exam Grade) + .20(Recitation)
+ .10(In- class Participation)
"Score 3": .20(1st Mid Grade) + .50(Final Exam Grade) + .20(Recitation)
+ .10(In-class Participation)
Hence if you "mess up" (or miss) either of the midterm exams (but not both),
that test will automatically be dropped, and the comprehensive final is weighted
more heavily in this case. There will be no early exams or make-up exams,
since they are difficult to make comparable and this system does not penalize
you for missing one exam in any event.
The final exam date is: Aug 5 9:15 – 10:50 am (Friday). The exams are in
our usual classroom. There are no make-ups! Do not make plans (airline
tickets, etc.) that involve leaving early.
The University of Colorado does not allow me to award even the best of you
with an "A+," hence there is (unfortunately) little incentive to really learn the
material of any course, in particular this one. To overcome this difficulty –
since I believe in creating an incentive to excel – I let anyone with an adjusted
96 or higher average on the two midterms out of the final! [Note: even if you
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personally do not get out of the final, you should cheer for those that do, since
the mean will be lower on the final, causing more points to get added to
everyone's score on this important test!]. I do require that those getting out of
the final continue coming to class for the remainder of the semester. NOTE:
the first midterm is nearly half-way through the course and second midterm
comes very late in the course; this is to be sure that those getting out of the
final are tested over most of the material.
I view attendance and participation at my lectures and the recitation as highly
desirable, so the recitation part is 20% of your final grade which cannot be
dropped. I do want you to emphasize on recitations because they are very
helpful for your midterms and final especially for this intense summer semester.
During the semester, there will be 10 in-class activities, among which, 5 will be
counted as in-class participation (10% of your final grade), and the other 5 will
be the attendance. Among these 5 attendances, if you do not miss a single class,
your grade will be bumped up when it is on the margin. If you only miss one
lecture, there will be no change to your grade. If you miss two lectures, you
grade will be moved down when it is on the margin. That is, you can have an
89 (normally a B+) and get either an A-, a B, or stay at a B+; similarly, you
could have a 91 (normally an A-) and get either an A, a B+, or stay at an A-. If
you miss three lectures among these five, your grade will be moved down by
one level no matter you are on the margin or not. That is, you get a B and you
miss three lectures, you will end up with a B-. If you miss four lectures, you
grade will be moved down by two levels, say from B to C. And so on…
Final Grades:
100 - 93%A
92.99 - 90.00% A89.99 - 88.00% B+
87.99 - 83.00% B
82.99 - 80.00% B79.99 - 78.00% C+
77.99 - 73.00% C
72.99 - 70.00% C69.99 - 68.00% D+
67.99 - 63.00% D
62.99 – 60.00% D59.99 - 0.00% F
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A tentative guide to topics we will cover:
Date
5-Jul
6-Jul
7-Jul
8-Jul
11-Jul
12-Jul
13-Jul
14-Jul
15-Jul
18-Jul
19-Jul
20-Jul
21-Jul
22-Jul
25-Jul
26-Jul
27-Jul
28-Jul
29-Jul
1-Aug
2-Aug
3-Aug
4-Aug
5-Aug
Content
Ch. 2 Economic Models: Trade-offs and Trade
Ch. 6 Macroeconomics: The Big Picture
Ch. 7 Tracking Macroeconomics
Ch. 7 Tracking Macroeconomics
Ch. 8 Unemployment and Inflation
Ch. 8 Unemployment and Inflation
Ch. 9 Long-Run Economic Growth
Ch. 9 Long-Run Economic Growth
Ch. 10 Savings, Investment Spending and the Financial System
Ch. 10 Savings, Investment Spending and the Financial System
Midterm 1
Ch. 11 Income and Expenditure
Ch. 11 Income and Expenditure
Ch. 12 Aggregate Demand and Aggregate Supply
Ch. 12 Aggregate Demand and Aggregate Supply
Ch. 13 Fiscal Policy
Ch. 13 Fiscal Policy
Ch. 14 Money, Banking, and the Federal Reserve
Ch. 14 Money, Banking, and the Federal Reserve
Ch. 15 Monetary Policy
Ch. 15 Monetary Policy
Midterm 2
Ch. 16 Inflation, Disinflation, and Deflation
Final Exam (9:15 – 10:50am)
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University Policies
Students with Disabilities
If you qualify for accommodations because of a disability, please submit to me
a letter from
Disability Services by September 11th so that your needs may be addressed.
Disability Services determines accommodations based on documented
disabilities. University policies regarding disabilities are available at
www.colorado.edu/disabilityservices. Disability Services can be contacted by
telephone at (303) 492 8671 or in person at Willard 322.
Religious Observances
Campus policy regarding religious observances requires that faculty make every
effort to 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 due to a religious obligation, please see me at
least one full week in advance so that alternate arrangements can be made.
Policies regarding religious practice are available at
www.colorado.edu/policies/fac_relig.html.
Classroom Behavior
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 student's 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 appropriate changes to my records. Polices regarding classroom behavior
are available at
http://www.colorado.edu/policies/classbehavior.html and at
http://www.colorado.edu/studentaffairs/judicialaffairs/code.html#student_co
de.
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Discrimination and Harassment
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 (303) 492 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.
Academic Misconduct
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
www.colorado.edu/policies/honor.html and at
www.colorado.edu/academics/honorcode.
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