ECON 3080-005 Intermediate Macroeconomic Theory
UNIVERSITY OF COLORADO Department of Economics Intermediate Macroeconomics-ECON 3080-005, Fall 2011 Instructor: Office: Email: Lecture: Office Hours: Website: Steven M. Smith ECON 309c [email protected] MWF: 12:00-12:50, Aug 22-Dec 9, MUEN E432 T 10:30am-12:00pm, W 1:00pm-2:30pm and by appointment. http://culearn.colorado.edu Course Description Macroeconomics is the study of the aggregate economy. We will explore the determinants of both long term trends and short term fluctuations (business cycles) and explore 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 some of the theory. In the end you will have the technical tools necessary to intelligently read about and discuss current and past macroeconomic events. 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 This course requires basic calculus and algebra tools. It will be assumed that students posses these and there will be no formal math review. Textbook Charles I. Jones (2011). Macroeconomics, W. W. Norton & Company, 2nd Edition. The textbook is considered required. Due to time constraints, not all the material can be presented in lecture but may still appear on the exam. Reading the book prior to lecture is a great way to make the learning process easier. The second edition includes new analysis of the recent economic crisis. You can consider using the original edition or the Economic Crisis Update version, but be warned that some chapters we will cover are not included in these prior editions. Other short readings will be provided on the course website. Lectures Attendance of the first three classes is mandatory or you may be administratively dropped from the course. Beyond this, attendance will not be taken. 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 the material from the book as well as connect the concepts to real world examples, providing additional in class practice when appropiate. Grading Policies There will be 4 components of your final grade. Exam 1 25% Friday, October 7th, in class Exam 2 25% Friday, November 11th, in class Exam 3 25% Wednesday, Dec ember 14th, 1:30pm-4:00pm Homework 25% Various Dates; see course schedule Grading Scale A AB+ B BC+ 92.00-100.00 90.00-91.99 88.00-89.99 82.00-87.99 80.00-81.99 78.00-79.99 C CD+ D DF 72.00-77.99 70.00-71.99 68.00-69.99 62.00-67.99 60.00-61.99 <59.99 Exams The 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. Any unexcused absence on an exam day will result in a zero for that exam. If you do have a valid emergency which precludes you from taking the exams on the given date your final score will be recalculated reweighting the other two exams 37.5%. Please communicate any conflicts with exam dates as soon as possible; you will find instructors are a lot more flexible when you do not wait until the last minute to deal with conflicts. Finally, no cell phone calculators are permitted for exams. Please bring a basic calculator or be prepared to do calculations with pen and paper. Homework Over the semester there will be 4 problem sets and 2 article analyses. No late assignments will be accepted and no assignment will be dropped from your grade. Article Analyses: Throughout the semester I will post articles on the course website. Two of these will require you to write up a one page (single spaced) analysis and submit it on CUlearn by 5:00pm on the due date. Each will make up 2.5% of your final grade. Problem Sets: As we progress through the semester I will post 4 problem sets on CUlearn. 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. Tentative Course Schedule Due dates and exam dates are firm. Topic coverage is subject to change. Date August 22-26 August 29-Sep. 2 September 5-9 September 12-16 Book Chapter Long-Run Intro to Macro Jones 1, 2 & 3 Aggregate Production Jones 4 Solow Growth Model Jones 5 Solow Growth Model Jones 5 September 19-23 September 26-30 October 3-7 Romer Growth Model Labor Inflation October 10-14 October 17-21 October 24-28 Oct. 31-Nov. 4 November 7-11 November 14-18 November 21-25 Nov. 28-Dec. 2 December 5-9 Wednesday, Dec. 14th Topic Jones 6 Jones 7 Jones 8 Short-Run Short Run & IS curve Jones 9 & 11 Monetary Policy/ Jones 12 Phillips Curve AS-AD Model Jones 13 AS-AD Model Jones 13 The Great Recession Jones 10 & 14 Micro-Foundations Consumption Jones 15 Fall Break Investment & Jones 16 & 17 Government Open Economies Jones 18 & 19 Final Exam Due No Class, September 5. -Article Analysis 1, September 12th -Problem Set 1, September 19th -Problem Set 2, October 5th -Exam 1, Friday Oct. 7th -Article Analysis 2, October 31st -Problem Set 3, November 9th -Exam 2, Friday Nov. 11th No Class Problem Set 4, December 9th Exam 3, Wednesday, 1:30-4:00 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. It will be your best option to communicate with me outside of office hours and lecture. I will do my best to respond to emails in a timely fashion, usually less than 24 hours. 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? 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 9th 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 deal reasonably and fairly 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 observances are available at www.colorado.edu/policies/fac_relig.html. Classroom Behavior Students and faculty each have responsibility for maintaining an appropriate learning environment. Those who fail to adhere to such behavioral standards may be subject to discipline. Professional courtesy and sensitivity are especially important with respect to individuals and topics dealing with differences of race, culture, religion, politics, sexual orientation, gender, 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_code. Discrimination and Harassment The University of Colorado at Boulder policy on Discrimination and Harassment, the University of Colorado policy on Sexual Harassment, and the University of Colorado policy on Amorous Relationships apply to all students, staff, and faculty. Any student, staff, or faculty member who believes s/he has been the subject of sexual harassment or discrimination or harassment based upon race, color, national origin, sex, age, disability, creed, 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, the above referenced policies, 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) 735 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.