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Principles of Macroeconomics - syllabus

Principles of Macroeconomics - syllabus

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Principles of Macroeconomics ECO 2010 Spring 2012

Katherine M. Sauer, Ph.D. AD 530-Q 303-556-3037 ksauer5@mscd.edu

____________________________________________________________________________________ This course offers an introductory analysis of the economy as a whole. ____________________________________________________________________________________

The Macroeconomic Building Blocks GDP inflation unemployment

How markets work

Long Run Economic Growth - productivity - saving & investment market The Monetary System - money and banking - the Federal Reserve - money market The Open Economy - international trade - market for foreign exchange

A Model of the Economy as a Whole - GDP, inflation, and unemployment - government policy


Course Learning Objectives At the end of the semester, the successful student should be able to: 1. Identify/define the fundamental concepts of economics including scarcity, choice, opportunity costs, the gains from trade, use of models and positive/normative analysis. 2. Apply supply and demand analysis in a variety of macroeconomic contexts. 3. Describe the construction of fundamental macroeconomic variables and interpret changes in them. 4. Apply macroeconomic analysis to evaluate economic events and/or problems and their impact on the human experience. 5. Describe the US monetary system. 6. Explain the role and impact of macroeconomic policy on the economy and the human experience. 7. Describe and interpret economic data, tables and charts.

This course is a General Studies Course. Accordingly, this course will help you meet the following additional learning outcomes: 1. Demonstrate the ability to locate sources when information is needed, and to evaluate the authenticity, validity, and reliability of resources applied to a specific purpose. - At the end of the term, you¶ll be writing an essay based on a current event that you find. 2. Analyze texts, sources, and argumentation, identify cause and effect relationships and recognize fallacies of argument. - Our market analysis and policy analysis will be techniques that you will use to demonstrate cause and effect relationships. 3. Use and document sources and evidence in an ethical manner. - The essay that you write will contain proper source citation and will not be plagiarized. 4. Describe how the methods of science are used to generate new knowledge. - This course teaches you about economic models and how they are scientifically derived. 5. Describe the forms and impacts of economic practices on the human experience using analytical methods appropriate to the field. - Throughout the course we¶ll be exploring the impact of the economy on the human experience. We¶ll use theory, data, algebra, and graphical analysis.


Course Learning Activities

In order to assist you in meeting the course learning objectives, course activities will include class participation, homework, an essay and 2 exams. Course activities are weighted as follows:

To prepare for daily class participation, the successful student will read the text in advance, bringing notes to class complete any other assigned prep-work To receive credit for class participation, students should actively contribute to discussion and solving in-class problems. Problem sets are posted online, with due dates posted alongside each one. You¶ll answer each question, click ³grade it now´, and then see whether you got it correct and can view a corresponding explanation. If you are not satisfied with your score for that problem, you can try again with another similar problem. (3 tries total) The scores from each of your attempts will be averaged together. You can work on the problem set all at once, or in pieces up until the due date. You can work with your classmates on homework if you like. The midterm exam will consist of multiple choice questions and some longer problems similar to the ones we solve in homework and in class. The midterm exam covers chapters 2, 3, 4, 5, 6, 7, 8, 10, 11. A review sheet will be posted online along with suggestions for study strategies.



Homework 25% Due online on Sundays at 11pm.

Midterm Exam 25% March 14

During the term you will complete a written analysis of a current event. Due by 4/23 Refer to the ³Guidelines for Article Analyses´ document for detailed instructions. If you would like me to look over a rough draft of your analysis prior to the due date, please bring a copy of your work to me in office hours or make an appointment to see me. The final exam will consist of multiple choice questions and some longer problems similar to the ones we solve in homework and inclass assignments. The final exam covers chapters 2 ± 8, 10 ± 13, 15 ± 17. A review sheet will be posted online along with suggestions for study strategies.

Essay 5%

Final Exam 35% Date TBA ± official schedule


Prerequisites In order to successfully meet the learning objectives in this course, you¶ll need some background skills. The prerequisites for this course are: ENG 1010 or ENG 1020 AND MTH 1080 or MTH 1110 or MTH 1112 or MTH 1120 or MTH 1210 or MTH 1230 or MTH 1310 or MTH 1320 or MTH 1400 or MTH 1410 or MTH 1610 Basically, you will be expected to know how to do algebraic calculations, understand graphs, and communicate clearly both verbally and in written form. If you have not met the prerequisites, you¶ll need to drop the course and re-register for it in a future semester once the prerequisites have been met. Quick Self-Assessment: 1. Identify the y-intercept and the slope in this equation: 2. Solve each of the following equations for X: 3 = 20 X 0.75 = X 5 1/4 + 2/3 + X = 5 y = 100 ± 2x

3. Solve this system of equations for x and y:

y = 50 ± 2x

y = 30 + 3x

4. Plot the following points on the axis given. Year 1990 1991 1992 1993 1994 1995 Economic Growth Rate 1.9 % -0.2 % 3.4 % 2.9 % 4.1 % 2.5 %

Economic Growth (%)

+ 0




Required Course Materials 1) Textbook & Electronic Homework: Our course textbook is Brief Principles of Macroeconomics (6th edition) by Greg Mankiw. It is one of the most popular textbooks nationwide. We¶ll be utilizing an electronic version of this textbook, bundled with an online homework resource system called Aplia. The cost is $90, which is much cheaper than a paper copy of the text alone ($150). If you like, you¶ll have the option of adding a paper textbook to your online bundle for a reduced price. Here are the directions to register for and purchase Aplia: If you already have an account, sign in using your previously chosen login. Go to: http://login.cengagebrain.com The course key is D2A8-SNFY-KPRH If you don¶t have an account, click the Create an Account button. The course key is D2A8-SNFY-KPRH Please register for Aplia before our next class so you can access our textbook, course materials and so you can complete your first reading assignment. You can use Aplia for free until 11:59pm on 2/6/2012.

2) Access to a printer For most of our class meetings, you¶ll be asked to do some prepwork. Some of the work will require you to print your work from an electronic source.

3) Access to the internet Since the reading and homework is online, you¶ll need to plan to be near a reliable internet source several times during each week. Course materials and announcements will be posted on our Aplia website.


Office Hours My Office Hours are a resource to assist you outside of our class time. Reasons to come to office hours: - you have a question on the homework - you would like some additional explanation on a concept - you feel entirely lost in the course - you have an accommodation letter from the Access Center - you want some advice to help you with time management or study skills - you are in the neighborhood and just want to say hi You do not need an appointment to see me during office hours ± please just stop by. You may also make an appointment in advance to see me during other days. Spring 2012 Schedule Mondays
9:30-10:45am Citizen¶s Guide to Economics 11-12:15pm Open Office Hours 12:30-1:45pm Quantitative Methods 2-3:15pm Principles of Macroeconomics 3:30 ± 5:00pm Open Office Hours KC203 AD530Q MC5-5A AD135 AD530Q

9:30-10:45am Citizen¶s Guide to Economics 11-12:15pm Open Office Hours 12:30-1:45pm Quantitative Methods 2-3:15pm Principles of Macroeconomics KC203 AD530Q MC5-5A AD135


10:30am ± 11:30am Open Office Hours AD530Q

My office is located in the (old) Administration building in room 530-Q.

Source: Google Maps 6

Course Grading 89.5% and up 79.5% to 89.4% 69.5% to 79.4% 59.5% to 69.4% 59.4% and below A B C D F

To calculate your course grade, please use the following formula:
(homework %)(0.25) + (midterm %)(0.25) + (essay %)(0.05) + (participation %)(0.10) + (final exam %)(0.35) = course grade %

For example, suppose your scores are as follows: 85% on homework, 73% on the midterm, 90% on the essay, 99% on participation. If you want to earn a grade of B in the class (e.g. 79.5%), what score will you need to get on the final exam? Please answer in the space provided.

Throughout the semester there will be opportunities for bonus. Bonus points come into play only when a grade is ³borderline´. For example, suppose your course grade is 79.4%. A 79.5% would round to an 80% which is a B. The 79.4% is still a C, but it is close to a B. If you complete some of the bonus opportunities, I can objectively (in fairness to all students) bump your grade up to a 79.5% to give you a B. If you do not complete the bonus opportunities then your grade will remain a C. Bonus points are not the same as percentage points.

From my 10 years in teaching economics at the college level, I¶ve noticed that it often takes a while to ³get´ economics (between 10 and 12 weeks into the course is when the material really starts ³clicking´ for most students). Since the midterm is in week 9, many students find that they do not perform as well as they hope on the midterm. What matters to me is that in the end, you can demonstrate that you¶ve learned the concepts. As such, if you score higher on your final exam than you did on your midterm, I will count the final more heavily to reflect your learning. 7

Course Policies Missed Assignments and Exams Assignments: At the beginning of the semester, you¶ll know when each online homework assignment is due. This means you should work ahead if you know you have a conflict with a due date. Your lowest problem set grade will automatically be dropped from your grade. One additional optional/make up assignment will be given at the end of the semester. Participation: If you are in class and actively participating and have completed any prepwork, then you will receive full credit for that day¶s participation. Two participation scores will be dropped from your grade. Exams: A make up exam is given only in grave extenuating circumstances. Leaving early to go on spring break is not a grave extenuating circumstance. Additionally, please do not ask to take the final exam early ± I must give it according to the official final exam schedule. Essay: Your essay must be turned in on time (that is, by the beginning of class on the due date) to avoid a penalty of 1 point per calendar day deduction. The essay is out of 20 points. Please turn in a paper copy of your essay. _______________________________________________________________________________________ Grade Disputes Sometimes you might interpret a question differently than I intend. If you have a dispute or disagreement with grading, please observe the following procedure:
1. Observe a 24 hour ³cooling off´ period. 2. Submit in writing an explanation of your argument/dispute/ disagreement. Include supporting evidence from class resources. 3. Your case will be reviewed by our next class period. You can set up an appointment to meet with me to discuss my response.

This process helps me improve the way that I write and grade questions. It is not meant to be scary or argumentative. **If your only dispute is an incorrect calculation of your grade, let me know as soon as possible. A submission in writing is not necessary.** ___________________________________________________________________________________ Email Please use your @mscd email address when emailing me. If you do not, you run the risk of my email filter program deciding that your message is spam. Please do not use the email feature in BlackBoard/Web CT to email me. Write directly to me at ksauer5@mscd.edu . (In the past messages sent through that system had frequently gotten lost.) Please try to use proper sentences and punctuation when writing to me. I can¶t always figure out what your short-hand abbreviations are trying to say 8

Disability Accommodations The Metropolitan State College of Denver is committed to making reasonable accommodations to assist individuals with disabilities in reaching their academic potential. If you have a disability which may impact your performance, attendance, or grades in this class and are requesting accommodations, then you must first register with the Access Center, located in the Auraria Library, Suite 116, 303-556-8387. The Access Center is the designated department responsible for coordinating accommodations and services for students with disabilities. Accommodations will not be granted prior to my receipt of your faculty notification letter from the Access Center. Please note that accommodations are never provided retroactively (i.e., prior to the receipt of your faculty notification letter.) Once I am in receipt of your official Access Center faculty notification letter, I would be happy to meet with you to discuss your accommodations. All discussions will remain confidential. Further information is available by visiting the Access center website www.mscd.edu/access. ____________________________________________________________________________________ Religious Holidays The college policy of observing all religious holidays will be abided by in this class. A prior indication of any religious-related absence is appreciated. ____________________________________________________________________________________ No Credit (NC) Grades During the first 10 weeks of class, you may opt for NC through MetroConnect online. You do not need a signature from me. After the 10th week, I do not have authorization to grant you a NC. The Spring NC deadline is Monday April 2nd. ____________________________________________________________________________________ Student Code of Conduct Metropolitan State College of Denver has a Student Conduct Code and every student is expected to be familiar with it particularly regarding the policy on cheating, plagiarism, and other forms of academic dishonesty. Available online: http://www.mscd.edu/policies/student_code_of_conduct/student_conduct_code.shtml ___________________________________________________________________________________ Academic Calendar / Important MSCD Dates Last day to drop with 100% tuition refund: Last day to drop with 50% tuition refund and course deleted from transcript: No classes, Spring Break: Last day to drop with NC grade: Final exam week: Grades available online: Monday Jan. 23rd Wednesday Feb. 1st March 19th ± 23rd Monday April 2nd May 7th ± 11th Friday May 18th


Course Schedule Check Aplia for updates.

Week beginning:



1/23 last day to drop with full refund 2/1 last day to drop with 50% refund

1/16 1/23 1/30 2/6 2/13 2/20 2/27 3/5 3/12 3/19 3/26 4/2 4/9 4/16 4/23 4/30 5/7 ± 5/11

No class on 1/16, Thinking Like An Economist Measuring the Economy, No class on 1/25 Measuring the Economy, The Cost of Living The Cost of Living, Unemployment Unemployment, Review day Gains from Trade, Production & Growth Markets, Savings & Investment The Monetary System Review day, Midterm Exam on 3/14 no classes ± spring break Money Growth & Inflation Aggregate Demand and Supply Model Monetary and Fiscal Policy Inflation & Unemployment Open Economy Basics Theory of Open Economy, Review Day FINAL EXAM WEEK ± exam date TBA

2 5 5, 6 6, 10 10 3, 7 4, 8 11

Ch 2, 3, 4, 5, 6, 7, 8, 10, 11

12 15 16 17 13 14

4/2 is NC Deadline

4/23 Essay due

Ch 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, 13, 15, 16, 17


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