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Principles of Macroeconomics
UVM EC 11 Z3/SUMMER 2013/TERRILL-207/JUN 4-AUG 2/11:00-12:30 (TWR)
Prof: John F. Summa, PhD. Office: Old Mill, Rm. 229 Office Hours: TBA (or by appointment) Phone: (802) 846-7509 (c) E-mail: firstname.lastname@example.org Required Text:* Principles of Macroeconomics (4th edition), Stiglitz and Walsh. * This edition must be purchased in addition to the companion study guide and access to the SmartWork online study/exercise suite. The package is not available in UVM's bookstore. New and used editions may is available through a number of online book vendors, such as Amazon.com and CampusBooks.com for very little money. If you buy a used copy at UVM or elsewhere (or acquire a new copy online), you will need to purchase the SmartWork online study/exercise suite (see below for link). SmartWork Purchase Link: http://books.wwnorton.com/books/cart.aspx
SmartWork Login Link: http://smartwork.wwnorton.com/sw/login/index.php
E-Book Version:** E-Book versions of the main text and study guide are available for half the price. Visit the following link to purchase: http://books.wwnorton.com/books/detail.aspx?Id=22674 ** Please note: SmartWork is included with e-Book purchases. Author website: http://www.josephstiglitz.com Course Objectives/Overview: Principles of macroeconomics is an introduction to the study of total employment and general price levels throughout the economy. Macroeconomics is not concerned with individual or industry level employment and prices. Instead, the focus is on the national or aggregate level (all industries and all individuals). The course also provides a basic understanding of the laws of supply and demand in a market system, and develops a model of the national economy that allows for developing policies aimed at maintaining stable prices and full employment levels. Specific topics related to macroeconomic issues will be covered, as well.
Class lectures will follow closely the required text, Principles of Macroeconomics (4th edition), Stiglitz and Walsh. This edition provides all the essentials for an introduction to the key concepts and practical applications of macroeconomics. As each chapter is covered, exercises will be assigned directly from the text vis-a-vis SmartWork, which will be completed online. Any datasets required for exercises will be provided by the instructor if not available in the required text. Course Outline:*** I. Introduction to Macroeconomics: Chapter Chapter Chapter Chapter Chapter 1: 2: 3: 4: 5: Macroeconomics and the Economic Perspective The Price System Households and Firms in the Labor and Capital Markets Measurement of Economic Output and Unemployment The Cost of Living and Inflation
II. Full-Employment Macroeconomics: Chapter Chapter Chapter Chapter Chapter 6: The Full-Employment Model 7: Government Finance at Full Employment 8: The Open Economy at Full Employment 9: Economic Growth 10: Money, the Price Level and the Federal Reserve
III. Macroeconomic Fluctuations: Chapter Chapter Chapter Chapter Chapter 11: 12: 13: 14: 15: Introduction to Macroeconomic Fluctuations Aggregate Expenditures and Income Aggregate Demand and Inflation The Federal Reserve and Interest Rates The Role of Macroeconomic Policy
IV. The Global Economy: Chapter Chapter Chapter Chapter 16: 17: 18: 19: International Trade and Trade Policy The International Financial System Policy in the Open Economy Development and Transition
IV. Further Topics in Macroeconomics: Chapter 20: Inflation and Unemployment Chapter 21: Controversies in Macroeconomic Policy Chapter 22: A Student’s Guide to Investing *** The instructor reserves the right to alter the course outline and course requirements at any time.
Grading Policy: Grades will be based on two mid-term exams (25% each), a final exam (25% and non-cumulative), and SmartWork homework assignments/ exercises and any in-class quizzes (25%). Occasional surprise quizzes may be given and will count toward your homework grade. Attendance Expectations: You are required to attend every class and will be held responsible for material presented in class. Exams will be based on readings/exercises and material presented in lectures. If you miss class, it is your responsibility to acquire the material presented and assigned in that class. Electronic Devices: No electronic devices are allowed to be used during lectures unless pre-arranged with the instructor. Email Policy: The instructor cannot guarantee a timely response (within 24 hrs of receipt) to e-mail inquiries and other forms of electronic communication in terms of any course requirement deadlines within 24 hours of receipt. Generally, however, I respond immediately via Smart phone email/text. Blackboard will be utilized only when necessary and should not become a substitute for attending class. Instructor office hours should be utilized to get timely answers to urgent questions. UVM Code of Academic Integrity: Violations of the UVM's Code of Academic Integrity are any acts which would have the effect of unfairly promoting or enhancing one's academic standing within the entire community of learners. Such acts are serious offenses and will not be tolerated. Any suspected violations of the Code will be forwarded to the Center for Student Ethics & Standards. UVM Diversity Statement: The University of Vermont holds that diversity and academic excellence are inseparable. An excellent university, particularly one that is a public land grant, needs to actively seek to provide access to all students who can excel at the institution, without respect to their backgrounds and circumstances, including, among other differences, those of race, color, gender, gender identity or expression, sexual orientation, national and ethnic origin, socioeconomic status, cultural and/or geographic background, religious belief, age, and disability. There is, moreover, a compelling national interest in a higher education sector rich in diversity and opportunity, and a clear state interest in making the educational benefits of this diversity and opportunity accessible to all.