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Preliminary Syllabus

BUSE 6203
Spring 2015, Module B

MACROECONOMICS
Tues/Thur 9:30-10:50 & 11:00-12:20; Crow 190

Professor Harvey Rosenblum


Phone: 214-906-5617 (cell)
SMU Office: Crow 278D
214-768-3613 (office)
Office Hours: Tues/Thur 1-2 pm; Wed. 5-6 pm and by appointment
E-mail: harvey@smu.edu
COURSE OBJECTIVES
This course will cover contemporary issues in macroeconomics, the analysis of developments in the
US and global economies. We will study the factors that influence economic growth and inflation, and
the policy tools available to influence growth, inflation and foreign exchange rates. A secondary
objective is to provide students with an understanding of the causes and consequences of the 2007-09
Financial Crisis and the subsequent Great Recession.
REQUIRED TEXTS
Frederic S. Mishkin, Macroeconomics: Policy and Practice, Pearson, 2nd Edition, 2015.
[Abbreviation: Mishkin]
Strongly suggested: Wall Street Journal, articles as assigned. This is your living textbook. If you
need to subscribe, a ten week subscription is available, with electronic apps, for $10 from
www.wsj.com/summer. Longer period, heavily discounted subscriptions, again with electronic apps,
can be found at www.wsj.com/studentoffer .
GRADES
Two short surprise quizzes @ 7.5% each
Midterm Exam
Class Participation/Discussion
Final Exam

15%
30%
10%
45%

GRADE DISTRIBUTION
Cox School of Business guidelines: Graduate Core Classes
A
Max 20%
AMax 20%

INSTRUCTOR
The course will be taught by Harvey Rosenblum, SMU Professor of Financial and Economic Practice,
and until recently, Executive Vice President and Director of Research, Federal Reserve Bank of Dallas,
now retired. Dr. Rosenblum has taught at SMU for 28 years and, together with other business schools,
for over 40 years. He also has experience in the money and capital markets. Until recently, he served as
Associate Economist for the Federal Open Market Committee, which formulates the nations monetary
policy. Dr. Rosenblum is the past President of the National Association of Business Economists. He
brings considerable experience, both as a practitioner and as a professor, to the classroom.
ATTENDANCE POLICY
The exam questions are based heavily on class lecture/discussion material. A good grade for class
participation requires good attendance and good quality participation. A famous comedian once said:
Eighty percent of success is just showing up. It is difficult to grade participation if I dont know who
you are; a tent card with your name must be displayed at each class.
KEY TAKEAWAYS
The last 10 minutes of each class will be spent interactively compiling a list of key takeaways from the
class lecture and class discussion. A couple of students will be asked to serve as scribe so that the
list of takeaways can be made available. This list will form the starting point for the next lecture, so
that additional clarification can be offered.
MBA CLASS FOREIGN TRIPS
As part of the preparation for your upcoming foreign trips, this class is intended to help provide an
understanding of macroeconomic issues that affect the economies of many countries in different ways
such as inflation, a weak or strong currency, slow vs. rapid growth, a stable vs. unstable financial
system, etc. Part of Quiz # 2 will ask students to summarize the key macroeconomic issues they
anticipate encountering in the countries they will visit this year.
University Rules: Disability and Religious accommodation
Disability must first be registered with Disability Accommodations & Success Strategies (DASS) to verify the
disability and to establish eligibility for accommodations. Students may call 214-768-1470 or visit
http://www.smu.edu/alec/dass.asp to begin the process. Once registered, students should then schedule an appointment
with the professor to make appropriate arrangements. (See University Policy No. 2.4; an attachment describes the
DASS procedures and relocated office.)
Religiously observant students wishing to be absent on holidays that require missing class should notify their
professors in writing at the beginning of the semester, and should discuss with them, in advance, acceptable ways of
making up any work missed because of the absence. (See University Policy No. 1.9.)

ASSIGNMENTS
2

Please Note: As current articles from the Wall Street Journal, the Economist and other
publications are discovered and mentioned in class, they will be added to the list of assignments.
To the extent feasible, copies of many of these articles will be provided as handouts.
March 17

Class Orientation; Syllabus is a contract; Macro issues, policy and metrics

Learning Objectives:
1. Macro themes of 2015
2. Key macroeconomic concepts and measures
3. Policy and politics are often inseparable
Reading Assignments: Mishkin: Ch. 1; Ch. 2 (p. 20-37)
March 19
Learning Objectives:
1. Production and wages
Reading assignments: Mishkin: Ch. 2 (p. 37-43); Ch. 3 (p. 50-59)
March 24
Learning Objectives:
1. Saving, Investment and Capital Flows between countries
2. The Federal Reserve, money and inflation
Reading Assignments: Mishkin: Ch. 3 (p. 59-69); Ch. 4
March 26
Reading Assignments: Mishkin: Ch. 5
March 31
Learning Objectives: Long-run determinants of economic growth; short-run business
cycles
Reading Assignments: Mishkin: Ch. 6; Ch. 7 (p. 178-189)
April 2

April 7

Quiz 1
Reading Assignments: Mishkin: Ch. 7 (p. 189-199); Ch. 8
Learning Objectives: The goods market and the money market and the role of
monetary policy
3

April 9
April 14

Reading Assignments: Mishkin: Ch. 9; Ch. 10 (p.251-256)


Reading Assignments: Ch. 10 (p. 257-269); Ch. 10 Appendix
Learning Objectives: Aggregate supply and the modern-day Phillips Curve
Reading Assignments: Mishkin: Ch. 11

April 16 MID-TERM EXAM


April 21

April 23

April 28

Learning Objectives: Unforeseen shifts in aggregate demand; policy rules and policy
discretion; the financial system
Reading Assignments: Mishkin: Ch. 12; Ch. 13 (p. 327-348)
Reading Assignments: Mishkin: Ch. 13 (p. 248-364); Ch. 14 (read on your own
minimal lecture on this topic)
Learning Objectives: Financial crises; fiscal policy and exchange rate determination
QUIZ 2
Reading Assignments: Mishkin: Ch. 15 and 16

April 30

May 5

Reading Assignments: Mishkin Ch. 17


FINAL EXAM; both sections; 9:30 am-12:20 pm; Crow 175