WELCOME TO ECON 2123 !

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 Prof. Fei DING
The Hong Kong University of Science and Technology

ECON 2123: Macroeconomics

INTRODUCTION
ABOUT ME
 Instructor: Fei DING (LSK 6084)
 Email: feiding@ust.hk
 Tel: (852) 2358-7626
 Office hours: drop by or make appointment
 Course Time and Venue
 L4: TuTh 10:30–11:50, Rm 2465
 L5: TuTh 09:00–10:20, Rm 2465

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ABOUT OUR TA

 TA: Emily CHEN (LSK 6066)

 Email: eckuan@ust.hk
 Tel: (852) 9175-6952
 Office hours: Tuesday 09:00-12:00, or by appointment

 We teach this course as A UNIT.

 Their ideas, opinions, and feedback directly impact the
pace and organization of the course.
 Do not hesitate to seek their help and let them know how
you feel!
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SENDING US EMAILS

 Please address to BOTH TA and ME in your

emails.
 Please put down at the subject line:
ECON 2123: Tutorial/Problem Set/etc.
 It is better to use your UST email for
communication.
 Please check your UST email regularly or set up
automatic forwarding.
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ABOUT YOU

 Your name in English and Chinese?

 Your program?

 Your year?

 Your goal?
 What do you expect to achieve?
 How committed are you in pursuing your goals?

 Your other courses?

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ABOUT YOU

 Please write me a note (optional).

 Name, student ID, other information about you
 A recent photo
 Hand it back to me if you want me to know
more about you.

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ABOUT THIS COURSE – DEFINITION

 What is macroeconomics?
 How does it differ from microeconomics?

From Google  Macroeconomics (from the Greek prefix

makro- meaning "large" and economics) is a branch of
economics dealing with the performance, structure,
behavior, and decision-making of an economy as a whole,
rather than individual markets. This includes national,
regional, and global economies.

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ISSUES WE CARE – TRADE WAR

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ISSUES WE CARE – BREXIT

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ISSUES WE CARE – HK PROPERTY

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ABOUT THIS COURSE – ISSUES WE CARE

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ABOUT THIS COURSE – ISSUES WE CARE

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ABOUT THIS COURSE – ISSUES WE CARE

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WHY THIS COURSE?
 Requirement: It is a common core course.
 Relevance to your life
 What’s going to be the trend for HK property?
 Where do you want to work?

 Salary growth and employment prospects?

 Amuse people and enliven conversations in

social events.

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EXPECTATIONS: MORE DIFFICULT THAN MICRO!

 Microeconomics focuses on individual rational

choices and decisions.
 Macroeconomics focuses on aggregate
behavior of an economy.
 More influencing factors
 More complicated systems

 More sophisticated math and technical analyses

 More ambiguity – even the most prominent

scholars do not agree on macro issues!
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LEARNING OBJECTIVES
 Explore important questions in macroeconomics and the
main components of macroeconomic theory.
 Develop necessary concepts and tools to analyze current
macroeconomic events and their impacts on the business
environment and the economy.
 Understand and evaluate the effects of government policies
on the business environment and the economy.
 Think critically and creatively when making effective
economic decisions and policy suggestions, supported by
macroeconomic theories and analytical/quantitative
techniques.

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TEXTBOOK IN BOOKSTORE

Olivier Blanchard, Macroeconomics

7th edition (Global Edition), 2017
Pearson Education Inc.
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PREFERRED TEXTBOOK

Olivier Blanchard and David Johnson,

Macroeconomics,
6th edition (Global Edition), 2013,
Pearson Education Inc.
ORGANIZATION & TEACHING APPROACH
Teaching and Learning Roles in the Course SILOs
Activities addressed

Lectures Explain key concepts, models, and their 1, 2, 3, 4, 5, 6

applications; Cases and examples to build
students’ critical and analytical ability

In-class Q&A through PRS Encourage class participation, critical thinking 1, 2, 3, 4, 5, 6

and discussion

Tutorials Review basic math and concepts, practice 1, 2, 3, 4

problem-solving, presenting answers to
homework and exams

Homework assignments Enhance understanding of course materials 1, 2, 3, 4, 5

and their applications through problem-solving
practice

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WEBSITE AND LECTURES

 Course website on CANVAS

 Check regularly for updates.
 Attendance and in-class participation will
greatly benefit you in exams!
 Lecture notes do not cover everything mentioned
in class.
 Watching zoom recordings not the same as
attending live lectures.

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USING ZOOM AND POLLING

 Please familiarize yourself with ZOOM, which

you can directly access from CANVAS.
 Participation will be recorded and graded.
 Polling feature will be used to facilitate
exchange of ideas.
 Enable you to respond to my questions in real time.
 You can see the distribution of responses, and we
will discuss the correct answer.

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TUTORIALS

 Tutorial sessions complement, not substitute

for, lectures.
 All materials covered subject to examination
 Tutorials cover
 Problem-set discussions
 Exam reviews

 Supplementary exercises

 Elaboration of lectures and general Q & A

 Make-up lectures if needed

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FOR NEXT LECTURE

 Assigned reading: Textbook Chap. 1 and 2.

 Please get yourself ready with using ZOOM.
 Participation record will be taken from next lecture.
 First tutorial meeting on Friday Feb. 28.
 Basic math. review
 Topics will be announced as we go.
 Fr, Mo, Tu tutorials will cover the same topic.

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TWO GRADING SCHEMES
Your overall score will be based on the best outcome
from the following two schemes.
Scheme I Scheme II
Zoom participation 7% 7%
4 Problem sets 8% = 4 * 2% 8%
3 quizzes 45% = 3 * 15% 45%
Mini-project 0% 10%
 If you miss one midterm
Final exam 40%
 Scheme II. 30%

 Participation in a mini-project is optional, but will reduce

final exam pressure.
 Limited sign-up slots, first-come, first-serve!
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MINI-PROJECTS (OPTIONAL)
 A list of suggested topics posted on CANVAS. Each project has
3 slots available.
 Self sign-up under your registered section, and work together
in groups.
 Make an 8-10 min presentation (plus 2-5 min Q&A).
 ~70% facts and 30% your views & opinions on the issue.
 Send me the slides one day before presentation with
names & IDs clearly typed on the title page.
 Participation will earn you 10%, unless a) repeated complaints
for free-riding, or b) political preaching irrelevant to the topic.
 Down-grade to 5% or 0 accordingly.
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ZOOM PARTICIPATION
 Each zoom lecture allows me to see the list of
participants with their “attentiveness score”.
 You will get credits for participation with full
attentiveness score.
 7% for at least 90% participation rate over the
whole semester (~20 lectures or more).
 4% if you participate in at least 70% of all the
sessions (~15 lectures or more).
 You will get zero if you participate in less than 70%
of the sessions.
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FOUR PROBLEM SETS @ 2% EACH
 Electronic submission via CANVAS
 Solutions posted online after due dates

 Grading based on
 On time submission  zero for late homework for
whatever reasons, including network failure
 Effort  show that you have tried your best to
solve the problems
 Legibility  answers in easily readable fashion

 Answer correctness will not affect your grade.

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THREE QUIZZES @ 15% EACH
 Done via CANVAS online system at the pre-specified
time slot, usually during a scheduled lecture.
 30 minutes, ~20 MC questions randomly drawn
from test banks, cannot go back and forth.
 No make-up for whatever reasons! If you miss a
quiz, the percentage will be shifted to the final
exam.
 To prepare: MC practice questions posted on CANVAS,
online polling questions (PRS), problem sets
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QUIZZES
 Theoretically, books, notes, cheat sheets are allowed.
 Practically, time will be too constrained for you to go
back and look for something.
 Recommendation: treat quizzes as closed-book exams
(this will also prepare you for the final exam).
 Warning: discussion & collaboration are strictly
prohibited!!!
 Suspicious cases will be investigated and reported to the
school for academic dishonesty penalty.

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ACADEMIC HONESTY AND INTEGRITY
 Please familiarize yourself with the honor code and
academic integrity: http://tl.ust.hk/integrity/student-
1.html
 Strictly enforced and NO EXCEPTIONS!
The university takes cheating very seriously!
Cost-benefit analysis  Costs of cheating are too high,
not rational at all!

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TENTATIVE SCHEDULE
Introduction Chap 1-2

Short run Chap 3 Problem set 1 Quiz 1

Closed Chap 4
Economy
Chap 5 Problem set 2 Quiz 2

Short run Chap 18 Problem set 3 Quiz 3

Open Chap 19-20
Economy

Medium run Chap 6

AS-AD Chap 7 Problem set 4
Model

Long run Optional

Growth Model If time permits Final exam
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FINAL EXAM
 Schedule determined by ARRO, NO early exam.
 Absence from exam
 Medical certificates & supporting documents must
be submitted for approval in advance, or (for
emergency only) within 24 hours from the
scheduled exam time.
 Makeup exam will be held as soon as possible (on
the next available day) from the scheduled date.
 Instructor has the final authority on ALL
arrangements (exam format, timing, etc.)
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GRADING POLICY

 Any disputes on grading can be raised to the

TA within one week after grade release date.
 NO-pencil policy  you must write all non-MC
answers in pens to be eligible for appeal.
 Valid arguments result in an entire re-
assessment for all students rather than
individual assessment.
 Your new grade may be higher or lower than the
one previously given.
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YOUR FEEDBACK IS IMPORTANT!

 I am open to suggestions before finalizing the

syllabus.
 Please provide your feedback on or before Monday
(Feb. 24) 6pm.
 Throughout the semester, your feedback,
criticism, comments, and suggestions are
highly welcome!
 Anonymously, just slip a paper on my lecture table
or under my office door, or via the TAs.
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EFFICIENT COMMUNICATION
 Before contacting your TA and/or me, please make
sure that you have put sufficient effort to find answers
by yourself.
 Please do NOT write me very long emails with many
questions. It is better to talk to me face to face.
 Try to ask questions before, after, and during lectures.
 Please discuss with your classmates first. It is very
important skill for your future.
Regard me as a person who helps you learn by yourself.
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SUCCEED IN THE COURSE

 I try my best to
 Make course requirements as clear as possible.
 Explain course materials in simplest ways.

 Remain accessible for questions and inquiries.

 Please remember
 Ultimately it is you who EARN the grade, not me in
giving you the grade.
 Please make the corresponding effort to achieve
your goals.
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MY OBSERVATIONS ON “A” STUDENTS

 Do assigned readings before coming to class.

 Write down what you don’t understand during
lectures.
 Raise hands and ask if you can.
 Participate in class discussions.
 Review after class and think about what you
still don’t understand. Ask for help ASAP.
 Do all problem sets with your best effort.

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HOW TO SUCCEED – ALWAYS GET HELP

 Emails, office hours, private appointments

 Address to both instructor and TA in emails.
 Talking to fellow students always helps!
 If you find yourself lost in the course or under
pressure, I urge you in the strongest possible
terms, to get help immediately.
 We would be happy to help you find appropriate
solutions.

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CLASSROOM ETIQUETTE

Whenever you come to lectures, please

 Arrive on time.
 Mute your mobile devices.
 Act quietly and NO CHATTER!
 Be considerate and do not disturb others!
You will be asked to leave the classroom if you do not
follow these rules.

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REMINDER
 Assigned reading: Textbook Chap. 1 & 2.
 We will start taking ZOOM attendance from
next lecture. Please be ready!
 Optional: sign up for a project & please tell
me a few words about you .

A final welcome to ECON 2123 !

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