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: by appointment
❖ Course schedule
➢ L5: WeFr 4:30–5:50pm LSK 1001
➢ L6: TuTh 3:00–4:20pm Rm 6573 (lift 29-30)
➢ L7: TuTh 4:30–5:50pm Rm 6573 (lift 29-30)
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ABOUT TA

❖ TA: Astor FOK and Pang Tsoi (LSK 6066)

➢ Email: ecastor@ust.hk and pangtsoi@ust.hk
➢ Office hours: by appointment

❖ We teach this course as A UNIT.

➢ TA’s ideas, opinions, and feedback directly impact the pace
and organization of the course.
➢ Do not hesitate to seek help and let TA know how you feel.

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SENDING 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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OR BETTER YET ☺

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ISSUES WE CARE – THE PANDEMIC

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ISSUES WE CARE – THE PANDEMIC

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ISSUES WE CARE – US-CHINA TRADE

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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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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 would 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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PREFERRED TEXTBOOK

Olivier Blanchard and David Johnson,

Macroeconomics,
6th edition
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 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 recordings is not as efficient as
attending live lectures.

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USING PRS

❖ Personal response system (PRS) will be used in

lectures to facilitate exchange of ideas.
❖ It enables you to respond to my questions.

❖ To download mobile app, please visit

https://itsc.ust.hk/services/academic-
teaching-support/teaching-tools/prs/iprs .
❖ We start using PRS next lecture, so please be
ready.

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TUTORIALS

❖ Tutorial sessions complement, not substitute

for, lectures.
➢ All materials covered subject to examination
❖ Tutorials may cover
➢ Problem-set discussions
➢ Exam reviews and quizzes

➢ Supplementary exercises

➢ Elaboration of lectures and general Q & A

➢ Make-up lectures if needed

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TWO GRADING SCHEMES
Your overall score will be based on the best outcome
from the following two schemes.
Scheme IScheme 1 SchemeScheme
II 2
iPRS participation 7% 7%
iPRS participation 7% 7%
4 Problem sets 8% = 4 * 2% 8%
3 quizzes
4 Problem Sets 24% = 3*8%8%
each 26% = best 8%
2*13% each
Mini-project 10% 0%
Mini project
If you miss one midterm →10%
Scheme II. 59% 10%
Final➢exam 51%
Quizzes (best 5) 10% 10%

Midterm Exam 20% 0%

Final Exam (cumulative) 45% 65%

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PRS PARTICIPATION
❖ Nine iPRS sessions, each with questions that
span multiple lectures.
❖ You will get credits for participation only (not
being right or wrong).
➢ 7% if you participate in at least 8 out of 9
sessions.
➢ 4% if you participate in at least 6 out of 9
sessions.
➢ Zero if you participate in less than 6 sessions.

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MINI-PROJECT
❖ Suggested topics and due dates posted on canvas site.
❖ Each project has 3 slots available. Sign-up CANVAS -> People
tab under your registered section and work together in groups.
➢ Signing up will close after the add/drop period (Feb. 16).
❖ Outcome: 8-10 min presentation (plus 2-5 min Q&A)
➢ ~70% facts and 30% your views & opinions on the issue
➢ Send slides by 10pm the day before presentation with
official names & IDs clearly typed on the title page.
❖ Participation (showing effort) will earn you 10% unless
a) Complaints for free-riding (downgrade to 5% or 0 accordingly), or
b) Political preaching irrelevant to the topic (all members get 0).
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FOUR PROBLEM SETS
❖ 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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QUIZZES
❖ Done via CANVAS online system at the pre-announced
time slot (usually after we finish a chapter).
➢ 5-10 min, randomly drawn MC and short-answer
questions, cannot go back and forth.
➢ Open-book but no discussion/collaboration.
➢ No make-up for whatever reasons! Best 5 scores
are counted.
❖ To prepare: MC practice questions posted on CANVAS,
in-class PRS questions, problem sets
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MIDTERM EXAM
❖ Onsite proctored exam on Monday, Apr. 3 from
7~8pm
❖ More information on exam venue and coverage
will be provided.
❖ Absence from midterm exam: NO makeup,
weight shifts to the final exam.

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FINAL EXAM
❖ Onsite proctored 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 (the
next available day). Instructor has the final authority
on ALL arrangements (exam format, timing, etc.)
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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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GRADING POLICY

❖ Any disputes on grading can be raised to the

TA within one week after grade release date.
❖ 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 Feb. 16
by 6pm.
❖ Throughout the semester, your feedback,
criticism, comments, and suggestions are
highly welcome!

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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 very long emails with many
questions. It is better to talk to me/TA directly.
❖ 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
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.
❖ Complete all problem sets and quizzes 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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A FINAL WELCOME TO ECON 2123 !
❖ Assigned reading: Textbook Chap. 1 & 2.
❖ Please get yourself ready with using iPRS.
➢ Participation record will be taken from next lecture.
❖ No tutorial for the first two weeks.
❖ Announcements will be made regarding tutorial
arrangements.
❖ Sign up for a project & (optional) please tell
me a few words about you ☺
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