Principles of Macroeconomics

Are you interested in Economics as a possible major or minor?
Click here for information.

General course information and requirements

Semester Fall 2008
Course: Economics 216 (Principles of Macroeconomics)
Prerequisite: Economics 215 (Principles of Microeconomics)
Instructor: Robert J. Stonebraker
Office: 401 Thurmond  
Office Phone: 323-2488
E-mail: stonebrakerr@winthrop.edu
Office Hours: MW 3:30-5 p.m., TR 9-11 a.m., F 1-2 p.m. (no appointment needed)
                       Other times are available by appointment.

Course objective:

Students completing this course should gain a solid foundation for understanding and applying basic macroeconomic concepts.

Textbook:

 

Brief Principles of Macroeconomics, 4th edition, by N. Gregory Mankiw. Although exam questions are based on the lecture material, the text material closely parallels the lectures. Good lecture notes and conscientious textbook reading reinforce each other. The publisher maintains a website that features on-line quizzes, flash cards, power point slides and other resources to accompany the text.

Grading:

 

Four exams will determine 95% of your grade. The exam with the lowest score will receive less weight than the other exams.  A short writing assignment will determine the remaining 5% of your grade.  The weight for each assignment is:

 

Exam with lowest score:            20%

Other exams (25% each):          75%

Writing assignment                      5 % 

 

Exams:

 

Exam questions will stress analysis rather than factual information and will be based both on the material presented in class and the web textbook readings. You will be expected to write short essay/explanation answers and to solve graphical and numerical problems. Students caught copying/cheating will be dealt with harshly. The final exam will be given at  8:00 a.m. on Friday, December 12 and will include some specified review material.  You may use non-programmable calculators during exams, but graphing calculators, cell phone calculators or other programmable calculators are NOT allowed.  The approximate grading scale will be:

        86 - 100%      A
        72 - 85%        B
        60 - 71%        C
        50 - 59%        D
          0 - 49%        F

Make-up policy:

 

Make-up exams will be given to students with what I judge to be a valid excuse. Needing more time to study is not a valid excuse. If you can't make an exam I expect to be notified as quickly as possible, preferably before the exam. Students who do not notify me in a timely manner should not expect a make-up exam.

Writing Assignment:

 

Students will be expected to submit a short paper detailing macroeconomic statistics from a country of their choice. For detailed instructions, click on: Writing Assignment Instructions.

In-class assignments:

 

There will be a number of in-class assignments.  Some will ask you to write explanations of concepts, others will ask you to solve graphical or numerical problems. Some will involve working with classmates; some will not.  You will lose one percentage point from your final course average for each missed assignment (in excess of three).  Students missing an extensive number of classes for what I consider to be a legitimate cause may request make-up assignments.

Problem Sets:

 

A number of problem sets will be distributed though the semester.  You will be asked to turn in the first one which I will correct and return.  The remaining sets will not be handed in.  The answers will be posted on the course web page. It will be your responsibility to do these problems, check the answers, and ask questions about any that are not clear. Although the problem sets are not graded, students who are serious about learning the material and doing well in the course will complete them.  Similar problems will appear on exams.

Attendance policy:

 

You are expected to attend every class on time and are responsible for all class material whether or not you attend. Attendance will not be graded directly, however students absent from more than three classes run the risk of losing points due to missed in-class assignments.

Course withdrawal:

 

Wednesday, October 29 is last day to withdraw from a full fall semester course.  (Automatic N grade is issued.)  Students may not withdraw from a course after this date without documented extenuating circumstances.

 

Students with Disabilities:

 

Winthrop University is dedicated to providing access to education.  If you have a disability and require specific accommodations to complete this course, contact Gena Smith, Program Director, Services for Students with Disabilities, at 323-3290.  Once you have your official notice of accommodations from Services for Students with Disabilities, please inform me as early as possible in the semester.

Expectations:

 

As a student you should expect me to take my class responsibilities seriously.  You should expect me to deliver quality instruction in each class, to start and end each class on time, to be responsive to student perspectives and questions, and to treat each of you with respect.  As an instructor, I expect similarly responsible behavior from you.  In particular, I expect that you will:

1.   Attend every class.   In addition to the obvious negative impact on your own learning, your absences can damage your classmates as well. Students that skip classes, ask questions that were answered last week, and then mooch missed notes and material from conscientious classmates who are trying to pay attention impede the learning of others and slow the pace at which material can be covered. 

2.   Come to class on time and stay until its conclusion.  Late arrivals and early departures are disruptive and inconsiderate of others. 

3.   Turn off and put away all cell phones and pagers.  I expect never to see these devices in class.

4.    Pay attention and participate.   While in class you should be concentrating on class.  That means no idle conversations with those around you, no attempts to complete work or study for other classes, and no other extraneous activities.

Course Outline

I. Fundamental Concepts: How an Economy Works

A. Scarcity and choice

     chapters 1 and 2 (skim)

B. Supply and demand

     chapter 4

     Demand and Supply: An Overview

C. Trade and comparative advantage

     chapter 3

     International Trade

     Petition of the Candle Makers

 

II. Introduction to Macroeconomic Concepts

A. Gross domestic product

     chapter 5

B. Inflation and price indexes

     chapter 6

 

 

III. Long-run Macroeconomics in a Closed, Real Economy

A. Growth and productivity

     chapter 7

B. Loanable funds and financial markets

     chapters 8 and 9

     Demand and Supply Applied: Buy Low and Sell High

C. Causes and effects of unemployment

     chapter 10

 

EXAM #2: Approximately Friday, October 24

 

 

IV. Money and Prices

A. Money and the Federal Reserve System

     chapter 11

     Money; What and Why

     Escape from the Barter Islands: An Interactive Game

B. Causes and effects of inflation

     chapter 12 (ignore graphs on pp. 249-250)

 

V. Long-run Macroeconomics in an Open Economy

A. International flows and exchange rates

     chapter 13

     Demand and Supply Applied: Exchange Rates

B. Equilibrium in an open economy

     chapter 14

 

 

VI. Short-Run Macroeconomics

A. Aggregate demand and aggregate supply

     Overview of AS

     chapter 15

B. Monetary and fiscal policy

     chapter 16 and pp. 418-424 in chapter 18

 

VI. Current Macroeconomic Debates

A. Deficits and debt

     pp. 428-432 in chapter 18

     The National Debt: So What?

B. Supply-side tax policy

     pp. 432-435 in chapter 18  

FINAL EXAM: December 12