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General course information and requirements
Semester: Spring 2015
Course: Economics 316,
Macroeconomic Analysis (3 credits)
Economics 216 (Principles of Macroeconomics), junior status, an overall GPA of
at least 2.00 and a C- or better in HMXP 102.
Instructor: Dr. Stonebraker
Office: 401 Thurmond
Office phone: 323-2488
Office hours: M 3:30-5 pm, T 2-3:30
pm, W 1-2 pm, TR 2-4:30 pm and F 10:30 am-12 pm (no appointment needed)
Other times are available by appointment.
- The primary objective is to develop a comprehensive framework within
which students can analyze macroeconomic concepts such as equilibrium GDP,
long-run economic growth, inflation, and unemployment. We will use
this framework to analyze macroeconomic data and macroeconomic policy
in both closed and open economies.
- Macroeconomics, 8th edition, by N. Gregory Mankiw, Worth
(7th edition will be a reasonable substitute for most purposes). Although all test questions are based on material from my lectures, a careful
reading of the textbook is very helpful. I will assign appropriate end-of-the
chapter questions and problems from the text. These will not be turned in
and/or graded, but will be useful in learning and in assessing your own
understanding of the material.
- The website for the textbook
contains flash cards for key terms,
power point slides, self-tests, and
software that allows you to (1) examine historical macroeconomic data in many
different formats, (2) manipulate all textbook models by playing "what if"
scenarios, and (3) play a policy-simulation Presidential Game.
- Attendance policy:
- You should attend every class on time and are responsible for all
class material whether or not you attend.
Students will lose two points from their final average for every class missed in
excess of three (except for required, official Winthrop activities such as class
trips or varsity sport participation). An exception might be made for students
forced to miss more than three classes because of documented medical
problems. Class will start promptly each day. Students will be assigned one absence
for every two times they arrive late. If a student signs in for another,
both students will be given three absences.
- The grading will be straight letter grades: no plusses or minuses. Three
exams will determine most of your grade. The weight for each assignment is:
- Data paper: 6%
- Exam with lowest grade: 27%
Exam with highest grade: 35%
- Other exam:
Click here for a spreadsheet that will calculate your course average.
Exam questions will stress analysis rather than factual information and will be
based on the material presented in class. 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 11:30 am on Friday, May 1 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 for exams will be:
86 - 100% A
72 - 85% B
60 - 71% C
50 - 59% D
0 - 49% F
- 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 cannot 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.
- I will assign a variety of problems for your
educational enjoyment. Although I expect you to complete them,
they will not be turned in and graded. The best strategy is to work in
small groups on a regular basis to complete the problems and then check the
solutions. To see the solutions to solved problems,
here for answers to problems.
Since I do not collect or grade these assignments, some students may choose
to ignore them or try them the night before the test. This is an
excellent strategy for those hoping to receive a poor grade.
Cell phones and electronic devices:
I expect never to see cell phones in class. That means no texting and no
checking messages; even under the desk where you think I will not see them.
Laptops, tablets or similar electronic devices may be used for note-taking or
specified course activities with the instructorís permission. Students using
these devices must turn off the wireless function and close all
applications/windows other than the allowed document or application. Each time a
student is caught violating this policy I will deduct one point from his/her
- In addition to exams, you will be expected to submit a short paper about macroeconomic
statistics from a country of your choice. For detailed instructions,
- Wednesday, March 11 is the last day to withdraw from this course. (Automatic N grade
is issued.) Students may not withdraw from a course after this date
without documented extenuating circumstances.
- 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, in addition to adherence to Winthropís Code
of Student Conduct, I expect similarly responsible behavior from you.
Students with Disabilities:
- Winthrop University is dedicated to providing
access to education. If you have a disability and need classroom
accommodations, please contact the Office of Disability
Services at 323-3290 as soon as possible. Once you have your
Professor Notification Form, please tell me so that I am aware of your
accommodations well before the first assignment.
I. Basic Macroeconomic Concepts
- A. Introduction to macroeconomic concepts
- Chapter 1
- B. GDP,
inflation and unemployment: concepts and measurement
- Chapter 2
II. The Long-Run Macro Economy
- A. Equilibrium
in the long run with a closed economy
- Chapter 3
- B. Equilibrium in the long run with an open economy
- Chapter 6 (chapter 5 in 7th edition)
- C. Long-run
- Chapters 8 and 9 (chapters 7 and 8 in
So Much to Do
Approximately Thursday, February 12
- D. Unemployment and inflation and in the long run
- Chapter 7
(chapter 6 in 7th edition), chapters 4 and 5 (chapter 4 and pp.
547-566 of chapter 19 in 7th edition)
What and Why
Money Supply: A Review
A Dear Abby Quiz
III. The Short-Run Macro Economy: Fixed-Price Models
Approximately Tuesday, March 24
- A. Fixed vs. flexible prices
- Chapter 10 (chapter 9 in 7th edition), chapter may
- B. IS/LM analysis in a closed economy
- Chapter 11 and 12 (chapters 10 and 11 in 7th
(Final Exam): Friday, May 1 at 11:30 am
- IV. Extensions
- A. Bridging the gap: AS/AD models
- Chapter 14 (chapter 13 in 7th edition)
- B. Policy debates
- Chapter 18 (chapter 15 in 7th edition)
- C. Deficits and debt
- Chapter 19 (chapter 16 in 7th edition)
The National Debt: So What?
- D. Consumption theory
- Chapter 16 (chapter 17 in 7th edition)
I reserve the right to modify this syllabus with cause if unexpected circumstances
Are you interested in seeing current macroeconomic data? Click
the links below for current data on:
Last modified 06/25/15
Gross Domestic Product
Distribution of income
International currency exchange rates