Macroeconomic Analysis

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General course information and requirements

Semester: Spring 2012
Course: Economics 316, Macroeconomic Analysis (3 credits)
Instructor: Dr. Stonebraker
Office: 401 Thurmond
Office phone: 323-2488
E-mail address: stonebrakerr@winthrop.edu
Office hours: M 3:30 - 4:30 p.m., T 9 - 11 a.m., W 1 - 2 p.m., R 9 - 11 a.m. and 3:30 - 5 p.m., F 11 a.m.  - 12 p.m. (no appointment needed)
                       Other times are available by appointment.

Objectives:

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.

Text:

Macroeconomics, 7th edition, by N. Gregory Mankiw, Worth Publishers, 2010. 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 (http://www.worthpublishers.com/mankiw) contains power point tutorials for every chapter, flash cards for key terms, 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 are expected to attend every class on time and are responsible for all class material whether or not you attend.  Following the Winthrop University Attendance Policy, students may not miss as many as 1/4 of the class meetings.  Those withdrawing before the withdrawal deadline will receive a grade of N.  Those missing as many as 1/4 of the classes who do not withdraw by the deadline will receive a grade of F, or U, whichever is appropriate. 

Grades:

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:


Click here for a spreadsheet that will calculate your course average.

Exams:

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 a.m. on Friday, April 27 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:

        90 - 100%      A
        76 - 89%        B
        64 - 75%        C
        54 - 63%        D
          0 - 53%        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 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.

Homework:

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, Click 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.

Class participation:

Each student automatically begins with four participation points added to their final course average.  Students who attend regularly, come to class on time, and pay attention will keep these points throughout the semester.  Students who miss classes without good cause, who often come late, who sleep during class, who use their cell phones during class, who read or study non-class material during class, or who exhibit other problems of attentiveness will lose points.  

Data Paper:

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, click here.

Course withdrawal:

Wednesday, March 7 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.

Conduct:

I expect all students to adhere to Winthrop’s Code of Student Conduct. Students caught copying/cheating will be dealt with harshly.

Students with Disabilities:

Winthrop University is dedicated to providing access to education.  If you have a disability and need classroom accommodations, please contact Gena Smith, Coordinator, 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.

 

Course Outline

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 5 and appendix
C.  Long-run growth 
      Chapter 7, chapter 8
      So Much to Do

Exam #1: Approximately Tuesday, February 14

D. Unemployment and inflation and in the long run
     Chapter 6 (omit appendix), chapter 4, chapter 19
     Money: What and Why 
     Money Supply: A Review
     A Dear Abby Quiz
III. The Short-Run Macro Economy: Fixed Price Models
A. Fixed vs. flexible prices
     Chapter 9 (chapter may be skimmed)
B. IS/LM analysis in a closed economy
     Chapter 10 and 11
C. IS/LM analysis in an open economy
     Chapter 12
        Exam #2: Approximately Tuesday, March 27
IV.  Extensions
A. Bridging the gap: AS/AD models
     Chapter 13
B. Policy debates
     Chapter 15
C. Deficits and debt
     Chapter 16
     The National Debt: So What?
D. Consumption theory
     Chapter 17
        Exam #4 (Final Exam): Friday, April 27, 11:30 a.m.

I reserve the right to modify this syllabus with cause if unexpected circumstances occur.

Are you interested in seeing current macroeconomic data? Click the links below for current data on:
     Unemployment
     Inflation
     Gross Domestic Product
     National debt
     Distribution of income

Last modified 01/01/12