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PRINCIPLES OF MACROECONOMICSECON-202-03-4118_Syllabus.doc

(BS 106)4:00-5:15 p.m. T & Th (fall semester, 2011)

Instructor:

Dr. John P. Nelson, Professor of EconomicsOffice – room 148 BS

Office Hours- 2:00-4:00p.m. (T & Th) & by appointmentTelephone – (502) 254-3438 Home; (502) 852-7901 OfficeElectronic mail –  jpnels01@louisville.edu  

Required Text:

MACROECONOMICS, McConnell, 19th Edition, McGraw Hill Erwin

Course Prerequisites:

None

Course Description:

Macroeconomics examines the economic behavior of aggregates - income,employment, output, inflation and so on - on a national scale. This branch of economics looks at the economy as a whole. We shall examine the basic models thatimpact the economic well being of the nation and the world. Through lectures,

discussions and testing on the text, my objective is to prepare students for a basicunderstanding of monetary and fiscal tools that impact the everyday economy.

Course Objectives:

To guide students toward communicating an understanding of how socaial

science knowledge is established, how this knowledge changes over time and why,the Principle of Macroeconomics course addresses the application of ScientificMethod and utilizes economic models. Students are introduced to the nature of assumptions in economic modeling and general problems involving comparativestatics. The course also addresses how important macroeconomic variables like

inflation, national output, and the unemployment rate are constructed. Thisoutcome is assessed primarily through in-class (multiple choice and/or short essay)examinations, and also through in-class discussion and homework assignments.

To guide students toward evaluating evidence and applying it to solvingproblems through social science methods, the Principle of Macroeconomics courseaddresses specific models of income determination. For example, students are

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introduced to concepts of opportunity cost in order to explain patters of international trade and 1-person exchange. Initially, the course acquaints studentswith market models of demand and supply, but this discussion is then extended intomore general, aggregate models of demand and supply. Concentrating primarilyon how macroeconomic variable of inflation, national output and unemployment

rates are affected by specific events, students asked to explain how fiscal andmonetary policy affect the macroeconomy, and to forecast how other exogenous

events may affect the macroeconomy. Budget deficits and the national debt, andthe relationship between interest rates and investment are also addressed. Thisoutcome is assessed primarily through in-class (multiple choice and/or short essay)examinations, and also through in-class discussion and homework assignments.

To guide students toward communicating an understanding of a body of social science knowledge and its disciplinary perspective, the Principles of 

Macroeconomics course follows a cross-disciplinary perspective. The varyingschools of macroeconomics thought are addressed and students asked to explain

how these varying perspectives impact the analysis of macroeconomic events. ThePrinciples of Macroeconomics course is cumulative, in that the course builds upon

successive sets of material. Students in this course develop a perspective into howeconomic analysis flows through a variety of areas. First, concepts of marketdemand and supply are developed and then extended into aggregate models of themacroeconomy. Two primary aggregate models of demand and supply are

addressed within the context of both long and short run analysis. Next, studentsexplain how the effects of fiscal and then monetary policy are analyzed with these

macroeconomic models. This outcome is assessed primarily through in-class(multiple choice and/or short essay) examinations, and also through in-classdiscussion and homework assignments.

Last day to drop: Oct. 13, 2011

Examinations:

There will be four examinations during the semester and a comprehensivefinal exam. Students are expected to attend class and be involved in class

discussion. Exams are comprehensive, multiple-choice and have equal weights.Also, pop quizzes are an option & may count for 10% of final grade. No make-upexams – Final exam may be used as replacement for one missed exam.

Grading Scale:

Grade Point Range Grade Point Range Grade Point RangeA+ 98-100 A 93-97 A- 90-92B+ 88-89 B 83-87 B- 80-92

C+ 78-79 C 73-77 C- 70-72

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D+ 68-69 D 63-67 D- 60-62F Below 60

The above schedule and procedures for grading in this course are subject to changein the event of extenuating circumstances.

Student Academic Rights and Responsibilities:

The University Code of Student Rights and Responsibilities establishes rightsto which the student is entitled and the responsibilities, which the student mustassume. Along with preparing for and attending class, each student has theresponsibility of promoting high academic standards. The College of Business and

Public Administration supports the University policy on academic dishonesty.Academic dishonesty includes (a) cheating, (b) fabrications and falsification, (c)

multiple submissions, (d) plagiarism, and (e) complicity in academic dishonesty.Proven cases of academic dishonesty will result in the student being denied

admission to or dismissal from the college of business and Public Administration.Inappropriate classroom behavior may result in the studen being withdrawn fromthe class.

Students must not talk with other students during lectures. However,

questions to the professor are always encouraged at any time.

Class Schedule:

 Aug. 23 IntroductionAug. 25 Ch. 1Aug. 30 Ch. 2Sept. 1 Ch. 3

Sept. 6 Ch. 3

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Sept. 8 Ch. 4Sept. 13 Ch. 5Sept. 15 TestSept. 20 Ch. 6Sept. 22 Ch. 7

Sept. 27 Ch. 8Sept. 29 Ch. 9

Oct. 4 Ch. 9Oct. 6 TestOct. 11 Break  Oct. 13 Ch. 10 & last day to dropOct. 18 Ch. 11Oct. 20 Ch. 12

Oct. 25 Ch. 13Oct. 27 Ch. 13

Nov. 1 Ch. 14Nov. 3 Test

Nov. 8 Ch. 15Nov. 10 Ch. 16Nov. 15 Ch. 17Nov. 17 Ch. 20

Nov. 22 Ch. 21Nov. 24 Thanksgiving

Nov. 29 TestDec. 1 ReviewDec. 10 Final 4:45-7:15 p.m.