ECON 2030 Principles of Macroeconomics

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George Herbert WalkerSchool of Business & Technology

Undergraduate Course Syllabus

COURSE: ECON 2030 Principles of Macroeconomics

Location: LeidenTerm: Spring 2014Day(s): ThursdayTime: 15.00-17.30

The Instructor:Name: Mr. Randy Bootland, MBAAvailability Before and after class, always by phone or e-mailMobile Phone: 06- 44959723Email: [email protected]

About the instructor

Randy Bootland is a Canadian who has been living and working in the Europe since 1987. He hastaught over 200 courses and given more than 2.000 classes at the BA, MA and MBA levels in NorthAmerica, Europe and Asia. He also coaches young entrepreneurs to begin socially responsiblebusinesses.

He earned an MBA from York University in Toronto and was selected to participate in an exchangeprogram in Paris (ESSEC). His business experience includes working as a communications specialistfor an enterprise and development center at one of Canada's leading universities, functioning as themarketing coordinator/associate director for a local campus of a global university, and serving as astrategic advisor for a world renowned architectural firm with operations in five countries.

He is a graduate of the Canadian Securities course, a registered stockbroker in Canada and a lifelonginvestor in the stock market.


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THE COURSE

Course Definition (source: Webster University Undergraduate Catalogue)Covers economic activity and growth, determination of income, employment, output, inflation,aggregate demand and supply, money and banking, monetary and fiscal policies, and internationaleconomic issues.

Prerequisite: n.a.

Course ContentThe course is taught by relating economic theory to current developments in the world of globalbusiness. The following topics will be explored in depth:

GDPProduction & Growth

Employment & the Labor ForceInflationSavings, Investment, The Financial SystemStock MarketsThe Monetary SystemMoney GrowthExchange RatesThe Influence of Monetary & Fiscal PolicyTrade DeficitsBudget DeficitsThe Financial CrisisCommon Currency AreasEuropean Monetary Union


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Learning Outcomes

Outcome Expectation

1. The student can describeintroductory economics terms andconcepts.

Students can describe scarcity, marginal analysis, opportunitycost, the difference between macroeconomics andmicroeconomics, and the ceteris paribus assumption.

2. The student is can utilize aProduction Possibilities Frontier to

represent the fundamentalconcepts of scarcity, opportunitycost, and comparative advantage.

The student can visually represent the tradeoff between goodsusing the production possibilities frontier, evaluate differentcombinations on the frontier, and justify its concave shape. Thestudent can also describe events that might shift the frontier.

3. The student can utilize theDemand and Supply model torepresent the behavior ofmarkets.

Students can describe the difference between supply and demand,factors that influence both supply and demand, and how the twowork together to determine market prices and quantitiesobserved.

Given a market event, the student can model the change anddetermine the qualitative impact on price and sales.

4. Students are familiar withbasic national income accountingmeasures

Students can define national income accounting measures particularly GDP, RGDP, and Per Capita RGDP. They can alsodiscuss the calculation and drawbacks of these measures.

5. Students are familiar withinflation

Students understand the derivation of measures of the price level(e.g. CPI), their use in calculating inflation and in correcting othertimes series numbers for inflation.

Students also understand the basic causes and consequences ofinflation.

6. Students are familiar withunemployment

Students understand the calculation of the unemployment rateincluding the definition of the civilian labor force.

Students also can describe the different types of unemployment(i.e. structural, cyclical, seasonal, and frictional), problems withthe unemployment rate, and the concept of full employment.

7. Students can derive and utilizethe Aggregate Demand andAggregate Supply model

Students can justify the shapes of the AD and AS curves (includingassumptions regarding the AS curve made by differing schools ofthought.)

The student can also utilize the model to evaluate the qualitativeimpact of economic shocks on the price level and RGDP.

8. Students are familiar withFiscal Policy

Students can discuss the use of Fiscal Policy as both a counter-cyclical tool as well as a method of promoting growth in long-runsupply.

Students can describe the relationship between Fiscal Policy andthe federal budget and the implications of the federal debt on themacroeconomy.

9. Students are familiar with

Monetary Policy

Students can explain the use of Monetary Policy as a counter-

cyclical tool. This includes the role of the Central Bank and thebanking sector in the conduct of monetary policy.

Students can discuss the role of expectations in theineffectiveness of monetary policy in producing long-termeconomic growth. This should include a basic understanding ofAdaptive and Rational Expectations.

10. Students are familiar withbasic international economics.

Students can to justify the flow of trade based on the concept ofComparative Advantage. They can describe forms of tradeprotection and the impact of trade protection on nationalwelfare.

Students can define the Balance of Payments accounts. Anddiscuss the role of international flows of goods, services, andinvestments in the determination of exchange rates.


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General Skills - where applicable all Webster courses will address: Writing skills. Presentation skills. Team working skills. Multicultural skills.

Note: Webster has adopted the APA style for citations in all papers and in all departments.All students are encouraged to be consistent with this in their writing.

Materials (Textbook) - Students should either source the textbook themselves, or place an orderwith the Webster Librarian at least two weeks before term begins.Economics: Special Edition with Global Economic Watch, N. Gregory Mankiw andMark P Taylor, 2nd EDITION

Required Material CASES

Is the Polder Model Sinking?Eurozone CrisisUS Debt Ceiling: caught in a Quagmire of DebtDeclining Chinese Growth Rate

GRADING

Letter Grades:Instructors guidelines forpercentage equivalent of the lettergrade:

Letter grades mean that in the opinion ofthe instructor the work was:

A (4.0), A- (3.67) A (96-100), A- (91-95) Superior work.

B+ (3.33), B (3.0), B- (2.67) B+ (86-90), B (81-85), B- (76-80) Good work.

C+ (2.33), C (2.0), C- (1.67) C+ (71-75), C (66-70), C- (61-65) Satisfactory work.

D+ (1.33), D (1.0) D+ (56-60), D (51-55) Passing, but less than satisfactory.

F (0.0) F (0-50) Unsatisfactory. No credit is granted.

Other Designations:

I Incomplete work

ZF An Incomplete which was not completed within one year of the end of the course.

IP Course in progress.

W The student withdrew from the course

NR Not reported for the course.

Z

A temporary designation given by the registrar indicating that the final grade has not beensubmitted by the instructor. When the final grade is filed in the office of the Registrar, thatgrade will replace the Z.


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ASSESSMENT: the Instructor will evaluate students work as follows:

Description: Percentage: Date due

Active Participation 10%

Six Weekly Presentations 30%

Four Case Assignments 20%

Mid-term Exam 20%

Final Exam 20%

Students and Instructors will be asked to evaluate the course in a form to be handed out during week 7 ofthe term .

Study load: Students are expected to spend approximately 17 hours per week (21 hours including class time) on thiscourse.

Assessment Tool (++ = key tool; + = secondary tool,)

ActiveParticipation

10%

Five WeeklyPresentations

25%

Five CaseAssignments

25%

Mid TermExam20%

FinalExam20%

Learning Specifics

Learning Outcome 1 + ++ ++ ++ ++

Learning Outcome 2 + + + ++ ++

Learning Outcome 3 + + + ++ ++

Learning Outcome 4 + ++ + ++ ++

Learning Outcome 5 + + ++ ++ ++Learning Outcome 6 + + + ++ ++

Learning Outcome 7 + + ++ ++ ++


Learning Outcome 9 + + ++ ++ ++


General Skills

Presentation skills + ++ ++

Writing skills ++ ++ ++

Team work skills + ++ ++

Cross-cultural skills ++ ++ ++

ActivitiesCase studies, Project groups, Videos, Group activities, Internet searches, Simulation games,Business Plan, Excursions, Student presentations, Mid-term exam, Final paper, Final Exam.


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ACADEMIC POLICIESUniversity policies are provided in the current course catalog and course schedules. They are also available on the universitywebsite. This course is governed by the Universitys published policies. Please use the following link to see a complete overviewof Webster Leidens Policies and Procedures: http://www.webster.nl/students/policies/academic policies Academic Honesty: The University is committed to high standards of academic honesty. Students will be held responsible forviolations of these standards. Please refer to the universitys academic honesty policies for a definition of academic dishonestyand potential disciplinary actions associated with it.

Drop / Withdraw: Please be aware that, should you choose to drop or withdraw from a course; the date on which you notifythe University of your decision will determine the amount of tuition refund you receive. Please refer to the university policies

on drops and withdrawals (published elsewhere) to find out what the deadlines are for dropping a course with a full refund andfor withdrawing from a course with a partial refund.

Special Services: If you have registered as a student with a documented disability and are entitled to classroom or testingaccommodations, please inform the Instructor at the beginning of the course of the accommodations you will require in thisclass so that these can be provided. Disturbances: Since every student is entitled to full participation in class without interruption, disruption of class byinconsiderate behavior is not acceptable. Students are expected to treat the instructor and other students with dignity andrespect, especially in cases where a diversity of opinion arises. Students who engage in disruptive behavior are subject todisciplinary action, including removal from the course.

Student Papers Retained: Student assignments and/or projects will be retained by the University for the purpose of academicassessment.

Contact Hours : It is essential that all classes meet for the full instructional time as scheduled and that is:43 contact hours for undergraduate semester classes (includes 8 hours project work); 32 contact hours for undergraduate term

classes; 36 contact hours for graduate level classes. A class cannot be shortened in length. If a class session is cancelled forany reason, it must be rescheduled.

Study Load per course : 8-week classes - s tudents are expected to spend approximately 17 hours per week (21 hours includingclass time). 16-week classes students are expected to spend approximately 7,5 hours per week (10 hours includingclass time). Attendance, Participation, Assignments: Students are required to attend all classes and participate actively. Gradingwill partly reflect this. Class participation accounts for roughly 20% of the total grade. All classes include assignments (such aspresentations or papers). Students must report to the instructor all assistance they received and all sources they used incarrying out their assignments. Otherwise they will fail the course and may also face other penalties.Auditors: are expected to attend all classes and actively participate in all aspects of the course, including mid-term and finalexams, and will be provided with a Certificate of Achievement .First Class: The first session of a course is very important and cannot be missed. Therefore, in accordance with studentguidelines on attendance, the instructor can request that students missing the first class without valid reason, and without

having obtained permission beforehand, be dropped from the course.For this course, the instructor has requested that this rule is enforced . YES / NO ? Partial Absence: At the discretion of the Instructor, grading can be reduced for students who regularly arrive late for classand/or leave class early. Pass/Fail Option (for undergraduate students only): In limited situations it is possible to take elective courses on a pass/fail basisrather than being graded with an A, B, C, D, or F grade. Students who wish to be graded on a Pass/Fail basis, and whose instructor agrees tothis, must submit their request in writing (e-mail is fine) to their advisor by the end of the second week of class. Exam Office Policy (for undergraduate students): The University applies strict deadline regulations. Deadlines are set bythe instructor and are listed (date and time) in the course syllabus. All written assignments weighted 20% or more must besubmitted not to the instructor but to [email protected] . Assignments received after the deadline will be subject to apenalty: if received after the deadline but within 24 hours, the University recommends instructors to downgrade the assignmentby one letter grade. The Exam Office does not accept assignments in undergraduate programs that are submitted more than 24hours after the deadline, and consequently these will receive a failing grade. Faculty may , under document ed cir cumst ancesand wi t h the consent of t he academic di rector, a ccept l a t e work t o be graded. If students cannot meet the deadline forvalid reasons (beyond the students control, such as illness or other extenuating circumstances), the student must submit aRequest for Extended Deadline form which can be downloaded from the student section on the website. Based on the reasonand evidence given, the instructor is alerted and decides, in consultation with both the advisor and Head of Department, on anew deadline. Normally extensions are approved for a maximum of two weeks.Exams: Students must seek permission from the Academic Director in order to take either mid-term or final exams on a dateother than that set by the Instructor.Incomplete Work Incompletes (grades of "I") will only be allowed if agreed with the instructor and officially documented withan Agreement to Complete form (available from your advisor). If no such agreement has been documented, incomplete gradeswill automatically r eve r t t o F t wo weeks a f t e r t he end o f t e rm .Instructors are actively encouraged not to accept students' work after the end of term. If a student's work has been delayed bycauses beyond his/her control, an agreement to complete will normally be for a period of two weeks. Further extensionsrequire the approval of the academic director; graduate-level integrated studies (coded 6000) will be exempt from this rule. Itis the student's responsibility to complete the course within the specified time.

Plagiarism is using another persons words or ideas without telling the reader. This applies not only to books and articles, butalso to sources from the internet, or copying work from your fellow students. Those who are discovered cheating orplagiarizing will normally receive a failing grade for the entire course and may even be subject to dismissal. Please dont fallinto this trap. Use in-text citations and include a bibliography in all your papers. (For more information, use the link to Policiesand Procedures above). Please respect your sources, your audience and yourself.Note: WIKIPEDIA is NOT a source for academic referencing and can only be used in conjunction with other source referencing.


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WEEKLY SCHEDULEHomework, subjects to be dealt with in the lesson, assignments, presentations, and examinations

Total study load for a semester course is 10 hours a week, with approx. 7,5 hours a week for self-study. Term courses(8 weeks) require 21 hours a week, with approx. 17 for self-study.

Public holidays in Spring 2014: Good Friday Friday 18 april 2014 Easter Monday Monday 21 april 2014

Date: Thursday, January 16, 2014 Time: 15:00 - 17:30

Lesson 1 Whats Up with the Global Economy & Measuring a Nations IncomePrepare forthis session

Read Chapter 23, Answer Questionsp. 503 #s 1 - 6, 8 pp. 504 - 505 #s 1, 3, 4, 6, 10, 11

Date: 2 Thursday, January 23, 2014 Time: 15:00 - 17:30

Lesson Measuring the Cost of Living

Prepare forthis session

PRESENTATION: Favorite Economics Story in the NewsRead Chapter 24, Answer Questions:pp. 521 - 522 #s 1 - 5 p. 522 #s 4, 5, 6, 7, 8, 9

Date: Thursday, January 30, 2014 Time: 15:00 - 17:30

Lesson 3 Production & Growth, (Un)EmploymentPrepare forthis session

PRESENTATION: Inflation & Unemployment Analysis. Five Suggestions to ReduceInflation/Stimulate Employment, Country of ChoiceRead Chapters 25 & 28, Answer Questions:p. 548 #s 1 - 8 p. 612 #s 1 - 7 pp. 612 - 613 #s 1, 3, 4, 6, 7

Date: 4 Thursday, February 6, 2014 Time: 15:00 - 17:30

Lesson ***CASE: Is the Polder Model Sinking?***Prepare forthis session

Read: Is the Polder Model Sinking? CASE

Date: Thursday, February 13, 2014 Time: 15:00 - 17:30

Lesson 5 Central Bank System, Monetary Policy, Money Supply Growth & InflationPrepare forthis session

PRESENTATION: Profile of a Central Bank. Description of major activities undertakenduring past five years, Central Bank of ChoiceRead Chapters 29 & 30, Answer Questions:p. 639 #s 1 - 10 & pp. 662 - 663 #s 1 - 4 pp. 639 - 640 #s 1, 2, 3, 14pp. 663 - 664 #s 4, 6, 10, 11, 13


Lesson 6 Project Week

***CASE Bernankes Dilemma***


Read: Bernankes Dilemma CASE


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Lesson 7 ***Mid-term Exam***Prepare forthis session

Chapters 23, 24, 25, 26, 28, 29, 30 plus questions from both cases

Date: Thursday, March 6, 2014 Time: 15:00 - 17:30

Lesson 8 ***CASE Eurozone Crisis***Prepare forthis session Read: Eurozone Crisis CASE

Midterm papers are required to be emailed directly to: [email protected] by DATE and by 17:00 hours.

Date: Week of March 10-14, 2014

Spring break (no classes)

Date: March 20, 2014 Time: 15:00 - 17:30

Lesson 9 ***CLASS RESCHEDULED for Websters 30th Anniversary***Prepare forthis session

Date: Thursday, March 27, 2014 Time: 15:00 - 17:30

Lesson 9 Stock Markets, The Financial System, Savings, Investment, Government DebtPrepare forthis session

PRESENTATION: Cyprus Bailout Case PresentationRead Chapter 26, Answer Questions: p. 570 #s 1 - 7pp. 571-72 #s 1, 3, 4, 5, 6, 9, 11, 12, 13

Date: Thursday, April 3, 2014 Time: 15:00 - 17:30

Lesson 10 ***CASE US Debt Ceiling: Caught in Quagmire of Debt***Prepare forthis session

Read: US Debt Ceiling: Caught in Quagmire of Debt Case


Lesson 11 Exports, Imports, Trade, Balance of Payments, Exchange Rates, Purchasing PowerParity

Prepare forthis session PRESENTATION: Currency Wars Case PresentationRead Chapter 31, Answer Questions: p. 684 #s 1, 2, 4, 5pp. 684 - 685 #s 1, 2, 7, 8, 9, 12


Lesson 12 ***CASE Declining Chinese Growth Rate***Prepare forthis session

Read: Declining Chinese Growth Rate Case


Lesson 13 Project Week

Euro & Common Currency Areas, Debates over Macroeconomic Policy,EXAM REVIEW


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Read Chapter 38, Answer Questions:p 864 #s 1 - 7 pp. 864 - 865 #s 4, 5, 6, 8Read Chapter 39, Answer Questions:p. 880 #s 2, 6

Date: Thursday, May 1, 2014 Time: 15:00 - 17:30

NO CLASS ***PLEASE NOTE CLASS RESCHEDULED TO PROJECT WEEK, APRIL 24***


Date: Thursday, May 8, 2014 Time: 15:00 - 17:30

Lesson 14 ***FINAL EXAM***Prepare forthis session

Chapters 31, 37, 38, 39 plus questions from both cases

Final papers are required to be emailed directly to: [email protected] by DATE and by 17:00 hours.

Additional Information on the course :

Irregular class dates:

No class on Thursday, March 20, 2014 (Websters 30 th Anniversary celebration); the class isrescheduled for Thursday, February 20, 2014 (during the first Project Week)

The schedule may be adjusted to meet the needs of the students

The syllabus may be revised at the discretion of the instructorCONNECTIONS:A Webster.edu account is set up for each student and all Webster email correspondence to studentswill be sent to students Webster.edu addresses.

ECON 2030 Principles of Macroeconomics

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