syllabusfall11econ310section101

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Econ 310: Macroeconomic Theory

Class Time:Thursdays 6:30PM-9:10PMRoom: 206 Stephens HallInstructor: Dr. Matthew ChambersOffice: 101B Stephens HallPhone: 704-3576E-mail: [email protected] Hours: 9:30-11:00 AM T,Th and by appointmentWebpage: http://pages.towson.edu/mchamber(This is my homepage, there will be a link to this class on this page)Required Texts: Stephen D. Williamson: Macroeconomics , 4th edition.

1 Course Outline and OverviewThis course is the basic course in macroeconomic theory for undergraduateeconomics majors and for non-majors with appropriate background and areinterested in macroeconomic theory and policy.

In this class, we will discuss long-run economic growth and short-run eco-nomic fluctuations, business cycles. Growth theory describes and explains howeconomic aggregates( such as output, consumption, employment, inflation, in-terest rates, trade balances, and exchange rates) evolve on average over time.Business cycle theory looks at how these aggregates fluctuate around these long-run growth trends. Once we have an understanding about the economy evolvesover time, we can then begin analyzing macroeconomic policies, either fiscal ormonetary, and their effects on the economy.

This course has two main objectives. First, by the end of the course everyoneshould be able to critique articles on economic issues in news publications such asThe Economists, the Wall Street Journal , or the New York Times using goodeconomic intuition and knowledge. Second, students should be able to graspthe framework and language of modern macroeconomic theory. Specifically,students we have a very good understanding of the workhorse for macroeconomictheory, the neoclassical growth model.

2 Course Organization and Prerequisites

This course relies heavy on materials you have seen in your previous economicscourses. The prerequisites for this course are both principles courses (ECON

201 and ECON 202) and either (MATH 211 or MATH 273) Intermediate Mi-croeconomics is not a prerequisite for the course, however, students with thisbackground will find the framework in this course very similar to that usedthat course. There will be no use of calculus in this course. I will be stressingeconomic intuition throughout the course, however, sometimes in economics,mathematical tools are used to make a point more concise. Students should be

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comfortable with concepts such as standard deviations and correlation coeffi-cients. Many things, such as budget and resource constraints are conveniently

formulated into mathematics and students will be expected to be comfortablepreforming calculations on such things. If you find that you do not meet theserequirements, contact me after the first class.

3 Course Materials

There is one required textbook for this course. The book is Williamson’sMacroeconomics . We will be using this book throughout the course. In ad-dition to the textbook, I will post lecture notes for the course. I will post thesenotes on the course webpage. These notes are not a substitute for the books.These lecture notes merely summarize the main ideas from each class. Thetextbook will contain details that are not found in the notes. I will also post

other materials on the course webpage, ( homework, homework solutions, etc.)as needed.

Finally, try to keep informed about current events. I will try to addresscurrent issues from time to time as they fit into the course material. Discussingthese topics is more rewarding and enjoyable if students are actively involvedand knowledgeable.

4 Course Requirements and Grading

Your grade in the course will be based on your performance on homework,2 midterm exams, and a final exam. There will be a total of 6 homeworkassignments. When I calculate your grade, I will drop your lowest homework

grade. In total these homework assignments will constitute 20% of your finalgrade in the course. The 2 midterm exams will combine to make up 50% of your grade, and the final exam will account for the final 30% of the grade.

4.1 Homeworks

Each homework will be worth 20 points. There are 6 homeworks, but I willonly count the best 5 scores when I calculate final grades. At the end of thesemester will take your five best scores and add them up to get your homeworkpercentage. The following rules regard to all homework assignments withoutexceptions.

1. Homeworks will be available, via the internet, on or before the date spec-

ified in the course calendar. It is your responsibility to download theseassignments. The due dates for these homeworks will be announced inclass, posted on the web, and placed on the assignment itself.

2. Homeworks are due on the specified date on the course calendar. Youmay turn-in the assignment at the end of class, or by 5PM at my office

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Stephens Hall 101B. Late homework will not be accepted. If youcannot make it to class or my office, please make prior arrangements to

have your homework delivered on time.

3. If you disagree about the grading of a certain problem, do the following:By the next class period after the assignment is returned, hand back yourassignment and a written statement of why you think the problem has beengraded incorrectly. I will then regrade the problem with your informationin mind. Regrading of the problem does not guarantee a higher score, infact, it may result in a lower score

4. You are allowed to work in groups. However, each student must hand in hisor her unique assignment. If two students hand in identical assignments,I will consider this a violation of the academic honesty code, and thesituation will be treated accordingly. Note, that the exams in this class

will be similar to the problems given in the homework, so it is to yourbenefit to try and work the problems on your own.

4.2 Midterm Exams

There will be two in-class midterm exams. These exams will count for 25% of your course grade apiece. There will be no make-up exams for these midtermsunless you have conflict. If you have a conflict you must notify me before the

exam. If you miss the test for any other reason, and do not have an excusedabsence, you can not make-up the exam, and you will receive a zero.

4.3 Final Exam

There will be an in-class exam during final exam week. Everyone must takethe final exam. If some emergency arises that will cause a conflict with thisschedule, come see me as soon as possible.

4.4 Extra Credit

There will be one option for extra credit in this course. Since this easiest way tolearn the material in this course is by working homework problems. I will givestudents the opportunity to earn bonus points for working additional problemsbeyond the homework assignments.

4.5 Grades

Your grade will be calculated based on the top 5 of 6 homework assignments,a midterm exam and a comprehensive final exam. Homework grades will becalculated out of the total points possible. Exam grades will be calculated off of the highest score in the class. The following grading scale will be used whencalculating grades in this course.

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Percent Grade100-92.50 A

92.49-87.50 A-87.49-82.50 B+82.49-77.50 B77.49-72.50 B-72.49-67.50 C+67.49-62.50 C62.49-55.00 Dbelow 55.00 F

If everyone deserves a good grade, I will give only good grades. But in orderto receive a good grade in this course, you must be prepared for class and workhard on the homework assignments.

4.6 Attendance

I will not be taking attendance in this course. However, since the is an upperlevel course, I would expect student to attend class. Typically students whoattend class regularly score much higher than those who do not.

5 Academic Honesty

Cheating will not be tolerated in this course. Students are expected to main-tain high standards of academic integrity. Cheating and plagiarism are seriousviolations and will result in a zero on the assignment and are grounds for a

failing grade in the course. Student’s should refer to the University’s policyon academic integrity in the University catalogue. Violations of the Academic

Integrity Code will be remanded to the Academic Honor Council for additionalpunishment as appropriate.

6 Students with Disabilities

In accordance with university policy, if you have a documented disability andrequire accommodations to obtain equal access in this course, please contactthe instructor at the beginning of the semester and when given an assignmentfor which an accommodation is required. Students with disabilities must verifytheir eligibility through the Office of Disability Support Services located in theAdministration Building Room 232.

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7 Tentative Schedule

Date Topic Readings

9/1 Introduction and Overview Syllabus

9/8 National Income Accounting W Ch 1,2

9/15 Consumer and Firm Behavior W Ch 4

9/22 Closed One Period Model and Malthus W Ch 5, 6 (190-207)

9/29 Neoclassical Growth Model, Endogenous Growth Ch 6 (207-237),7

10/6 Exam 1

10/13 Two Period Model of Savings W Ch 8 262-289

10/20 Ricardian Equivalence and Life Cycle Model W Ch 8 (289-312),Notes

10/27 Properties of Life Cycle Model and Government Finance

11/3 Real Intertemporal Model with Investment W Ch 10

11/10 Exam 211/17 Money,Banking, Prices, and Monetary Policy W Ch 11

12/1 Business Cycle Theory: Market Clearing and New Keynesian W Ch 3,12,13

12/8 Money, Inflation, Banking W Ch 16

12/15 Section 101:Final Exam 7:30PM-9:30PM

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