Samford University

School of Business

ECON201 Principles of Macroeconomics

Fall 2007

 

Class Times and Locations: Section 03 – ThT 8:00 -9:50 a.m. @ DBH 404

Instructor: Dr. Jennings B. Marshall

Office & Phone: DBH 337, (205) 726-2539

Office Hours: 8:15-10:00 a.m. MWF or by appointment

E-mail: jbmarsha@samford.edu

 

 

 

CATALOG COURSE DESCRIPTION

Study of Macroeconomics provides a theoretical framework from which aggregate economic events such as inflation, unemployment, and economic growth are explained. The framework is used for analysis of current and potential problems of society. This course provides an organizing structure for understanding how the world economy works, providing the student with some ability to predict future economic events. Credits: 4. Prerequisites: A college-level math course.

 

ADDITIONAL DESCRIPTION

This course begins with the introduction of basic economic thinking and tools of economic analysis.

Then, we will focus on tools specifically used in Macroeconomics: Gross Domestic Product, Inflation, Unemployment, and Business Cycles. With these tools, various policy issues, including the conduct of fiscal and monetary policies by government authorities, will be discussed. If time permits, we will also discuss the topics of economic growth and international trade.

 

COURSE OBJECTIVES

Upon completion of this course, students should be able to

1. familiar with basic economic concepts such as the opportunity cost, economic incentive, and marginal thinking and how they influence decision making.

2. apply the concept of demand and supply to real world issues.

3. compute a nation’s National Account in both real and nominal terms.

4. explain what inflation and unemployment are and explain how they are related to economic recession and boom.

5. identify the initial and secondary effects of public policy, such as tax, federal budget, and monetary expansion on the nation’s economy.

6. discuss and critically evaluate macroeconomic readings using the basic tools of economics.

 

TEXT

N. Gregory Mankiw, “Principles of Macroeconomics” 4th edition, Thomson South-Western.

TEACHING/LEARNING STRATEGIES

Lecture will be the main approach of teaching this course. Class discussion and small study groups are encouraged. I am more than willing to meet with students, so please do not hesitate to set up an appointment.

 

ATTENDANCE POLICY

Attendance is highly recommended, yet not required. Regular attendance, along with taking good notes, should help students obtain a good understanding of the course materials. While I will not take attendance, you are responsible for knowing the material presented in each class meeting, whether it is taken from the textbook or other sources, as well as for assignments and announcements made in class.

Grading:

This course is designed to be very rigorous and demanding.  You are expected to work hard, actively participate in class, ask questions when you have any doubts, and perform to the very best of your ability.  Still, the purpose of this course is to teach you something about macroeconomics, not to destroy your GPA.  Your final grade will be based on the following components:

 

 

Points

Percent

Exam 1

100

20%

Exam 2

100

20%

Exam 3

100

20%

Final Exam

100

25%

WSJ/Quizzes

100

15%

 

Grades will be assigned based on the following scale:

 

93-100

=

A

80-82

=

B-

67-69

=

D+

90-92

=

A-

77-79

=

C+

63-66

=

D

87-89

=

B+

73-76

=

C

60-62

=

D-

83-86

=

B

70-72

=

C-

<60

=

F

 

 

 

Exam and Assignment Format:

There will be three exams given during the semester. The exams are not cumulative, however, many of the principles learned at the beginning will be used throughout the course, and for these principles the student will be held responsible. However the final exam is comprehensive.  Each exam will be an hour and 30 minutes long and will cover both material presented in classes, readings scheduled outside of class, as well as assigned homework problems.  The exam will be approximately 50% multiple choice and 50% will be a combination of graphical problems, numerical problems and short essay questions. QUIZZES - Students will take unannounced quizzes throughout the semester. The format may include true-false, short answer, and multiple-choice questions. There will be no make-up quiz (for anyone, for any reasons). If you are absent on a day when a pop quiz is given you Final Exam will count for that quiz. The WSJ - students are to analyze articles that relate directly to course material, some will be assigned articles others will be left to the student to find.  The WSJ assignment must be handed in to me at beginning of the class. Late submission will not be accepted (I do not accept e-mail submission, WSJ left in my office or in my mailbox).

 

 

 

Missed Exams:

In general, no makeup exams will be given, unless your absence is on approved absence list from the Provost’s Office. If you are going to miss class for an activity that is on the Provost’s list of excused absences you must notify me of those dates within the first week of school, or as soon as they appear on the list, whichever comes first. You are forewarned well in advance to properly schedule your time and make proper arrangements for other potential conflicts.  You are expected to take the exam at the scheduled time if you have to miss an exam under extreme circumstances, beyond your control, the percentage will be added to your final exam.  Failure to abide by these guidelines will result in a zero on the exam. 

 

 

October 12: Last Day to drop the class without academic penalty

 

Note: Samford University complies with Section 504 of the Rehabilitation Act and the Americans with Disabilities Act. Students with disabilities who seek accommodations must make their request through Disability Support Services. Disability Support Services is located in Counseling Services on the lower level of Pittman Hall. I am happy to grant reasonable accommodations, but only upon written notification from Disability Support Services.


 

Topical Coverage Grid

 

Topical Coverage

Covered

Ethical Issues

Yes

Global Issues

Yes

Political

Yes

Social

Yes

Legal

No

Regulatory

Yes

Environmental

Yes

Technological Issues

Yes

Diversity

Yes

Written Communication

Yes

Oral Communication

No

 

 

If You Need Help: If you find that you are having particular difficulty with any of the material in this course:

1.                    DO NOT let it build up.  The material is very cumulative in nature and you are likely to find yourself only falling further behind.

2.                    DO come and see me, either during the assigned office hours or by making an appointment.  Be forewarned: I expect that you have read the appropriate sections of the textbook and reviewed your notes BEFORE you come to my office.

 

CLASSROOM PROTOCOL

There are certain expectations that I have concerning your responsibilities in this class that are needed to be stated up-front so that we can minimize any potential misunderstandings throughout the semester.

1. Cellular phones must be turned off during class and exams.

2. I expect that you read the syllabus and that you make yourself aware of all the requirements and deadlines associated with the class. Saying “I didn’t read the syllabus” will not be accepted as an excuse for failing to meet requirements and deadlines.

3. I expect that you behave appropriately in class. My job is to teach you in the classroom and I

cannot do that effectively if students are talking, reading newspaper, sleeping, eating, coming in late or leaving early, or in any other way disturbing me or other students in the classroom.

If you don’t want to come to class under those conditions then don’t take this class.

4. I expect that you will come to talk with me if you are having problems with the class. The sooner you talk to me, the better are the chances that we can do something to solve the problem.

5. You are to have a “study buddy” who will inform you of any material, assignment, handouts, from a class that you missed. DO NOT email me and ask “did we do anything important today?” or “please send me all the materials from today’s class”. I will not respond to these emails. You and your “study buddy” are to keep each other informed. It is your responsibilities not mine to be informed of what happens in class.

6. I expect that you behave with honesty and integrity. Cheating is not acceptable under any circumstances. I will not tolerate cheating in my class.

 

 

ACADEMIC INTEGRITY

Students are expected to uphold Samford’s policies as to Academic Integrity, as stated in the Student

Handbook. I endorse the Academic Integrity and any instance of academic dishonesty detected will

lead to severe academic penalties, at least an undroppable zero for any grade item in question. If you

have any doubts as to what is or is not academic dishonesty, consult the Student Handbook or ask.

SCHOOL OF BUSINESS Wall Street Journal SUBSCRIPTION POLICY

Every student taking an undergraduate or graduate course in the School of Business must purchase a

subscription to the Wall Street Journal. The subscription cost is $30, and it must be purchased at the

check-out register in the Samford University Bookstore. Subscribing students will have daily access to print and online versions of the Journal through August 2008 independent of when the subscription is purchased. The student will complete an information form upon payment for tracking and verification purposes. Students who do not purchase a subscription within the first two weeks of the term will be dropped from the course. Refunds for current subscriptions may be obtained by calling 1-

800-JOURNAL and by informing the agent that you are now participating in the WSJ Partnership Program at Samford University.

 

Calendar and Reading List:

 

Date

Subject

 

Tue Aug 27

Introduction Ch 1

 

Th Aug 30

Ch 1 and Ch 2

 

Tue Sep 4

 Ch 2 how economist think

 

Th  Sep 7

Ch 3 International Trade

 

Tue Sep 11

Ch 4 Supply and Demand

Supply and Demand problem

Th Sep 13

Ch 4 continued

 

Tue Sep 18

Ch 4 continued

 

Th Sep 20

Ch 5 Elasticity

 

Tue Sep 25

Ch 6 Price Controls

 

Th Sep 27

Ch 8 Cost of Taxation

 

Tue Oct 2

Ch 10 Measuring National Income

Supply and Demand due

Th Oct 4

1st Exam (Ch 1-6 & 8)

 

Tue Oct 9

Ch 11 Measuring the Cost of Living

Investment assignment

Th Oct 11

Ch 13 Saving and Investment

 

Tue Oct 16

FALL BREAK

 

Th Oct 18

Ch 14 Finance Tools

 

Tue Oct 23

Ch  15 Unemployment

Investment assignment due

Th Oct 25

Ch 16 Fed

 

Tue Oct 30

Ch 16 Fed continued

Inflation and interest rates

Th Nov 1

2nd Exam (Ch 10, 11, 13 – 14)

 

Tue Nov 6

Ch 16 Fed continued

 

Th Nov 8

Ch 17 Money Growth and Inflation

 

Tue Nov 13

Ch 17 Money Growth and Inflation

 

Th Nov 15

Ch 18 Open Economy

Inflation and interest rates - due

Tue Nov 20

Ch 18 Open Economy

 

Th Nov 22

THANKSGIVING

 

Tue Nov 27

Ch 20 Aggregate Demand and Supply

 

Th Nov 29

3rd Exam (Ch 15-18)

 

Tue Dec 4

Ch 20 Aggregate Demand and Aggregate Supply

 

Th Dec 6

LAST CLASS

 

Tue Dec 13

FINAL EXAM

COMPREHENSIVE FINAL (This is the time and date for everyone in the class don't ask to take it early)