Course Outline: ECONOMICS  301 - Intermediate Macroeconomic Theory

(Readings should be completed prior to lecture)

DATES

TOPICS

READINGS AND ASSIGNMENTS

WEEK 1

 

January

17, 19

Introduction to Macroeconomics

Text Reading:    Abel, Bernanke and Croushore (ABC), Chapter 1


Chapter 1 Lecture – Introduction to Macroeconomics     (PPT)

Additional Readings: Neoliberalism: Oversold     The Methodology of Positive Economics 

 

Website: Calculating the Growth Rate     Federal Reserve Economic Data

 

Assigned Problems: ProblemSetChapter1     StudyGuideChapter1    

WEEK 2

 

January

 22, 24, 26

The Measurement and Structure of the National Economy

 Productivity, Output,

and Employment

Text Reading: ABC, Chapters 2 and 3


Chapter 2 Lecture-The Measurement and Structure of the National Economy     (PPT)

 

Chapter 3 Lecture - Productivity, Output, and Employment     (PPT)

 

Additional Readings: The Trouble with GDP     Key Economic Indicators  

 

Websites: Bureau of Economic Analysis (BEA)     Federal Reserve Economic Data  

 

Assigned Problems: ProblemSetChapter2    StudyGuideChapter2

WEEK 3

 

January

29, 31

 

February

2

Productivity, Output,

and Employment Cont’d

Text Reading: ABC, Chapter 3

 

Chapter 3 Lecture - Productivity, Output, and Employment     (PPT)

 

Additional Readings: Missing Workers     Robots Will Take Jobs, but Not as Fast as Some Fear, New Report Says

 

Websites: Bureau of Labor Statistics(BLS)

 

Assigned Problems: ProblemSetChapter3     StudyGuideChapter3

WEEK 4

 

February

5, 7, 9

 Exam1 (February 5)

(Chapters 1, 2 and 3)

 

Consumption, Saving, and Investment

Text Reading: ABC, Chapters 4

 

Chapter 4 Lecture - Consumption, Saving and Investment     (PPT)

 

Additional Readings: Veblen, Conspicuous Consumption     Frank, Conspicuous Consumption? Yes, but It’s Not Crazy

 

Websites: Bureau of Economic Analysis (BEA)

 

Assigned Problems: ProblemSetChapter4     StudyGuideChapter4

WEEK 5

 

February

12, 14, 16

Long-Run Economic Growth

Text Reading: ABC, Chapter 6

 

Chapter 6 Lecture - Long-Run Economic Growth     (PPT)

 

Additional Readings: Potential Output and Total Factor Productivity since 2000     China’s Productivity Problem Drags on Growth    Economic Literacy for Life: Today's Lessons = Tomorrow's Financial Stability and Success

 

Websites: Total Economy Database

 

Assigned Problems: ProblemSetChapter6     StudyGuideChapter6

WEEK 6

 

February

19, 21, 23

 

The Asset Market, Money, and Prices

Text Reading: ABC, Chapter 7

 

Chapter 7 Lecture - The Asset Market, Money, and Prices     (PPT)

 

Additional Readings: How Low Can You Go? Negative Interest Rates and Investors’ Flight to Safety

 

Websites: Board of Governors of the Federal Reserve     FRED     National Bureau of Economic Research

 

Assigned Problems: ProblemSetChapter7     StudyGuideChapter7

WEEK 7

 

February

26, 28

 

March

2

EXAM 2 (February 26)

(Chapters 4, 6, 7)

 

Business Cycles

 

Online Day is March 2

 

Online Quiz 

(Due by March 14)

Chapter 8 Lecture - Business Cycles     (PPT)

 

Website: US Business Cycle Expansions and Contractions  

 

Online Day is March 2. Please read the chapter 8 slides not covered in class (those with red borders) and watch the following videos. Quiz available on Moodle. The quiz must be completed by March 14

 

Videos: The Business Cycle Theory Explained   Ron (Austrian) Paul vs Paul (Keynesian) Krugman

WEEK 8 – March 5 to March 11 is Spring Break

WEEK 9

 

March

12, 14, 16

The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis

Text Reading: ABC, Chapter 9

 

Chapter 9 Lecture - The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis     (PPT)

 

Problems: ProblemSetChapter9     StudyGuideChapter9

WEEK 10

 

March

19, 21, 23

 

The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis

Cont’d

Text Reading: ABC, Chapter 9

 

Chapter 9 Lecture - The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis     (PPT)

WEEK 11

 

March

26, 28

Exam 3 (March 26)

(Chapters 8, 9)

 

Classical Business Cycle Analysis: Market-Clearing Macroeconomics

Text Reading: ABC, Chapters 10

 

Chapter 10 Lecture - Classical Business Cycle Analysis: Market-Clearing Macroeconomics     (PPT)

 

Websites: NBER     Conference Board     List of 16 Major Leading & Lagging Economic Indicators

March 29 to April 2 – Easter Break

WEEK 12 (Last day to withdraw with a "W" is April 3)

WEEK 12

 

April

4, 6

Classical Business Cycle Analysis: Market-Clearing Macroeconomics

 

Keynesianism: The Macroeconomics of Wage and Price Rigidity

Text Reading: ABC, Chapters 10 and 11

 

Chapter 10 Lecture - Classical Business Cycle Analysis: Market-Clearing Macroeconomics     (PPT)

 

Chapter 11  Lecture -  Keynesianism: The Macroeconomics of Wage and Price Rigidity     (PPT)

WEEK 13

 

April

9, 11, 13

Keynesianism: The Macroeconomics of Wage and Price Rigidity Cont’d

 

Unemployment and Inflation

Text Reading: ABC, Chapters 11 and 12

 

Chapter 11  Lecture -  Keynesianism: The Macroeconomics of Wage and Price Rigidity     (PPT)

 

Chapter 12 Lecture – Unemployment and Inflation

 

Websites: John Maynard Keynes Is the Economist the World Needs Now  

 

Problems: ProblemSetChapter11     StudyGuideChapter11

WEEK 14

 

16, 18, 20

Monetary Policy and the Federal Reserve System

 

Text Reading: ABC, Chapter 14

 

Chapter 14 Lecture - Monetary Policy and the Federal Reserve System     (PPT)

 

Additional Readings: It Really Is All Greenspan's Fault    

 

Websites: Federal Reserve Monetary Policy    Monetary Policy FAQs

 

Video: Quantitative Easing Explained Revisited

WEEK 15

 

April

23, 25, 27

Exam 4

(April 23)

Chapter 15 - Government Spending and Its Financing     (PPT)

 

Class Discussion: Deficit Hawks, Doves or Owl

 

Practice Problem in Class

WEEK 16

 

April

30

Catching- up Time and Review for Exam

 

EXAM WEEK

 

May 1 to May 11

FINAL EXAM PERIOD

See Schedule Please be aware that the final exam schedule is NOT flexible.