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EC 301 Intermediate Macroeconomics
Bunch, James L.


Mission Statement: The mission of Park University, an entrepreneurial institution of learning, is to provide access to academic excellence, which will prepare learners to think critically, communicate effectively and engage in lifelong learning while serving a global community.

Vision Statement: Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.

Course

EC 301 Intermediate Macroeconomics

Semester

S1J 2007 DN

Faculty

Bunch, James L.

Title

Adjunct Instructor of Business and Economics

Office Location

TBD

Office Hours

By Appointment Only

Daytime Phone

(816) 392-1667

E-Mail

james.bunch@pirate.park.edu

Semester Dates

January 15, 2007 to March 11, 2007

Class Days

--T----

Class Time

5:30 - 9:50 PM

Prerequisites

EC141 Principles of Econ I (macro). MA131 College Algebra recommended.

Credit Hours

3


Textbook:

Gordon, Robert; Macroeconomics w/ Student Study Guide, 10th Ed. (ISBN 0321399285).

Companion Website:  http://wps.aw.com/aw_gordon_macroecon_10/0,10754,2316510-,00.html

Additional Resources:

 

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.
Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.


Course Description:
This course begins with a review of national income concepts including national income accounting. It analyzes fiscal and monetary policy using the ISLM model. The primary course focus is on the critical analysis of fiscal, monetary, new Keynesian, and new classical models and their success in explaining economic stability and the stimulation of economic growth. PREREQUISITE: EC 141. 3:0:3

Educational Philosophy:

Learning is a collaborative process whereby students actively pursue knowledge using course materials, lectures, and peer interaction in order to gain a better understanding of the world in which they live. Students are expected to participate, not only in class assignments and discussions, but also to ask questions and to seek additional assistance from the instructor or from other students when they don’t fully understand course material. Economic theory and analytical techniques are presented and applied toward solving real world problems and examples. Students will need to seek (on their own, as needed) additional practice from both recommended text problems and the study guide in order to fully master the material for this course. 

Learning Outcomes:
  Core Learning Outcomes

  1. Explain the evolution of the monetarist and new classical theories.
  2. Describe how new-Keynesian theory justifies the Keynesian the Keynesian policy prescriptions.
  3. Explain the relationship between the government budget deficit and the trade deficit.
  4. Explain how national savings determines the trade deficit, not protectionism.
  5. Define supply-side economics and discuss how it explains the government spending deficit.
  6. Analyze graphically the AD-AS model, the Keynesian cross, and the IS-LM model. Identify all relevant curves and causes for shifts in the curves.


Core Assessment:
Write a paper analyzing the different approaches that might be used by Keynesian theorists and monetary theorists to promote long-run macroeconomic stability. Examine the impact of persistent budget deficits on the trade deficit and analyze the options available to policy makers when national savings presents opportunities to improve the trade deficit. Appraise the position of supply-side economists as it relates to government deficits. Evaluate recent national economic policies as they relate to the magnitude of the trade deficit and analyze the arguments for protectionist policies and the effect, if any, upon the trade deficit.

Link to Class Rubric

Class Assessment:

Weekly Quizzes:  Students shall complete the Chapter Quiz located on the course textbook companion website for each chapter covered during the course, prior to the start of the class in which the chapter is covered.  Students will email the professor their results no later than the start of class for full consideration. 

Exams:
There will be a 2-hour Midterm Exam, and a 4-hour comprehensive Final Exam. Exams will consist of multiple choice, true/false, short answer, diagram, and short essay questions. Exam content will be based upon textbook readings, study guide content, classroom lectures, handouts, and homework problems. 
 
Homework Problems:  Students shall complete one to two quantitative problems for each chapter covered in the course.   Homework Problem assignments will be made following coverage of the material during lecture, and completed problems shall be due no later than the start of the next class for full credit.

Case Study:  Students shall prepare an Economic Case Study analysis in order to comply with the course Core Assessment.   The Case Study assignment consists of: (1) describing a macroeconomic problem (see eThemes from textbook companion website) which is currently being discussed and debated as a current event, (2) utilizing the macroeconomic theory covered in the course to analyze and provide a solution or policy recommendation, (3) providing a 10 to 15-minute presentation to the class to explain your case, and (4) submitting a 5 to 7-page paper (1,200 to 2000 words) summarizing your efforts. You will be required to research and utilize at least three (3) peer-reviewed journal articles (preferably more) in order to justify your analysis and recommendations. The written report will comply with APA format; presentations will include an MS Power Point slide show and a summary handout.  The presentation will be worth 50 points, and the paper will be worth 150 points total. The Learning Rubric contained at the end of this syllabus shall be used as the standard to assess student performance on the Case Study.

Grading:

Course Assessment:

                                    Chapter Quizzes                        100 points (10%)

                                    Homework Problems                 100 points (10%)

                                    Case Study                                200 points (20%)

                                    Midterm Exam                           250 points (25%) 

                                    Final Exam                                350 points (35%)

 

Final Grades: The following point scale is provided to help students assess their performance; however, instructor reserves the right to assess final letter grades on curve scale which will account for student’s performance relative to the rest of the class:

                        A                                             920 – 1000 points

                        B                                              800 –   920 points

                        C                                              700 –   800 points

                        F                                                    <   700 points

 

All final exams will be comprehensive and will be closed book and closed notes.  If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth.  Electronic Computers will not be allowed on final exams unless an exception is made by the Associate Dean.

Late Submission of Course Materials:
Chapter Quizzes, Homework Problems, and Case Study assignments are due at the beginning of class on the date due. Late submissions will be assessed a 50% penalty. Students missing class on the day that an assignment is due must arrange to submit their assignments on or before the scheduled time. Students arriving late to an exam will be permitted to take the exam only if none of the other students have completed the exam. Arrivals after the first submission must schedule a make-up exam. In accordance with the course absence policy, students must obtain instructor permission to schedule a make-up exam. Make-up exams must be taken within one week of the missed exam and will consist of the same general material as the original, albeit a completely different version.   Make-up exams are administered by the Testing Center and require a valid photo I.D.   

Classroom Rules of Conduct:

The classroom is to be a comfortable environment conducive to learning. Questions are welcomed and encouraged, as well as the discussion and sharing of experience, knowledge, and points of view. Everyone is expected to be respectful and considerate of others. Time constraints require that activities remain focused upon scheduled activities and topics. 

Course Topic/Dates/Assignments:

Week Topic Chapters Additional Assignments
(*also, for each chapter read text,
study guide, and online quizzes)
1 Course Introduction Syllabus
Principles of Economics / Math Review Handout(s)
What is Macroeconomics? 1
Measurement of Income, Prices, and Unemployment 2
2 Spending, Income, and Interest Rates 3 HW#1
Monetary and Fiscal Policy in the IS-LM Model 4 and Appendix
3 National Savings, Budget, Borrowing, and Deficits 5 Case Proposal
International Trade, Exchange Rates, and Policy 6 HW#2
4 Aggregate Demand / Supply 7 HW#3
Inflation 8
Case Study Presentations (Selected Students)
5 Midterm Exam Material to Date
6 Stabilization Policy 9
Economic Growth 10,11
Case Study Presentations (Selected Students)
7 Government Budget and Public Debt 12 HW#5
Money and Financial Markets 13
Case Study Presentations (Selected Students)
8 Final Exam Material to Date Final Paper

Academic Honesty:
Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life.   Park University 2006-2007 Undergraduate Catalog Page 87-89

Plagiarism:
Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2006-2007 Undergraduate Catalog Page 87

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "W".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.

Park University 2006-2007 Undergraduate Catalog Page 89-90

Disability Guidelines:
Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: http://www.park.edu/disability .



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluation: Judge the relative worth of information based on prior knowledge                                                                                                                                                                               
Outcomes
1, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Provided 5 or more comparisons regarding macroeconomic theoretical concepts and presented them in a logical manner. Provided 3 to 5 comparisons regarding macroeconomic theoretical concepts and presented them in a logical manner. Provided 1 to 3 comparisons regarding macroeconomic theoretical concepts. Provided no economic comparisons regarding macroeconomic theoretical concepts. 
Synthesis: Incorporate parts of an issue to arrive at an appropriate solution.                                                                                                                                                                             
Outcomes
2, 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Applied detailed course content to answer the question and presented the steps in a logical manner. Applied adequate course content to answer the question and presented the steps in a logical manner. Applied minimal course content to answer the question. Applied no course content to answer the question. 
Analysis: The ability to understand the component parts of information and its organization                                                                                                                                                                
Outcomes
2, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Identified  at least 5 theoretical components and flawlessly analyzed macroeconomic concepts from the course content to answer the question. Identified 3 to 5 theoretical components and adequately analyzed macroeconomic concepts from the course content to answer the question. Identified 1 to 3  theoretical components and minimally analyzed macroeconomic concepts from the course content to answer the question. Did not identify any theoretical components and provided no analysis of macroeconomic concepts to answer the question. 
Application: Use principles from the discipline as they relate to the Core Learning Outcomes.                                                                                                                                                              
Outcomes
2, 3, 4, 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Exhibits thorough knowledge of the course content in the use of macroeconomic principles to answer the question. Exhibits moderate knowledge of the course content in the use of macroeconomic principles to answer the question. Exhibits minimal knowledge of the course content in the use of macroeconomic principles to answer the question. Exhibits no evidence of knowledge of the course content. 
Content of Communication: Grammar, punctuation, spelling, typing, sentence structure, and readability                                                                                                                                                      
Outcomes
Park Mission Statement: communicate effectively                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Exhibits excellent command of grammar, punctuation, spelling, typing, sentence structure, and readability.

0 to 5 errors

 
Exhibits good   command of grammar, punctuation, spelling, typing, sentence structure,
and readability.

6 to 10 errors

 
Exhibits adequate command of grammar, punctuation, spelling, typing, sentence structure,
and readability.

11 to 15 errors

 
Exhibits minimal
command of grammar, punctuation, spelling, typing, sentence structure, and readability.

More than 15 errors

 
Technical Skill in Communicating: format items to include adherence to MLA standards, paper length, Works Cited, and internal documentation.                                                                                                               
Outcomes
Park Mission Statement: communicate effectively                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
0 to 3 errors 4 to 7 errors 8 to 10 errors More than 10 errors 
Disciplinary Competence: appropriate use of terminology.                                                                                                                                                                                                   
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Uses terminology flawlessly to compose responses to questions.

No more than 3 errors
 
Uses terminology adequately to compose responses to questions.

No more than 7 errors
 
Uses terminology minimally to compose responses to question.

No more than 10 errors
 
Uses no terminology to compose responses to question.

More than 10 errors
 
Disciplinary Competence: appropriate use of data.                                                                                                                                                                                                          
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Incorporates the use of data flawlessly, when appropriate, to compose responses to questions. Incorporates the use of data adequately, when appropriate, to compose responses to questions. Incorporates the use of data minimally, when appropriate, to compose responses to questions.
 
Uses no data to compose responses to questions. 

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Last Updated:1/3/2007 12:07:50 PM