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EC 301 Intermediate Macroeconomics
MacLeod, Gary K


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

S1F 2010 QU

Faculty

MacLeod, Gary K

Title

Assistant Professor of Economics/Adjunct Faculty

Degrees/Certificates

Ph.D. Candidacy, Economics, George Mason University
M.A. Economics, George Mason University
B.A. Economics, George Mason University

Office Location

TBD

Office Hours

By appointment

E-Mail

Gary.MacLeod@park.edu

Semester Dates

January 13, 2009 - March 10, 2009

Class Days

---W---

Class Time

5:30 - 10:30 PM

Prerequisites

EC 141

Credit Hours

3


Textbook:

Macroeconomics, Robert J. Gordon, 11th edition.
 
Suggested:
 
Economics in One Lesson, Henry Hazlitt, 1979
Planning for Freedom: Let the Market System Work, Ludwig von Mises, 2008 Liberty Fund edition
The Politically Incorrect Guide to Capitalism, Robert Murphy, 2007
What has Government done to our Money?, Murray Rothbard, 1990
Economics on Trial: Lies, Myths and Realities, Mark Skousen, 1991
The Making of Modern Economics: The Lives and Ideas of the Great Thinkers, Mark Skousen, 2001 
 
 

Additional Resources:

I will be assigning additional readings throughout the semester for which you will be responsible come exam time.  These supplemental readings will take the form of articles, book chapters, etc.  Whenever possible, I will provide website links for you.  However, in most cases you will need to locate the book to find the reading.  Please let me know if at any time there is difficulty in finding these sources.  You are not required to purchase any of these books.  
By assigning these extra readings, I am attempting to expose you to some of the classics in the field of Macroeconomics, and to give you a taste of the debate among economists.  Ultimately, this extra reading will take you beyond the textbook theory and help you understand why there is so much disagreement over macroeconomic policy.

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.
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Course Description:
EC301 Intermediate Macroeconomics: 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: EC141. 3:0:3

Educational Philosophy:
My teaching philosophy is very simple.  I have found that if an educator is knowledgeable and passionate about their subject, and is willing to engage the student, then most individuals will respond by learning.  Therefore, I structure my courses to include a mixture of interesting lectures and significant group discussion.  Moreover, my experience has shown me that connecting with students in classroom conversations beyond the lectures serves to both encourage reluctant learners, and reinforce the eager ones.  My goal is to inspire you to learn, not to force you.   I want to tingle your tastebuds to want to learn more.  If I cannot create any desire for students to learn economics, then I have failed.   

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:

Midterm exam (multiple choice)
Final exam (cumulative and multiple choice)
Homework (approximately 4)
Paper
"Threatened" quizzes (potential)
Class participation (unofficial)

Grading:

Your course grade will be determined by a midterm exam (30%), final exam (30%), homework (20%) and a paper (20%).  You will have noticed two other assessments to your grade: "threatened" quizzes and class participation.  These are student-dependent and may or may not impact your final grade. 
 
For instance, if in my estimation a student has significantly contributed to overall class success by asking pertinent questions, presenting arguments, engaging in discussion, etc., I will reward this class participation at the margin of your grade (i.e., if you have a B and are close to an A, I can "bump" you up to an A for the course).  I suggest that students take this offer seriously.  Ignoring it would be similar to "leaving money on the table" so to speak. 
 
The other way for me to assess your class performance is to ensure that you come to class prepared for the day's lecture/discussion.  Due to the nature of economics, it is crucial to come to class having read the material.  If I detect that students are ill-prepared (which makes for one-way discussions and less-than-meaningful lectures), I will give a pop quiz on the spot.  These will count toward your grade and be captured in the Homework percentage.  That is, if quizzes become a significant part of the overall class grade (a bad sign, right?!), then I will reduce the Homework percentage weight by the weight of the quizzes, i.e., I will make Homework 15 % and quizzes 15% (as an example).  The breakdown of the Homework grade depends on how many quizzes are given throughout the session.  Of course, the smaller this number is the better we are all getting along.   

The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. 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 Dean of the School of Business.

Late Submission of Course Materials:
Late assignments will not be accepted unless you have made me aware, far in advance, of any untoward circumstances.

Classroom Rules of Conduct:
I am going to assume all of you are adults, and know how to act in a classroom.  My two pet peeves are cellphones and talking among yourselves while I am talking.  It goes without saying that both are rude.  Please be considerate of me and your classmates.

Course Topic/Dates/Assignments:

1/13/2009
 
Chapter 1, What is Macroeconomics?
Chapter 2, The Measurement of Income, Prices and Unemployment
 
Additional reading: The Structure of Production, Mark Skousen, 1990, chapter 1, "Introduction: The Case for a New Macroeconomics."

Economics on Trial: Lies, Myths and Realities,
Mark Skousen, 1991, chapter 4, "What's missing in GNP?"
 
1/20/2009
 
Chapter 3, Spending, Income and Interest Rates
Chapter 4, Monetary and Fiscal Policy in the IS/LM Model
 
Additional reading: Planning for Freedom: Let the Market System Work, Ludwig von Mises, 2008 Liberty Fund edtion, chapter 10, "Lord Keynes and Says' Law."

Economics on Trial: Lies, Myths and Realities,
Mark Skousen, 1991,
chapter 6, "The Magic and Myth of the Multiplier."
 
The Making of Modern Economics: The Lives and Ideas of the Great Thinkers, Mark Skousen, 2001;
chapter 13, "The Keynes Mutiny: Capitalism Faces its Greatest Challenge," and 14, "Paul Raises the Keynesian Cross: Samuelson and Modern Economics."
 
 1/27/2009
 
Chapter 5, The Government Budget, Foreign Borrowing and the Twin Deficits
Chapter 7, Aggregate Demand, Aggregate Supply and the Self-Correcting Economy
 
Additional reading: Economics in One Lesson, Henry Hazlitt, 1979, chapter 2, "The Broken Window;" chapter 10, "The Fetish of Full Employment" and chapter 4, "Public Works means Taxes." 

Planning for Freedom: Let the Market System Work,
Ludwig von Mises, 2008 Libertyfund edtion, chapter 11, "Stones into Bread, the Keynesian Miracle."
 
The Politically Incorrect Guide to Capitalism, Robert P. Murphy, 2007,
chapter 10, "Growing Pains."
 
Economics on Trial: Lies, Myths and Realities, Mark Skousen, 1991, chapter 5, "The Fallacy of the Paradox of Thrift" and chapter 7, "The Truth about Aggregate Supply and Demand."
 
 The Making of Modern Economics, Mark Skousen, 2001, chapter 11, "The Fisher King Tries to Catch the Missing Link in Macroeconomics" and chapter 12, "The Missing Mises: Mises (and Wicksell) Make a Major Breakthrough."
 
2/3/2009
 
Midterm Exam (first half of class)
Chapter 8, Inflation: Its Causes and Cures
 
Additional reading: What has Government done to our Money? Murray N. Rothbard, 1990, chapters 1-3.
 
The Making of Modern Economics, Mark Skousen, 2001, chapter 15, "Milton's Paradise: Friedman leads a Monetary Counterrevolution."
 
2/10/2009
 
Chapter 9, The Goals of Stabilization Policy: Low Inflation and Low Unemployment
Chapter 10, The Theory of Economic Growth
 
Additional reading: The Collapse of Development Planning, Peter Boettke, 1994, "Introduction."

The Politically Incorrect Guide to Capitalism,
Robert P. Murphy, 2007, chapter 8, "Settling Debts" and 9, "Money and Banking."
 
 2/17/2009
 
Chapter 11, The Big Questions of Economic Growth
Chapter 12, The Government Budget, the Public Debt and Social Security
 
Additional reading: Economics on Trial, Skousen, 1991, chapter13, "The Growing Tax Burden," and 14, "The National Debt." 
 
2/24/2009
 
Chapter 17, New Classical Macro Confronts New Keynesian Macro
Chapter 18, Conclusion: Where do we Stand?
 
Additional reading: "Austrian Capital Theory and the Future of Macroeconomics", Roger Garrison, in Richard M. Ebeling, ed. Austrian Economics: Perspectives on the Past and Prospects for the Future Hillsdale, MI: Hillsdale College Press, 1991, pp. 303-324.  You can find this at http://www.auburn.edu/~garriro/b4mismac.htm.  If you have trouble with this link, just go to Mises.org and search "macroeconomics."  It will be in the list.
 
3/3/2009
 
Open class day for possible specific topics, review, etc.  Inevitably, something comes up to force a change in planned schedules.  If we encounter this, we will also use this day to cover any spillover material. 
 
3/10/2009
 
Final Exam
 

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 2009-2010 Undergraduate Catalog Page 92

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 2009-2010 Undergraduate Catalog Page 92

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 "F".
  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 2009-2010 Undergraduate Catalog Page 95

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:1/13/2010 7:45:58 AM