EC301 Intermediate Macroeconomics

for S1T 2012

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Mission Statement: Park University provides access to a quality higher education experience that prepares a diverse community of learners to think critically, communicate effectively, demonstrate a global perspective and engage in lifelong learning and service to others.

Vision Statement: Park University, a pioneering institution of higher learning since 1875, will provide leadership in quality, innovative education for a diversity of learners who will excel in their professional and personal service to the global community.


EC 301 Intermediate Macroeconomics


S1T 2012 DLB


Bowen, John E.

Office Location


Office Hours


Daytime Phone



Semester Dates

1/16/2012 - 3/11/2012

Class Days


Class Time




Credit Hours


Macroeconomics 12e, Robert J Gordon, ISBN 978-0-13-801491-9 (if you have the 12th edition of Gordon, you  have  the right book).

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
The Wall Street Journal is not required but strongly recommended. You can access it at no cost to you through the Park online library. However, if you would like to have your own subscription with both a printed copy as well as online access to the paper (and its archives that are useful for the term paper) you can can contact the paper directly or I can take care of it for  you and assure you that you get a student discount.

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 or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information
Advising - Park University would like to assist you in achieving your educational goals. Please contact your Campus Center for advising or enrollment adjustment information.
Online Classroom Technical Support - For technical assistance with the Online classroom, email or call the helpdesk at 866-301-PARK (7275). To see the technical requirements for Online courses, please visit the website, and click on the "Technical Requirements" link, and click on "BROWSER Test" to see if your system is ready.
FAQ's for Online Students - You might find the answer to your questions here.

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:

I want you to do more than memorize facts and formulas. By the time this course is over, I want you to be able to apply course concepts to the real world and what is happening in 2012!!!! This class is intended to be interactive in which the instructor interacts with the students and the students interact with each other. When you have a problem, I am here to help but not to do your work or do your thinking for you.  When there is something you do not understand, before I answer your question, I may ask you try to discover the answer on your own by discussing your concern with the other students - normally you will learn the most that way. However, fear not - I will not abandon you!

It is important that you use course concepts as a means of doing your own thinking as you attempt to apply the course to what is going on at present nationally and globally.  Normally I will focus on analytical techniques and let you use those techniques to develop your own opinions. If I should express an opinion, you are not obligated to agree with me and you can challenge any such opinion without fearing that it will impact your grade.  The author of the text may at least appear to express some opinions in his case studies and boxes of special interest but you are not required to agree with them.  On the other hand, the answers to exam questions (the questions were prepared by the course developer, not me) should be totally free of opinion and are such that nearly all who are knowledgeable of econ (regardless of their political or economic perspective) would agree with the answers. If you should ever come across a question on an exam or homework which you feel is biased,  do not hesitate to bring that to my attention.

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:

Each week (with the exception of the midterm and final exam) you will be graded on discussion participation, homework and a quiz.  Homework will be assigned during the first week of the course.  There will be a midterm and a comprehensive closed note and closed book final exam that must be completed within two hours. The core assessment is a scholarly analytical term paper. The paper involves technical writing and must be objective, it is not intended to persuade but rather to cover in depth both the pros and cons of the various issues in your topic. ??


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:
All course requirements (homework, term paper, exams, etc.) must be submitted no later than the due date.  Discussion inputs for a given week must be submitted during that week. Late submission is not permitted and normally no points will be granted in such an event.  On the other hand, if the student can demonstrate unusual circumstances prior to the due date, it may be possible that prior approval for a late submission may be granted or if an emergency makes it impossible to obtain prior approval, it is possible that an assignment may be accepted late as long as it is not submitted after the solution has been posted or the course is over.  Since there is no guaranty that a late submission will be accepted for full or partial credit, every effort should be made to submit requirements on a timely basis. Avoid last minute submissions since that runs the risk that some problem may occur at the last minute which would make it difficult to meet the deadline.

Classroom Rules of Conduct:

Online etiquette and demonstration of respect for others is mandatory.  You may disagree with others but do so without being insulting.  By each person doing his or her part to maintain a positive learning environment for all and by everyone seeking to be of help to each other, everyone can have an enjoyable experience that pays off gradewise.

Course Topic/Dates/Assignments:

Weekly Discussion (weeks 1, 2, 3, 5, 6, 7)     = 90 points  (9%). Weekly Homework (weeks 1, 2, 3, 5, 6, 7)   = 120 points (12%). Weekly Quiz (weeks 1, 2, 3, 5, 6, 7)  = 180 points  (18%). Midterm (end of 4th week)  = 110 points  (11%). Term Paper (end of 7th week)  = 200 points  (20%). Proctored final exam (Friday of 8th week)  = 300 points  (30%). TOTAL = 1000 points  (100%).

Topics and text assignments for a given week are posted in each week’s discussion thread.  The exception is the term paper that is due at the end of the seventh and guidance is posted above the discussion threads so that one can begin work on that requirement early in the course. 

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 students and faculty members are encouraged to take advantage of the University resources available for learning about academic honesty ( or Park University 2011-2012 Undergraduate Catalog Page 93

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. from Park University 2011-2012 Undergraduate Catalog Page 93

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.
ONLINE NOTE: Students must participate in an academically related activity on a weekly basis in order to be marked present in an online class. Examples of academically-related activities include but are not limited to: contributing to an online discussion, completing a quiz or exam, completing an assignment, initiating contact with a faculty member to ask a courserelated question, or using any of the learning management system tools.

Park University 2011-2012 Undergraduate Catalog Page 96

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: .

Additional Information:
For those who cannot wait until the first day of class, there will be much that can be done if one so desires.  As we get closer to the first day of class, there will be many things posted that will help you to get off to a good start on that first day and will be useful during the entire course. Some will include permanent items and some will be in the form of announcement. On the first day, get into Introductions and go the first week thread where you will find the reading assignment and a discussion thread. 

In this class, two-way e-mail communication is totally

Be sure to check your Park e-mail several times a weekevery day if ?possible. You might find it useful to
have it forwarded to whatever e-mail ?address you use most frequently. 

When you e-mail me, I will ALWAYS
respond to ?everything you send (even jokes) and will do so
ASAP.  ?I check my e-mail numerous times each day
and if more than a day goes by ?without a response from me, I did not get your
e-mail. If something occurs that ?might create a delay of more than a day, I
will try to let you know in advance ?– but any such delay is very unlikely.

If you send me an attachment, PLEASE avoid. docx, ?wps, and winmail attachments like the plague!!!!

Other advice:

·    Don’t
wait until the last minute to complete assignments. 

Get into the Introduction and Weekly Discussion early ??in the first week. It can be useful to get to know each other. In fact, you may wish to establish a formal group with your own e-mail, doc sharing, etc.

Look for announcements every time you go to class.

Don’t panic if you do not understand everything immediately.  Before ?the
class is over, some of you are going to be surprised what you are capable ?of



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                                                                                                                                                                               
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.                                                                                                                                                                             
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                                                                                                                                                                
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.                                                                                                                                                              
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                                                                                                                                                      
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.                                                                                                               
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.                                                                                                                                                                                                   
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.                                                                                                                                                                                                          
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:12/10/2011 3:21:27 PM