SYLLABUS - Elizabethtown College



EC101A: PRINCIPLES OF MACROECONOMICSFall 2016Dr. Sanjay Paul411480083185Class meetingsTue, Thu 8:00-9:40amHoover 212020000Class meetingsTue, Thu 8:00-9:40amHoover 212Office: Hoover 206Tel: 717-361-1543Email: pauls@etown.eduWeb: hours Mon 1:15-3:15pmTue 9:45-11:00amWed 1:15-3:15pm Thu 9:45-11:00amAnd by appointmentCourse descriptionThe course analyzes the factors affecting output, employment and prices in the economy. We examine how output (gross domestic product, or GDP) is measured through national income accounting. We construct a model of aggregate demand and aggregate supply in an open economy in order to explain fluctuations in GDP and unemployment (i.e., business cycles), and changes in the price level (inflation). What can the government do to raise employment or reduce inflation? Here, we analyze the role of fiscal and monetary policies. We discuss the appropriateness of cutting (or raising) taxes, reducing (or increasing) government spending, and raising (or lowering) interest rates.We use the open-economy model to analyze the importance of international trade and capital flows, and to explore the relationship between interest rates and exchange rates.Learning outcomes In this course, students will be able to:Apply the aggregate demand-aggregate supply model to explain gross domestic product and inflationDiscuss the effect of macroeconomic policies on various socio-economic groupsExplain the role of central banks and governments in the formulation and conduct of monetary and fiscal policiesAnalyze the influence of government policies on spending by consumers and firmsDescribe the methods of building traditional macroeconomic modelsReadingsThe required readings for the course are:Krugman, Paul & Wells, Robin (2015). Principles of Macroeconomics (4th ed.). Worth Publishers. Access to LaunchPad is required (see details below). The Wall Street Journal (daily).You are required to buy access to LaunchPad (the course management system) which includes the e-book. Instructions on how to buy access to LaunchPad are available at my course website . (Do not buy elsewhere—you may not get access to the website!) The total cost of the package is $89.99. You should buy access to LaunchPad as early as possible, since we’ll be using it right from the beginning of the term—and you don’t want to fall behind in any assigned work. If you wish to obtain a print copy, you may buy an older edition of the textbook from or other sites at a relatively low price. But note that you must buy online access to LaunchPad for this course, as noted above.student rates for WSJ subscription are available at the course website . Here you will also find materials that I have created for the course, including lecture outlines and exercise sets. You should pay very close attention to these.Evaluation Your grade will be based on your performance in exams, quizzes, assignments and blogs.Exam 125%Thu, Sept. 15Exam 225%Thu, Oct. 27Final exam30%Thu, Dec. 15, 7:30amQuizzes10%Assignments10%Exams: The exams may include multiple-choice questions, graphs, mathematical problems, and short-answer questions. They are cumulative and will be conducted in the classroom.Quizzes: Quizzes will be brief, lasting 15-20 minutes. They will be given in the classroom and without advance notice. In order to accommodate unforeseen absences, I will drop two of the lowest scores.Assignments: Assignments will be assigned frequently. They will mainly rely on submissions through the LaunchPad system. To provide some flexibility, I will drop the lowest score.Grading scale93-100 %90-9287-8983-8680-8277-7973-7670-7267-6963-6660-620-59AA-B+BB-C+CC-D+DD-FMaking up missed tests and quizzesA test will be given again only under exceptional circumstances - e.g., very poor health. In all other cases, a missed test will result in a score of zero for the test. Missed quizzes and assignments will also result in a score of zero, except in cases of emergency.AttendanceYou are advised to attend all classes regularly. If you absent yourself from class, you are likely to do poorly on the tests, assignments and quizzes.Academic integrity Students are expected to adhere to the Pledge of Integrity at Elizabethtown College. In this course, you are expected to complete the assignments, tests and quizzes entirely on your own. You will not discuss the tests, quizzes or assignments with others, nor will you seek or receive assistance from others in completing them. Any breach of academic integrity will be dealt with in accordance with the policy stated in the College Catalog (see )Email communication etiquetteStart emails with an appropriate salutation (Dear Dr. Paul, for example). End them with your name.Always provide a subject in the subject line. Include the course number (e.g, EC101) in the subject, so that I know right away it is from a student in the class.Use standard English, with proper spelling and grammar. If you write “i cant send u my sa til later ttyl”, I will not know what it means and will consequently ignore it altogether.Make sure your @etown.edu inbox is not full. If it is, my emails to you will not reach you, and you will be left in the dark. Do not be left in the dark!General policiesDeadlines are extremely important. Submit assignments on time. Plan ahead. Don’t wait until the last minute to complete your task. Your Internet connection may go down; your computer may crash; the world may come to an end. In the interest of fairness to others in the class, I will not be able to accommodate late submissions.There are no opportunities for extra credit.Disabilities Elizabethtown College welcomes otherwise qualified students with disabilities to participate in all of its courses, programs, services, and activities. If you have a documented disability and would like to request accommodations in order to access course material, activities, or requirements, please contact the Director of Disability Services, Lynne Davies,?by phone (361-1227) or e-mail daviesl@etown.edu. If your documentation meets the college’s documentation guidelines, you will be given a letter from Disability Services for each of your professors.? Students experiencing certain documented temporary conditions, such as post-concussive symptoms, may also qualify for temporary academic accommodations and adjustments. As early as possible in the semester, set up an appointment to meet with me, the instructor, to discuss the academic adjustments specified in your accommodations letter as they pertain to my class. Religious Observances The College is willing to accommodate individual religious beliefs and practices. It is your responsibility to meet with the class instructor in advance to request accommodation related to your religious observances that may conflict with this class, and to make appropriate plans to make up any missed work.Class CancellationClasses may be occasionally cancelled for reasons pertaining to adverse weather conditions, health, travel and other emergencies. In such cases, I will make every effort to notify you as soon as possible and make suitable alternative arrangements.SCHEDULE (tentative)Week of Aug 29 (week 1):Introduction: The Ordinary Business of LifeChapter 1: First PrinciplesWeek of Sept 5 (week 2):Chapter 2. Economic Models: Trade-offs and TradeChapter 2 Appendix. Graphs in EconomicsWeek of Sept 12 (week 3):Chapter 3. Supply and Demand Exam 1 on Thu, Sept. 15Week of Sept 19 (week 4):Chapter 4. Price Controls and Quotas: Meddling with MarketsChapter 5. International TradeWeek of Sept 26 (week 5):Chapter 6. Macroeconomics: The Big PictureWeek of Oct 3 (week 6):Chapter 7. GDP and CPI: Tracking the MacroeconomyWeek of Oct 10 (week 7):Chapter 8. Unemployment and InflationWeek of Oct 17 (week 8):Chapter 9. Long-Run Economic GrowthWeek of Oct 24 (week 9):Chapter 10. Savings, Investment Spending, and the Financial SystemExam 2 on Thu, Oct. 27Week of Oct 31 (week 10):Chapter 11. Income and ExpenditureWeek of Nov 7 (week 11):Chapter 12. Aggregate Demand and Aggregate SupplyWeek of Nov 14 (week 12):Chapter 13. Fiscal PolicyChapter 13 Appendix: Taxes and the MultiplierWeek of Nov 21 (week 13):Chapter 14. Money, Banking, and the Federal Reserve SystemWeek of Nov 28 (week 14):Chapter 15. Monetary PolicyWeek of Dec 5 (week 15):Chapter 17. Crises and ConsequencesFinal exam on Thu, Dec. 15, 7:30am ................
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