Career Development and Lifestyle Planning



The Firm and the Macroeconomy2 CreditsBU.220.610.XX[NOTE: Each section must have a separate syllabus.][Day & Time / ex: Monday, 6pm-9pm][Start & End Date / ex: 3/24/15-5/12/15][Semester / ex: Fall 2016][Location / ex: Washington, DC]Instructor[Full Name]Contact Information[Phone Number, (###) ###-####][Email Address]Office Hours[Day(s)/Times]Required Texts & Learning MaterialsN. Gregory Mankiw, Macroeconomics (9th Edition), 2015, Worth Publishers. Learning resources that accompany or can be purchased together with the textbook are described in the textbook on pages xxxii-xxxv. Recommended Text and Excel practice problems:Evan C. Tanner, Macroeconomics: Applied Assessments and Policy Options () Additional readings on specific topics covered will be assigned before and during classes.The class slides will be posted only right before the class. To prepare for class you should complete all the assigned readings. Course DescriptionThis course explores the workings of the macroeconomy. Although the course focuses primarily on the United States economy, the concepts and tools apply to any market economies around the world. Major topics include: the determinants of an economy’s output; the role of money in the long run and short run; the determinants of the price level; the role of interest rates and exchange rates in the US economy and in small, “open” economies; the causes and nature of the business cycle; the Keynesian model of the economy and how it differs from the classical theory of the economy; and the role of fiscal and monetary policy in stabilizing the economy and ensuring full employment. The last lecture of the course studies the recent meltdown of the economy, stemming from the collapse of housing prices.Prerequisite(s)NoneCourse Learning ObjectivesAfter successful completion of this course, students should be able to: Explain the determination of output and prices (and their change, inflation) in the long and short run. Describe the characteristics of the business cycle, and discuss the role of shocks and government policy in the cycle.Understand the workings of fiscal and monetary policy and the way such policies can be used to moderate the business cycle.Explain the determination of the exchange rate and interest rates in the long and the short run Discuss the global financial crisis and the successes and failures of government policy to contain it. To view the complete list of Carey Business School’s general learning goals and objectives, visit the Teaching & Learning@Carey website. Attendance Attendance and participation contribute up to 20% of the final grade. Attendance (on-time) is proper business etiquette and a minimal requirement for classroom participation. Being late or leaving early if repeated three times is going to be considered an absence. There will be an attendance sheet to be signed at the beginning of every class. Forging signatures for others will get zero credit for attendance and participation for the whole course (i.e., 20 points out of 100). Emergencies with proper documentation will be exempted (emergencies outside the immediate family cannot be excused). Please note that business trips or job market interviews do not count as emergency.Assignments & RubricsAssignmentCourse Learning Objective(s)WeightParticipation and assigned readings1-520%2-3 Pop-up quizzes (10% or 15% each)1-530%Final Exam1-550%Homework assigned1-50%Total100%Class Discussion and Participation RubricAttendance and participation contribute up to 20% of the final grade. This is made up of 2 points per class for 7 classes, plus 6 points of bonus. Class participation and contribution will be graded 0-5 according to the following objective and subjective criteria (points are per class):0 = Miss class without justification. (Job interviews and job search activities are not excused absences.) Class attendance is a pre-requisite for class contribution; therefore, students will earn a 0 on days they do not attend class without justification.0= Negative participation. Chatting, use of electronics, sleeping, and interference with other students’ participation and learning is negative participation and will be penalized by assigning the same grade as an absence without justification. 1 = Passive attendance (7 points out of 20 in total). A minimal grade is assigned for attendance without active participation. Passive attendance still requires bringing the name-tag to class and displaying it in a visible manner, following instructions, and working in groups as directed. Missing class with justification will earn 1 point. 2 = Active participation (14 points out of 20 in total). Active participation includes asking questions, answering questions, contributing to the discussion of homework, quiz solutions, and presenting assigned group work and activities. Participation does not include group contributions during homework outside the classroom.Valuable contributions are observations that advance the discussion or change the direction of the class discussion, insightful commentaries that raise learning points, probing questions that challenge the extant discussion and yield new directions, and analyses that clarify and amplify case facts. 6 = Bonus points. The remaining 6 points can be earned by showing clear evidence of completing the assigned readings before class (one point per instance), with an extra contribution to class (one extra point per contribution) such as bringing relevant newspaper article or other relevant material to class, and participating actively three (3 points), four (4 points) and five classes (5 points) in a row. Pop-up Quizzes The quizzes will cover only the material in the prior lectures: together worth 30% of total grade (two quizzes with 15% weight each, or 3 with 10% weight each). Questions will be multiple-choice or true/false, but may require solving problems. The quizzes are designed to ensure that you keep up with the material. The answers to the quizzes will be posted in Blackboard and discussed in class the following week; the quizzes will be returned. No makeups will be given for a missed quiz. If you are absent, and therefore miss the quiz, the weight assigned to that quiz will be added to your final exam score. Homework There are readings assigned for each class and they are part of homework. The class slides and the examples worked out in class are not meant to substitute for these readings or the assigned problem sets. There will also be weekly problem sets assigned, listed in blackboard, corresponding to lectures 1 through 6. No assignment will be made after lecture 7. The problem sets will not be turned in or graded but may be discussed in class and are intended to give you a good indication of what you are expected to know and how well you are mastering the material. If you find that you have difficulty with the homework problems after studying the chapter and the lecture notes, you should take that as a sign that you need to put more time into the course and seek advice from the instructor. The answers to the homework problems will be provided in Blackboard, but ONLY the following week in order that you put the effort into answering the homework problems yourself. You are free to work with other students on the homework assignments and you are encouraged to do so. If homework answer keys posted on blackboard are unclear it is your responsibility to seek clarification from the instructor in class or at office hour. Final ExamA final exam will be given in week 8. Questions will be multiple-choice or true/false questions, but may require solving problems or include essay questions. The exam will be comprehensive, including the first introductory class and the seventh class on the global crisis. The answers to the final exam will be posted in Blackboard but the exams will not be returned. You can ask to see your exam at office hour.You cannot miss the final exam and there is no makeup for the final exam; it must be taken at the time scheduled. The material in this course is not easily accessible and requires diligence and hard work. Even students that are familiar with it typically find it hard, and those who succeed typically spread their effort on the entire teaching period so as to assimilate gradually new concepts and methods. It is important to keep up with the lectures and the reading. Each lecture and chapter builds on the previous lecture and chapter of the textbook so, to understand the later material, you must first master the earlier material. Reading the economics section of the newspapers, particularly articles on the macroeconomy, will help you appreciate the relevance of the course material to current events. Success in the course cannot be achieved with less than 6-8 hours of work outside class per week. GradingThe grade of A is reserved for those who demonstrate extraordinarily excellent performance. The grade of A- is awarded only for excellent performance. The grade for good performance in this course is a B+/B. The grades of D+, D, and D- are not awarded at the graduate level. Please refer to the Carey Business School’s Student Handbook for grade appeal information. Tentative Course Calendar**The instructors reserve the right to alter course content and/or adjust the pace to accommodate class progress. Students are responsible for keeping up with all adjustments to the course calendar.WeekAssignment/assessmentTopics/Themes of lectureChapters in Textbook to be covered in lecture1Homework 1 given outReview of demand, supply and market equilibriumNational accounts (GDP), price indexes (CPI), and Labor market statisticsGrowth and the business cycle in the US Chapters 1 and 2 Chapter 10-1, 10-22Homework 2 given outHow the economy works in the long run: what determines the amount of output and the distribution of income between wages and profits. Saving, Investment and the real interest rate: the loanable funds modelLong run aggregate supplyChapter 3Chapter 10-4 3Homework 3 given out What do banks do?How the amount of money is determined by the central bank, commercial banks and the public; The link between money and prices/inflation in the long run – the “quantity theory of money”; the quantitative theory and aggregate demand The costs of inflation; nominal and real interest rates.Chapter 20 Section 1Chapter 4Chapter 5 (excluding appendix to chapter 5)Chapter 10-34Homework 4The IS-LM model describing the determination of the level of output and interest rates in the short runThe role of the government: fiscal and monetary policy.The great depression and the great recessionChapter 11 and 125Homework 5 The IS-LM model and aggregate demandThe Phillips curve and aggregate supplyThe aggregate demand and supply model in the short-medium, and long termStabilization policy Chapter 12-2Chapter 14Chapter 10-3, 10-4 10-56Homework 6 The Open Economy in the long- and the short-term.Chapters 6 and 13 (excluding appendixes)7No homeworkInterpreting and Discussing Global Financial Crisis and its aftermathReview: In addition to the instructor’s review, students should bring any lingering questions to class prior to the final exam. Chapter 20, Section 28Final ExamExam Carey Business School Policies and General InformationBlackboard SiteA Blackboard course site is set up for this course. Each student is expected to check the site throughout the semester as Blackboard will be the primary venue for outside classroom communications between the instructors and the students. Students can access the course site at . Support for Blackboard is available at 1-866-669-6138.Course EvaluationAs a research and learning community, the Carey Business School is committed to continuous improvement. The faculty strongly encourages students to provide complete and honest feedback for this course. Please take this activity seriously; we depend on your feedback to help us improve. Information on how to complete the evaluation will be provided toward the end of the course.Disability ServicesJohns Hopkins University and the Carey Business School are committed to making all academic programs, support services, and facilities accessible. To determine eligibility for accommodations, please contact the Disability Services Office at time of admission and allow at least four weeks prior to the beginning of the first class meeting. Students should contact Priscilla Mint in the Disability Services Office by phone at 410-234-9243, by fax at 443-529-1552, or by email. Honor Code/Code of ConductAll students are expected to view the Carey Business School Honor Code/Code of Conduct tutorial and submit their pledge online.?Students who fail to complete and submit the pledge will have a registrar’s hold on their account. Please contact the student services office via email if you have any questions.Students are not allowed to use any electronic devices during in-class tests. Calculators will be provided if the instructor requires them for test taking. Students must seek permission from the instructor to leave the classroom during an in-class test. Test scripts must not be removed from the classroom during the test.Other Important Academic Policies and ServicesStudents are strongly encouraged to consult the Carey Business School’s Student Handbook and Academic Catalog and Student Resources for information regarding the following items:Statement of Diversity and InclusionStudent Success CenterInclement Weather PolicyCopyright StatementUnless explicitly allowed by the instructor, course materials, class discussions, and examinations are created for and expected to be used by class participants only.?The recording and rebroadcasting of such material, by any means, is forbidden. Violations are subject to sanctions under the Honor Code. ................
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