Economics 2002.01: Principles of M acroeconomics

This version: Jan 7,2013

Economics 2002.01: Principles of Macroeconomics

Spring, 2013

Monday, Wednesday and Friday: 5:20- 6:15PM, Ramseyer Hall 0100

Instructor: Xiaoyi Han Office: 304 Arps Hall Email: han.293@buckeyemail.osu.edu (The best way to contact me) Office Hours: Wednesday 3:00 pm- 5:00 pm and by appointment. This course serves as an introduction to macroeconomics, a branch of economics that studies how the economy as a whole works. The objective of the course is to prepare you with some basic concepts/principles of macroeconomics. From this course, you will understand how to use the tools to analyze real-world situations. This course covers topics on the data of macroeconomics, the economy in the short run and in the long run, and macroeconomic policies .

GEC Statement for Social Sciences The goal of social science is develop students' understanding of the systematic study of human behavior and cognition; the structure of human societies, cultures, and institutions; and the processes by which individuals, groups, and societies interact, communicate, and use human, natural, and economic resources.

Specifically, Economics 2002.01 addresses Human, Natural, and Economic Resources. The Expected Learning Outcomes of this area are:

1. Students understand the theories and methods of social scientific inquiry as they apply to the study of the use and distribution of human, natural, and economic resources and decisions and policies concerning such resources.

2. Students understand the political, economic, and social trade-offs reflected in individual decisions and societal policymaking and enforcement and their similarities and differences across contexts.

3. Students comprehend and assess the physical, social, economic, and political sustainability of individual and societal decisions with respect to resource use.

Required Text: 1. Required: Principles of Macroeconomics, N. Gregory Mankiw, 6th edition* South-Western Cengage.

2. Optional (may be useful): Study Guide for Mankiw's Principles of Macroeconomics, N. Gregory Mankiw, 6th edition*, South-Western Cengage.

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*If you have an older version of the book, it will be your responsibility to compare the chapters and study accordingly.

Class Website: . All lecture notes, review questions and grades will be posted on Carmen. Please check the class website regularly.

Grades: Your final grade for this course will be calculated as follows: 15% In-class quizzes (Jan 16th, Feb 11th, Mar 8th, Apr 3rd and Apr 17th) 20% Midterm 1 (Feb 1st , Chapters 1, 2, 3 and 4, closed book) 20% Midterm 2 (Feb 25th : Chapters 10, 11 and 13, closed book) 20% Midterm 3 ( March 22nd , Chapters 15 16 and 17, closed book) 25% Final Exam ( Apr 24th , 6:00pm-7:45pm: non-comprehensive, Chapters 17, 20 and 21, closed book) 2.4% Bonus point (8 attendances, each earn 0.3% point)

There will be five in-class quizzes, which will be administered at the end of each lecture. Each quiz consists of nine or ten multiple choice questions and one bonus point, covering the material until that lecture. The lowest quiz grade will be dropped. There will be no make-up quizzes. If you miss a quiz with valid documented reason, your average point obtained from the remaining quizzes will be assigned.

The three midterms and the final will be each based on 25 multiple choice questions. There will be 5 bonus questions, which means you get 100 points as long as you answer 20 questions correctly. The maximum point of each exam is 100.

There will be no make-up midterm. If you miss the midterm, with a valid documented reason, the points obtained on the final will be counted. The final will be non-comprehensive. No early finals are allowed. Travel plans are not considered emergency. It is your obligation to plan your schedule in advance of exams.

Starting with the fourth week, attendance will be recorded toward the end of semester 8 times randomly. Each recorded attendance (up to eight) will earn 0.3% for a total of 2.4%.

Grading Policy Approximately top 25% of the class will get A or A-, and the next 35% will get B+, B or B-. The remaining of the class receiving a total score of 50 or more will be divided accordingly among C+, C, and C-. The minimum passing grade D for this class is 40% of the total points (40 points).

Economics Learning Center

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The Department of Economics runs the Economics Learning Center, where advanced undergraduates provide free tutoring for students in Economics 200, 201, 501, and 502. Assistance with other classes is frequently available. The Economics Learning Center is located in 311 Arps Hall (1945 North High Street) and is typically open from 9AM-5PM Monday-Friday starting the second (full) week of the quarter. Note that the purpose of the tutoring center is not to provide answers to assignments, but to help students learn economics. As the student, you are ultimately responsible for all course work you submit.

Class Schedule: (Tentative)

1. Week of January 7th, January 9th and January 11th Syllabus handout Chapter 1: Ten Principle of Economics (the first four)

Chapter 2: Thinking like an Economist The role of assumptions. Positive versus normative statements. Economics models (Circular flow diagram+Production possibility frontier )

2. Week of January 14th, January 16th (Quiz 1) and January 18th Chapter 2 Microeconomics, Macroeconomics and Econometrics Chapter 4: Demand and Supply, The law of Demand

Quiz 1 (Wednesday, January 16th)

Chapter 4: Demand and Supply The law of Supply, Change in Demand, Change in Supply

3. Week of January 23rd and January 25th Chapter 4: Demand and Supply Market equilibrium, surplus, shortage

Chapter 3: Interdependence, Gains from trade Production possibilities, specialization and trade

4. Week of January 28th , January 30th and February 1st (Midterm 1) Chapter 3 (continued) Absolute advantage, comparative advantage February 1st: Midterm 1, Chapters 1, 2, 3 and 4.

5. Week of February 4th , February 6th and February 8th Chapter 10: Measuring a Nation's income Gross Domestic Product (GDP). Real and nominal GDP. The GDP deflator

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Chapter 11: Measuring the cost of living The consumer price index (CPI), Inflation rate

6. Week of February 11th (Quiz 2), February 13th and February 15th Chapter 11 (continued)

Quiz 2 (Monday, February 11th)

Chapter 13: Saving, Investment and Financial System Financial markets and financial intermediaries 7. Week of February 18th , February 20th and February 22nd (Midterm 2) Chapter 13: continued Savings and investments, the Market for loanable funds Midterm 2 (Friday, February 22nd , chapters 10, 11 and 13)

8. Week of February 25th , February 27th and March 1st Chapter 15: Unemployment Measurement of unemployment, Minimum wage

Chapter 16: The monetary system Definition of money, Functions of money.

9. Week of March 4th , March 6th and March 8th (Quiz 3) Chapter 16: continued The Federal Reserve System, Tools of monetary policy Banks and the monetary system Money creation Quiz 3 (Friday, March 8th )

10. Week of March 11th , March 13th and March 15th Spring break, no class

11. Week of March 18th , March 20th and March 22nd (Midterm 3) Chapter 17 Money growth and Inflation Determinants of the price level, Determinants of the price level Midterm 3 (Friday, March 22nd , Chapter 15, 16 and 17)

12. Week of March 25th , March 27th and March 29th Chapter 17 Money growth and Inflation Monetary neutrality, Velocity and the Quantity Equation, Fisher effect

Chapter 20 Aggregate Demand and Aggregate Supply Determinants of aggregate demand, Long run and Short run aggregate supply curve

13. Week of April 1st , April 3rd (Quiz 4) and April 5th Chapter 20 continued

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Determinants of aggregate supply Economic fluctuations Quiz 4 (Wednesday, April 3rd )

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14. Week of April 8th , April 10th and April 12th Chapter 21 : The Influence of Monetary and Fiscal Policy on Aggregate Demand Monetary policy influence , Fiscal policy influence,

15. Week of April 15th , April 17th (Quiz 5) and April 19th Chapter 21 : continued using policy to stabilization the economy

Quiz 5 (Wednesday, April 17th )

Final exam review.

No class on April 22nd , but final office hour during class time

Final exam, Chapters 17, 20 and 21.

Note: This syllabus is tentative and subject to change based on the needs of the class.

ACADEMIC MISCONDUCT

Academic integrity is essential to maintaining an environment that fosters excellence in teaching, research, and other educational and scholarly activities. Thus, The Ohio State University and the Committee on Academic Misconduct (COAM) expect that all students have read and understand the University's Code of Student Conduct, and that all students will complete all academic and scholarly assignments with fairness and honesty. Students must recognize that failure to follow the rules and guidelines established in the University's Code of Student Conduct and this syllabus may constitute "Academic Misconduct."

The Ohio State University's Code of Student Conduct (Section 3335-23-04) defines academic misconduct as: "Any activity that tends to compromise the academic integrity of the University, or subvert the educational process." Examples of academic misconduct include (but are not limited to) plagiarism, collusion (unauthorized collaboration), copying the work of another student, and possession of unauthorized materials during an examination. Ignorance of the University's Code of Student Conduct is never considered an `excuse' for academic misconduct, so I recommend that you review the Code of Student Conduct and, specifically, the sections dealing with academic misconduct.

If I suspect that a student has committed academic misconduct in this course, I am obligated by University Rules to report my suspicions to the Committee on Academic Misconduct. If COAM

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