Principles of Macroeconomics Purdue University Spring 2010 Professor: Bob Holland Administrative Assistant: Bree Miller Krannert 425 Krannert 443 (765) 496-2741 HYPERLINK "mailto:email@example.com" firstname.lastname@example.org HYPERLINK "mailto:email@example.com" firstname.lastname@example.org Office Hours: W, 9:30 ? 11:30 a.m. and 1:30 ? 4:30 p.m. Office Hours: By appointment only Teaching Assistant: Moumita Roy Krannert B-024D HYPERLINK "mailto:email@example.com" firstname.lastname@example.org Office Hours: M, 3:00 ? 5:00 p.m. T, 12:00 ? 2:00 p.m. Th, 12:00 ? 2:00 p.m. Bree?s office hours are by appointment only. You must always contact her via e-mail to set up an appointment. Please note in the e-mail subject line your course and section number when you e-mail her. Mounmita Roy is my Teaching Assistant for this class. She is available during office hours and online to assist you in learning the course material. Textbook: Brief Principles of Macroeconomics, Fifth Edition, by N.Gregory Mankiw, Thompson-Southwestern, 2009 Internet: Aplia Some of you purchased a new textbook bundled with access to Aplia, an online resource center which includes a complete on-line version of your textbook, numerous tutorials and practice problem, and assigned homework exercises. Otherwise, you may enroll with the site directly at HYPERLINK "http://www.aplia.com" www.aplia.com . Instructions for registering with Aplia are posted on the class website. You should enroll with the site as soon as possible, as successful completion of the assigned homework exercises will be factored into your course grade. The first homework assignment is due at the end of the first week of class. Internet: Blackboard The Blackboard website is my primary source of communication and exchange of information outside the class. If you are unable to locate an exam grade on Blackboard, please e-mail Bree immediately. You are responsible for verifying the grade we have posted for you. Do not wait until the end of the semester. This is an extremely busy time and is NOT the time to initiate contact about missing exams or grades, etc. Grading Policy: Letter grades will be assigned based upon your completion of assigned homework, performance on three scheduled evening examinations and a comprehensive final exam. These instruments will be weighted as follows: Percent of Item Course Grade Date Time ROOM(S) Homework 15 Exam I 25 Tuesday, February 16 8:00 ? 9:30 p.m. Elliot Hall of Music Exam II 25 Thursday, April 1 8:00 ? 9:30 p.m. Elliot Hall of Music Final Exam 35 TBA TBA Total 100 Pop Quizzes 5 (Extra Credit) All exams will be Multiple Choice. Homework will be assigned through Aplia, your online course resource site. The Final Exam will be comprehensive. The time and place for our Final Exam will announced in class and posted on Blackboard as soon as Purdue finalizes the Final Exam Schedule. DO NOT MAKE TRAVEL ARRANGEMENTS UNTIL AFTER THE FINAL EXAM SCHEDULE IS RELEASED! We will have 5 ?pop quizzes? during the semester. You have the opportunity to earn up to 5 percent extra credit through these quizzes. Each quiz will consist of 5 questions, worth 1 point each. At the end of the term I will average your quiz scores, and add this average to your average for homework and exams. For example, if your average for homework and exams is 86.2 percent, and your quiz average is 4.2, your course average will be 90.4. Exams Arrive early, before the exam is scheduled to begin. Exams and scantrons will be passed out promptly at the beginning of the exam period. You must bring your student identification card to each exam. Your identification card may be checked before you are allowed to receive or turn in your test booklet and scantron All identity information requested on your scantron and on the front of the test booklet must be filled out. Failure to provide such information will result in receiving no credit for points earned on the exam. Allocate your time carefully. Do as much of the exam as you can do during the time allowed. There will be no extra time allowed after the scheduled end of the exam period. NO EXCEPTIONS. Upon finishing the exam, you will be required to turn in both your test booklet and scantron. Your grade for the exam will be posted on Blackboard after it is graded. If you took an exam but do not have a grade posted, please contact Bree via e-mail immediately. Once grades are posted, you will have one week to e-mail Bree to set up an appointment to review your exam if you believe an error has been made in grading it. No such review is available to you after this deadline passes. No exceptions! After all makeup exams have been completed I will post a copy of the regular exam, with a key, on Blackboard. NO GRAPHING CALCULATORS OR LAPTOPS MAY BE USED DURING ANY EXAM PERIOD ALL CELL PHONES MUST BE TURNED OFF AND STORED AWAY DURING EXAM PERIODS ACADEMIC DISHONESTY WILL NOT BE TOLERATED Compensation Days: No Class! For each of the scheduled evening exams we are entitled to take a day off from our regular schedule. We will have no class on these dates: Tuesday, February 16 - Compensation Day for Exam I Tuesday, April 1 - Compensation Day for Exam II ?Makeup? Policy For Missed Exams If you must miss an exam because of participation in a university sponsored trip or activity (documented by a club or team sponsor), an off campus interview (documented by the firm you are interviewing), or because of a conflict with another exam (documented by the instructor of that class), please notify me before the scheduled exam begins. We will make arrangements for you to take a multiple choice makeup exam before the regularly scheduled exam takes place. If you must miss a midterm exam due to illness (documented by a physician) or a death in the family, the weight of the missed exam will be added to your final exam. Notify me within 24 hours after you miss the exam, including appropriate documentation. If you miss the final exam for such reasons, you will take an essay makeup exam. Homework There will be 12 homework assignments posted on Aplia during the semester. Doing the homework not only gives you the opportunity to boost your course grade, it also prepares you for the exams. The questions appearing on homework will be similar in style and degree of difficulty as those you will encounter on exams. I will drop your two lowest homework scores, basing your homework average on your best 10 (percentage) scores. Your raw scores will appear on Aplia. I will not calculate your homework average ? and post it on Blackboard - until the end of the semester (after Homework #12 is done). Course Topics Part of our study of macroeconomics will be an attempt to explain changes in aggregate real income/output, employment, average price levels, interest rates, and real wages as our economy moves through time. In addition, we will seek to explain changes in exchange rates, trade deficits, government budget deficits, household consumption, and investment by firms in new capital. We will also consider monetary and fiscal policy options available to our Federal Reserve System and government in attempts to stabilize the economy, minimizing variations in employment and inflation. We will also consider whether or not such attempts can be successful, with emphasis on short versus long run tradeoffs in policymaking. The consensus held by economists in the mid-twentieth century that stabilization policy could be conducted successfully was shattered by real world events in the 1970?s, and the emergence of alternative explanations of how our aggregate economy works. Debate between competing schools of thought among macroeconomists has spilled over into our political arena as we face legitimate choices as voters, and as a society, regarding the form monetary and fiscal policy should take. It is our goal to join this debate as the course nears its conclusion. Tentative Class Schedule Lecture Date Chapter Topics or Event 1 T 01/12 1 10 principles of Economics; Intro to Course and APLIA Registration 2 Th 01/14 2 Normative vs. Positive Economics; Correlations and Hypothesis Testing; Circular Flow of Income and Expenditure Sun 01/17 Homework 1 due (on Aplia) before 10:00 p.m. 3 T 01/19 3 Gains From Trade: Absolute versus Comparative Advantage 4 Th 01/21 3 Production Possibilities Frontier; Specialization and Terms of Trade Sun 01/24 Homework 2 due (on Aplia) before 10:00 p.m. 5 T 01/26 5 Introduction to Macroeconomics; Measuring GDP and Real GDP; GDP Deflator 6 Th 01/28 6 Price Indices; Inflation; Real versus Nominal Interest Rates Sun 01/31 Homework 3 due (on Aplia) before 10:00 p.m. 7 T 02/02 7 Production and Growth 8 Th 02/04 7 Growth in Aggregate vs. Per Capita Real Income Sun 02/07 Homework 4 due (on Aplia) before 10:00 p.m. 9 T 02/09 8 Loanable Funds Market; Determining the level of interest rates in the long run 10 Th 02/11 8 Government Deficits, Debt, and Interest Rates Sun 02/14 Homework 5 due (on Aplia) before 10:00 p.m. 11 T 02/16 Exam I Compensation Day ? No Class T 02/16 EXAM I ? ELLIOT HALL OF MUSIC ? 8:00 to 9:30 p.m. 12 Th 02/18 9 Time Value of Money; Risk and Insurance 13 T 02/23 9 Diversification; Asset Valuation; Are Financial Markets Efficient? 14 Th 02/25 10 Labor Markets; Measuring Unemployment; Minimum Wage Laws Sun 02/28 Homework 6 due (on Aplia) before 10:00 p.m. 15 T 03/02 10 Job Search; Unemployment Insurance; Efficiency Wages 16 Th 03/04 11 Introduction to the FED, Money and Banking Sun 03/07 Homework 7 due (on Aplia) before 10:00 p.m. 17 T 03/09 11 Determinants of the Money Supply; Current Financial Crisis and FED Response 18 Th 03/11 12 Quantity Theory of Money; Classical Dichotomy; Costs of Inflation Sun 03/14 Homework 8 due (on Aplia) before 10:00 p.m. 03/16 SPRING BREAK 03/18 SPRING BREAK 19 T 03/23 13 Balance of Payments for an Open Economy; 20 Th 03/25 13 Real vs. Nominal Exchange Rates; Purchasing Power Parity Sun 03/28 Homework 9 due (on Aplia) before 10:00 p.m. 21 T 03/30 Review and Catch up 22 Th 04/01 Exam II Compensation Day ? No Class Th 04/01 EXAM II ? ELLIOT HALL OF MUSIC ? 8:00 to 9:30 p.m. 24 T 04/06 14 Open Economy: Loanable Funds and Foreign Currency Markets 25 Th 04/8 14 Budget Deficits, Saving, Political Instability and International Capital Markets Sun 04/11 Homework 10 due (on Aplia) before 10:00 p.m. 26 T 04/13 15 Short Run Macroeconomics: Aggregate Demand 27 Th 04/15 15 Short Run vs. Long Run Aggregate Supply; ?Shocks? and Short Run Fluctuations in our Economy; Business Cycle Sun 04/18 Homework 11 due (on Aplia) before 10:00 p.m. 27 T 04/20 16 Monetary Policy and Aggregate Demand 28 Th 04/22 16 Fiscal Policy and Aggregate Demand; Crowding Out: Benefits and Costs of Fiscal Stabilization Policy Sun 04/25 Homework 12 due (on Aplia) before 10:00 p.m. 29 T 04/27 17 The Phillips Curve in the Short and Long Run; Recent Economic History 30 Th 04/29 18 Rules versus Discretion in Monetary and Fiscal Policy FINAL EXAM ? TIME/DATE TO BE ANNOUNCED
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