ECN 302: Intermediate Macroeconomics
Fall 2024
Prerequisite / Co-requisite:
(ECN 101 and ECN 102) and (MAT 284 or MAT 285 or MAT295) .
Course description:
This course has two broad goals: (1) defining major macroeconomic variables and explaining their measurements (2) providing theoretical frameworks to analyze the determination of major macroeconomic outcomes. The course introduces important issues in Macroeconomics such as long economic growth, employment, inflation and the role of government policies. We begin by introducing key concepts in macroeconomics (such as gross domestic product and inflation) as well as their measurements. We then go through a formal analysis of the equilibrium determination of macroeconomic outcomes such GDP, employment, inflation, trade balance and interest rates. The macro variables are all interrelated with each other. We study their interaction using theoretical frameworks. Thus, learning this course involves a significant level of theoretical exercises. The theoretical exercises are integrated with applications to real world in the form. of in-class discussions about public policies on macroeconomic issues.
Learning Outcomes:
After taking this course, the students will be able to:
1. Grasp the measurement of major variables in macroeconomics.
2. Critically analyze the simultaneous determination of wages, employment, interest rate and national income in the economy.
3. Critically analyze the role of public policy in affecting the macroeconomic outcomes.
4. Critically analyze the interaction among saving, capital accumulation and technological progress in the process of economic growth.
Bibliography:
I provide detailed lecture materials that I prepared for the course. As a complementary reference, you can refer (but not required):
Andrew B. Abel Ben S. Bernanke Dear Coushore Macroeconomics (9th or later editions).
Teaching format: class lectures are the primary means of teaching. I discuss each concept and theory in class. Come to class, engage in the conversations, share your perspective and learn from others. The class is not merely a forum where information is passed from me to you. I strive to create an environment where students engage in discussing important issues related to economic policies. The uniquely attractive feature of this course is that, though the method may sound technical, the themes we discuss are very important to sharpen your view on major economic issues that many of you care about. Why are some countries so rich while others are poor? How much faith should we have on GDP as measure of national welfare? How much should we worry about trade deficits? These and other issues that are frequently debated in the media will be examined in a much more rigorous way in class. So, attend the classes knowing that your participation and perspective is highly valued.
How to reach me: My office hours are noted above. You can also talk to me right after/before classes. I respond to most emails within 48 hours. Please note that email is not the most effective way to communicate about course-related issues. Try to minimize the use of emails and instead come to my office and talk to me face-to-face. I will be more than happy to help.
Attendance is expected. I strongly encourage you not to miss classes. Attending classes regularly is expected to increase your grade prospect significantly, as what I teach in class is closely related to what I ask in tests. Learning is not just the passing of information from the instructor to the student, but it is mainly about the intellectual engagement students. So come to class, engage, and grow intellectually. You also need to attend classes to take the quizzes.
Classroom Conduct
Please keep the distractions to a minimum. Late arrivals should be an exception, NOT a regular occurrence. If you must arrive late, please take the first available seat. If you must leave early, please notify me prior to the start of class, sit near the door and try to be as quiet as possible when leaving. Please try to use the bathroom before class. If you must leave during class, please do so as quietly as possible.
Evaluation:
- Quizzes 10%; There will be several quizzes. The quizzes are meant to assess students’ engagement in class lectures and provide quick feedback to students. Each quiz typically consists of a single (short and relatively simple) question on topics that are discussed in class (during the quiz day)
- Weekly assignment 30% . These are online weekly assignments.
- Two tests 60% (each test 30%); The tests aim to evaluate students’ grasp of the concepts and understanding of the theoretical frameworks. This course is quite theoretical. Simply memorizing arguments without understanding the reasoning behind each argument is not helpful. The tests are designed to specifically evaluate students’ grasp of the concepts and reasoning behind each argument (as opposed to simply memorizing/rehearsing statements in the reading materials) . The nature of the course is such that if you understand it, it's difficult not to memorize. That is, memorization follows understanding almost effortlessly.
- Curve: Letter grades will be assigned based on the following scores:
Score in percent |
Letter grade |
92-100 |
A |
85-91 |
B |
70-84 |
C |
50-69 |
D |
0-49 |
F |
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