University of Hartford

Barney School of Business & Public Administration


Dept. Code/Course Number (EC110)


Course Title- Intro. to Macroeconomics



Class Days

Tuesday and Thursday


10616 & 12935

Class Hours

8:30-9:45 & 10:00-11:15 AM


Fall, 2003

Class Location

A327 & A326





Dr. Demetrios Giannaros





Office phone: 768-4799

860-768-4581 secretary



Fax Number: 768-4911








Office Hours

T & TH; 11:15 -12:15 PM; 1:00 -1:30 PM & 2:45-3:30 PM or by appointment.

Note: E-mail is the easiest way to reach me for a prompt response.  See e-mail address above!  Check also Graduate Assistant’s office hours (Carlos Balalezo; email


            Texts: REQUIRED TEXT: 

                        William Boyes & Michael Melvin, Macroeconomics, Houghton Mifflin Company, 2002. 


**See also the book’s website at for additional information and exercises (choose Boyes for author in the jump to Textbooks Sites).


            OPTIONAL STUDY GUIDE (but recommended!): 

            William Boyes and Michael Melvin, Macroeconomics - Study Guide, Houghton Mifflin Company, 2002. (by James Clark and Janet Wolcutt).



            O’Sullivan Arthur and Steven M. Sheffrin, Macroeconomics-Principles and Tools, Prentice Hall, N.J., 2001.

            Samuelson, Paul and William Nordhaus, Economics




EC110 - Principles of Macroeconomics (3 credits) —This course introduces the student to macroeconomic theory relating the collective economic roles of consumers, businesses, and governments. Topics include: national income accounting, unemployment, inflation, the business cycle, fiscal and monetary policy, banking, economic growth, and international trade.


                                                                                     Dr. Giannaros, EC110, p.2



The primary objective of this course is to provide the student with the tools that help to understand how an economy as a whole works and what causes national economic problems.  Moreover, we use macroeconomic tools to help the student understand the different types of national and international economic problems that we can face and discuss the possible solutions that can be implemented to solve a macroeconomic problem or how to prevent such problems.  Special emphasis is placed on the concepts of overall supply and demand, inflation, unemployment, recession, budget and international trade and long-run economic growth. Through this course the student will be able to understand better the economic environment for better individual, business, and government decision-making.





            Two short exams            (half hour; class lecture afterwards)                 30%

            A Midterm and a Final Exam                                                 50%

            (Friday 12/19; (8:00 AM) and 12/15 for 8:30 and 10:00 respectively)    

            Homework    (5)                                                                               15%                                                                

             Class participation, attendance*                                                    15% 



* As an incentive to attend classes, a point will be deducted for every absence recorded on random reading of class attendance. The Barney School requires that a computer competency exam be given in this class.  It will be done during the first class session and be counted as a homework assignment.


Students are expected to have read, before the in-class discussion of the subject, the assigned syllabus readings and do the homework exercises in the study guide, the textbook, and/or the book’s website.  It is also expected that the student will participate in the discussion of relevant economic issues that relate to the subject matter. 


Real world application of economic concepts is a must for understanding and retention of economic concepts. Therefore, it is expected that you will be reading current macroeconomic issues through either the Wall Street Journal, the internet economic sites ( or or or similar sources). Some of the articles from the internet or newspapers/magazines will be used for class discussion and application of the concepts.


*  PLEASE NOTE: Syllabus may be changed with at least a week’s notice (class announcement will be made – if absent ask your classmate or me for what was announced).  Please also note, no make-up exams are given unless there are documented acceptable medical reasons.






Dr. Giannaros, EC110, p. 3



I.        What is Economics? Scarcity of (Limited) Economic Resources, Production/Inocme Possibilities  and the Economic way of Thinking.

Ch. 1, Boyes

Ch. 1A Appendix, study & practice “Working with Graphs”; Very Important !!


II.      Key Concepts of Economics and Economic Behavior Analysis (opportunity cost, marginal principle, comparative advantage, spillover effects, specialization and trade).

Ch. 2,  Boyes


III.  Supply and Demand — How are Prices Determined in a Market  


 Ch. 3, Boyes


VI.  The Market System and the role of  Private Business Sector and Government in the Economy

Ch. 4 & 5, Boyes


VII.           Macroeconomics: Measuring Production, Income --Understanding Basic Macroeconomic Statistics (GDP, Balance of Trade, Real vs Nominal Values etc).

Ch. 6, Boyes


VI.  The International Sector: Foreign Exchange (Currency) Markets and Trade and Int’l Balance of Payments

Ch. 7, Boyes


VII. Long-term Economic Growth vs. Short-term Economic Fluctuations: Business Cycles, Recessions, Inflation and Deficits and what causes them?

 Ch 8, 18 Boyes


VIII.  Understanding the Causes of Short-Term Unemployment, Recession and Inflation

          (Using Aggregate Supply and Demand Theory): Impact of Spending on the

         Economy and the S -T Equilibrium (market clearance).

          Ch 9, 10, 11 Boyes 


IX.   What Types of Solutions (Fiscal Policy) do the Keynesians vs. The Classicals (Supply Side) Recommend for Unemployment and Demand Pull-Inflation.

             Ch. 12, Boyes


X.     Money, Interest Rates, Investment and the Role of the Banking in the Domestic and Global Economy.   

   Ch. 13, Boyes


Dr. Giannaros, EC110, p 4


XI.  Monetary Policy for Inflation, Recession, International Trade Deficits and

       Economic Growth

       Ch. 14 Boyes


XII.      Macroeconomic Policy, Tradeoffs, Expectations, Alternative Economic Views and the Political Business Cycle

         Ch 15*, 16* Boyes


XIII. The Global Macro-Economy and Global Dependence

         Ch. 17* Boyes



*Extent of detailed coverage of these chapters depends on time availability.  NOTE: These issues are discussed throughout the course.





























Disability Guidelines

If you have been diagnosed with a disability and you require reasonable accommodations, you must make an appointment with the Director of Student Services at 768-4260.  Documentation must be presented so that you may be referred to the appropriate office for these accommodations.  All information is kept strictly confidential. 


Academic Honesty Statement from The Source and Manual of Academic Policies and Procedures:

B.  All students are expected to observe generally accepted principles of scholarly writing in all examinations, compositions, papers, essays, tests, quizzes, reports and dissertations whether written in the classroom or outside.  Sources of information used by a student in the preparation of work submitted as a basis for credit, or for a grade, or to satisfy graduate or undergraduate thesis requirements shall be clearly indicated in some conventional manner, such as by the use of quotation marks, footnotes, and bibliography.

C. Students are forbidden to submit as their own any project, paper, or creative work which is in whole or part the work of another.

D. The use of a term paper writing service, such services being prohibited by Connecticut law, is academically dishonest and violates rules of scholarship.

E.  All examinations and quizzes are to be completed without reference to books or notes, except when the instructor of a course shall have given explicit authorization for an "open-book examination" or some other specified sort of assistance.  Except as authorized by the instructor, no student is to give or receive assistance in the completion of an examination or a quiz.


Action to be taken in event of an alleged act of academic dishonesty:

L.  2.  to report that the student is considered to be guilty of the alleged violation beyond a reasonable doubt, and to recommend one or more of the following:


     (a) that the student be dropped from the course and/or a grade of "F" be assigned.   

     (b)  that the student be suspended (i) for the remainder of the current semester, losing credit for their current academic program, or (ii) for the following semester or year; 

                  (c) that the student be dismissed from the university.

                                                Dr. Giannaros, EC110, p. 5


Guidelines on Student Conduct


In an effort to create an environment that is conducive to learning, the following guidelines are presented to make explicit expectations that the Barney School has for students in its classes.  Students are expected to

1.       Follow the Academic Honesty Policy without fail.

2.       Respect differing views on campus and to engage in responsible discussion with others with whom you do not agree.

3.       Regularly attend classes and submit assignments on or before specified deadlines.

4.       Prepare for each class by completing reading assignments, homework and/or case preparation.

5.       Not bring food and drink into the classroom unless instructor approval is given.

6.       Raise a hand if you wish to speak or be excused from the classroom.  Students are not permitted to get up and leave at will.

7.       Act in a reasonable manner in the classroom and halls so as not to disrupt others.

8.       Dispose of gum, trash and paper in designated receptacles.  Do not leave trash in the stairwells, classrooms, desktops or any other non-designated receptacle.

9.       See professors during their regularly scheduled office hours or by appointment.  Office hours are posted on each professor’s door.

10.   Take exams when they are scheduled unless you have been excused on official university business, such as participation in athletic events, or medical emergency (notifying your professor prior to the exam).

11.  Immediately contact professors if you will miss or have missed a class or exam and also to make up what you have missed.