University of Hartford

Barney School of Business & Public Administration

Intermediate Macroeconomic Analysis

                         EC 311

 

 

 

Class Days

T & Th

 

CRN 12190

 

Class Hours

1:30 – 2:45 P.M.

 

Fall, 2003

 

Class Location

A 427

 

 

 

Instructor

Dr. D. Giannaros

 

Office

Location:

A412G

 

Office Phone:

860-768-4799

 

 

*Email:

giannaros@hartford.edu

Fax Number:

860-768-4911

 

 

Web Site:

http://uhavax.hartford.edu/giannaros ; (EC/FIN web links, etc)

 

 

 

*Office Hours: T & TH; 11:15 -12:15 P.M; .1:00-1:30 P.M; 2:45-3:30 or by appointment. 

*Note: Use the E-mail to send me a message for a timely response!!

Check also Assistant’s (Carlos Balarezo; e-mail:balarezo@hartford.edu) office hours for additional help!­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

 

Texts/Materials:

REQUIRED TEXT: David C. Colander and Edward N. Gamber, Macroeconomics, Prentice Hall, New Jersey 2002 or 2003

 

RECOMMENDED:            Study Guide that accompanies main text.  The text has an on-line study guide that can be used to strengthen your understanding of the materials in the text.

 

INTERNET-- Internet based interactive exercises linked to the test material appear throughout the text.

 

Note: The book is structured in a way that allows extensive use of the Internet.  Internet related book assignments are to be completed for every chapter assigned. Use book’s home page for self – testing, updates, macroeconomic news, events and links to other sites and interactive learning at vig.prenhall.com/.  Class discussion and assignments will be Internet based.

 

In class discussions may also be made from the websites such as:   online.wsj.com ; money.cnn.com ; Bloomberg.com and financialtimes.com

 

Handouts: A number of handouts relating to current issues will be provided.  They should be considered as part of the required reading of the course.

 

PLEASE NOTE: SYLLABUS MAY BE CHANGED THROUGH A CLASS OR E-MAIL

ANNOUNCEMENT.  ASSIGNED ASSIGNMENTS MUST BE TURNED IN ON DATES DUE.

 

 

Course Description:                                                             Dr. Giannaros, EC311, p. 2/4

 

This course is designed to provide the student with the tools to better understand the domestic and global economic environment, the macroeconomic problems, such as inflation and unemployment, and the alternative policy proposals suggested for solving these problems. Business cycle behavior, stabilization and economic growth policies are some of the major topics emphasized.

 

Course Objectives:

 The purpose of this course is to expose the student to the contemporary macroeconomic theories, analysis and applications. The basic objective is to acquire the necessary skills and information in order to understand better the macro economic environment we operate in. Additionally, the objective is to link the macroeconomic concepts to personal, business and public decision-making under different economic circumstances. The primary emphasis is placed on the analyses and application of macro theories and concepts to current domestic and global economic conditions and issues. The course will enable the student, not only to understand present and past economic conditions, but to also be able to foresee economic changes and their potential impact for more efficient decision making in both the domestic or the international economic environment. The global macroeconomic conditions and their effects are emphasized in discussions/ and applications of theories.

 

Topics such as national accounting, inflation, unemployment, the role of money, global financial markets, foreign exchange rates, interest rates, savings, investment, productivity, economic growth, business cycles, international trade, international capital flows, political business cycles, stabilization policies and forecasting are covered. The basic alternative macroeconomic schools of thought are presented for controversial issues. Class sessions are partly devoted to lecture, and partly to the application of concepts and current socioeconomic issues. Videos and computer/internet are also used for discussion and application of the concepts.

 

Students are expected to have read the assigned readings in the text(s), worked on the relevant chapters on the Internet site of book and read the macro-related news in the Wall Street Journal, MONEY.CNN, Financial TIMES or a similar source, prior to their class discussion.  Students are expected to attend class and participate in the discussion and analysis of the different topics.

 

Grading: The grade will be determined as follows:

                        Two mid-term exams (OCT. and NOV.)                                50%

                        Final exam (Tuesday, Dec. 16 at 2-4)                                                                      30%

                        Class participation, assignments & discussion    20%

                        Total                                                  100%

NO MAKE-UP EXAMS UNLESS THERE IS A DOCUMENTED HEALTH REASON or prior approval by instructor!

 

Contextual Course Coverage:

Ethics: Indirect coverage as we discuss macro socio economic problems

Global: Substantial coverage throughout the course.

Political, social, legal, regulatory and environmental: some coverage.

Technological: Use of technology and it’s impact on macro/decision making.

Demographic diversity: Same as in Ethics; 

Communication skills: exams/ & assignments are written.


Semester Topical Outline:         Dr. Giannaros, EC311, p. 3/4

 

1.      MAJOR MACROECONOMIC ISSUES AND THE GLOBAL ECONOMY

       Ch. 1, Colander

 

2.      MEASURING ECONOMIC ACTIVITY: THE NATIONAL ACCOUNTS, BALANCE OF INTERNATIONAL PAYMENTS (BOP) AND CALCULATION OF REAL VERSUS NOMINAL VALUES

       Ch 2, Colander

 

3.      THE HISTORICAL PROBLEMS OF INFLATION, UNEMPLOYMENT AND ECONOMIC GROWTH:  THE SHORT-TERM VERSUS THE LONG-TERM DILEMMA

Ch. 3, 4, Colander

 

4.      DETERMINANTS OF LONG-TERM ECONOMIC GROWTH AND THE ROLE OF MONEY, GOVERNMENT DEBT, GLOBAL SAVINGS AND INVESTMENT

Ch. 5, 6, Colander

 

5.      MACROECONOMIC IMPACT OF BOP and FOREIGN EXCHAGE RATES

Ch 7, Colander

 

6.      SHORT–TERM ECONOMIC FLUCTUATIONS -- BUSINESS CYCLES, KEYNESIAN ANALYSIS, FISCAL POLICY STABILIZATION

Ch. 8, Colander

 

7.      SHORT-TERM MACRO POLICY & ANALYSIS USING THE IS/ LM Model

Ch.9, Colander

 

8.      FISCAL AND MONETARY POLICY.SOLUTIONS USING THE AGGREGATE DEMAND AND SUPPLY MODEL; THE ROLE OF GOVERNMENT AND THE IMPACT ON TRADE & EXCHANE RATES & BOP: The ASIAN AND MEXICAN CURRENCY CRISES

Ch. 10, 11, Colander

 

9.      MONETARISM VERSUS KEYNESIANISM:  THE NUTS AND BOLTS OF MONETARY AND FISCAL POLICY; HOW DO THEY WORK TO STABILIZE THE ECONOMY? 

Ch. 13, Colander

 

10.  FISCAL POLICY, DEFICIT SPENDING and the SOCIAL SECURITY

L-R    BUDGET and GOVT. DEBT PROBLEM

Ch 14, Colander

 

11. THE REAL WORLD OF MACROECONOMIC POLICY-MAKING IN A GLOBALIZED FINANCIAL MARKET ENVIRONMEN and THE IMPACT OF POLITICAL BUSINESS CYCLES.

Ch. 15, Colander

 

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 Procedure

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 is 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.

 

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.