EMORY UNIVERSITY
Department of Economics
Principles of Macroeconomics
Economics 112
Spring 2015
Prof. Leonard Carlson
This course is the second course in the introduction to economics sequence. The focus is on the
whole (macro) economy of a nation. Among the topics covered are: international trade and
finance; the factors that determine long run growth in output; the role of the financial system in
investment; the banking system, the money supply and the Federal Reserve System; open
economy macroeconomic issues; and short run fluctuations in prices, output, and employment;
and possible government monetary and fiscal policies to remedy these fluctuations. We will also
discuss current economic issues such as the budget and trade deficits.
Prerequisite: Economics 101 or Business 201.
Announcements: You are responsible for any announcements or assignments made in class.
Office: 306F Rich; Phone: 404-727-6375; e-mail: econlac@emory.edu.
Office Hours: Wednesday 2:00-4:00 pm, Thursday 10:00-11:00am and by arrangement
Teaching Assistants: Mr. Otto Lenhart, Office hours Monday 1-3 Rich 310B.
Please, No electronics in class (computers, cell phones, etc). If you have a pressing need to use
one of these in class, please see me and you can sit in a special section.
Textbooks
Textbook: N. Gregory Mankiw, Principles of Macroeconomics, Seventh Edition, SouthWestern Cengage Learning, 2014. (Referred to in what follows as Mankiw). Older editions
of Mankiw are acceptable since you get an electronic version of the 7th ed. with Aplia,
discussed in what follows.
Recommended: Grady Klein and Yoram Bauman, The Cartoon Introduction to Economics:
Vol. Two: Macroeconomics, Hill and Wang, New York, 2012 (Referred to in what follows as
K&B. Chapters from Volume One, Microeconomics are on reserve on Blackboard and are
noted with an *).
Hardware: You will need to purchase a “clicker” for the course. We will be using the standard
clicker for Emory sold by Turning Technologies. These are available in the bookstore. I will
NOT accept written responses to clicker questions.
On-line resources: We will use an on-line service called Aplia for homework assignments. It
also contains an electronic version of the textbook. Details about this are on the last page.
This is required for the course.
Textbook Website: www.cengage.com/economics/mankiw. This includes problems and
applications, quizzes, and power point slides that maybe helpful.
Blackboard: Blackboard is used to make announcements, distribute handouts and lectures, post
reading material, collect assignments, and post grades. To get to the Blackboard main page, go
to: https://classes.emory.edu and then use your email ID and Password to log in and select our
course. If you cannot log in, you may contact classes@emory.edu for help.
Honor Code: The honor code is in effect throughout the semester. By taking this course, you
affirm that it is a violation of the code to cheat on exams, to plagiarize, to deviate from the
teacher’s instructions about collaboration on work that is submitted for grades, to give false
information to a faculty member, and to undertake any other form of academic misconduct. You
agree that the teacher is entitled to move you to another seat during examinations, without
explanation. You also affirm that if you witness others violating the code you have a duty to
report them to the honor council.
GRADING AND TESTS
The grade in this course will be determined as follows:
Assignment
Points
On line Problem Sets
175
Each in class exam (2)
225
Final Exam
350
Grading standard: (600-669 is D, 670-699 is D+, 700-729 is C-, 730-769 is C, 770-799 is C+,
800-829 is B-, 830-869 is B, 870-899 is B+, 900-929 is A-, and 930-1000 is A).
Bonus points of up to 15 points will be given for good attendance and participation in quizzes.
MISSED EXAMS: No make-up exams are given. If you are ill, or must miss an exam for some
legitimate reason, please contact me prior to the exam. Failure to do so may result in a failing
grade. For an excused absence the other two exams will be weighted more heavily in place of
the missing exam.
Expected Conduct
Instructor:
I will come to class prepared to teach the material you need to learn in this course.
I will make every effort to arrive on time, begin class on time, and release you on time.
I will answer your questions to the best of my ability and respond in a timely fashion should I
not immediately know the answer.
I will hold regular office hours and be available to answer your questions.
Students:
You are expected to arrive on time and prepared for class. (Late arrival disturbs everyone and
will not be allowed.)
Please turn off your phones and all other electronics before you enter class.
Please be quiet during class so that others may hear what is going on.
Be attentive and take detailed notes.
Look over the assigned material before class, and read it carefully after class.
Do the assigned homework problems on a regular basis. Economics requires gradual learning.
Please discuss with me any problems you may have in the course or any suggestions to
improve the course.
Course Schedule & Assignments
Week Class
Day
Date
Assignment
Topics
No.
Mankiw K&B
1 Tu
13-Jan
1
1
Introduction
1
2 Th
15-Jan
2
How to Model the Economy
3 Tu
20-Jan
3
The Production Possibilities Frontier
2
4 Th
22-Jan
89
2,3,8,9 International Trade and Trade Policy
5 Tu
27-Jan
10
4
Nominal and Real GDP
3
6 Th
29-Jan
Measuring price changes
7 Tu
3-Feb
11
The CPI
4
8 Th
5-Feb
12
13
Production and Growth
9 Tu
10-Feb
13
The Loanable Funds Market
5
10 Th
12-Feb
****First Exam
Government Activity, taxes and the
11 Tu
17-Feb
14
6,15
deficit
6
Principles of Corporate Finance and
12 Th
19-Feb
3*,4* investing
13 Tu
24-Feb
15
2
Employment and Unemployment
7
14 Th
26-Feb
“
“
The Labor Market and Income
15 Tu
3-Mar
Distribution
8
16 Th
5-Mar
16
3
Money and the Banking System
Spring 9-13
9
Mar
Break
17 Tu
17-Mar
Banking and Bank Runs
10
18 Th
19-Mar
17
The Price Level in the Long Run
Hyperinflation and Problems with
19 Tu
24-Mar
moderate inflation
11
20 Th
26-Mar
20
9
The Business Cycle &the AD/AS Model
21 Tu
31-Mar
“
The AD/AS Model
12
22 Th
2-Apr
21
6
Monetary Policy
23 Tu
7-Apr
Fiscal Policy
13
24 Th
09-Apr
***Second Exam
Short Run Trade Offs Between
25 Tu
14-Apr
22
Unemployment and Inflation
14
The Short Run and Long Run Phillips
26 Th
16-Apr
“
Curve
27 Tu
21-Apr
18
Open Economy: Basic Definitions
15
28 Th
23-Apr
19
Exchange rates
16
***Final Exam: 8:00-10:30 am
Fri
1-May
*Chapters in K&B, Vol I, Microeconomics
How to access your Aplia course
Principles of Macroeconomics
Instructor: Leonard A Carlson
Start Date: 01/12/2015
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