ECO 202-­‐01/01D: PRINCIPLES OF MACROECONOMICS FALL 2014 CLASS TIMES & LOCATION
Web-based – 100% of course instruction is taught online
INSTRUCTOR INFORMATION
Dennis Patrick Leyden – 460 Bryan Building, dpleyden@uncg.edu, 256-8558.
The primary mechanism for communicating is via email. If you would like to discuss the
material in person, email me with a list of at least 4 times during normal business hours (9:00am5:00pm, M-F) that work for you, and I will check my calendar to see when I am free.
FOR WHOM PLANNED
This course is a required core course for Bryan School undergraduate students but is open to other
undergraduate students who want an introduction to the critical analysis of national economies.
ACADEMIC CREDIT
3 semester hours of academic credit. This course also carries General Education Core (GEC)
credit in the Social & Behavioral Sciences (GSB) category.
PREREQUISITE
ECO 101 or ECO 201
CATALOG DESCRIPTION
Introduction to macroeconomic principles and analysis. Topics include the national income, the
monetary system, inflation, business cycles, fiscal policy, the national debt, exchange rates,
balance of payments, and economic growth.
LEARNING OBJECTIVES
Overview
In keeping with University requirements for courses that receive GSB General Education
credit, this course is structured around a critical-thinking method of study. Students who
successfully complete this course will be able to identify important positive and normative
macroeconomic issues and analyze such issues through the appropriate choice and use of
models and relevant information.
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENSBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
FALL 2014
PAGE 2
Details
The University requires that any course in the GSB category meet the following Student
Learning Objectives (SLOs):
• GSB SLO 1: Based on empirical information, describe or explain individual behavior or
social conditions, contexts, or institutions. This SLO links to GEC Learning Goal 4
(Knowledge of Social and Human Behavior, with a focus on social conditions).
• GSB SLO 2: Using the theories of the social and behavioral sciences, analyze individual
behavior or social conditions, contexts, or institutions. This SLO links with GEC Learning
Goal 4 (Knowledge of Social and Human Behavior, with a focus on social conditions) and
GEC Learning Goal 1 (Foundational Skills, with a focus on critical thinking).
To achieve these GSB SLOs, successful completion of this course requires critical analysis of
macroeconomic issues through the achievement of the following course-specific SLOs:
• ECO 202 SLO 1: Identify important positive macroeconomic issues present in the economy.
(Links to GSB SLO 1 & GSB SLO 2)
• ECO 202 SLO 2: Identify important public policy and other normative macroeconomic
issues present in the economy. (Links to GSB SLO 1 & GSB SLO 2)
• ECO 202 SLO 3: Choose appropriate models and other frames of reference for addressing
macroeconomic issues. (Links to GSB SLO 2)
• ECO 202 SLO 4: Gather information appropriate to addressing macroeconomic issues.
(Links to GSB SLO 1 & GSB SLO 2)
• ECO 202 SLO 5: Use appropriate information, models, and other frames of reference to
analyze macroeconomic issues. (Links to GSB SLO 1 & GSB SLO 2)
READINGS & OTHER SOURCE MATERIAL
This course requires a variety of readings, audios, and videos. Required readings for this course
are taken from two textbooks:
• Goodwin, N., Nelson, J. A., & Harris, J. (2009). Macroeconomics in Context. Armonk, NY:
M. E. Sharpe. ISBN 978-0-7656-2297-6
− Note: This course is designed with the 1st edition in mind; however, the 2nd edition will
also work. Available in various formats (paperback, e-text, rental) through such outlets as:
o UNCG Bookstore
o M. E. Sharpe http://www.mesharpe.com/start.html)
o Amazon (www.amazon.com)
o Barnes and Noble (http://www.barnesandnoble.com)
o Book Renter (www.bookrenter.com)
o Chegg (www.chegg.com)
o Textbook Rentals (www.textbookrentals.com)
• Leyden, D. P. (2012). Critical Thinking in Economics, 2nd edition. Charlotte, NC: Kona.
ISBN 978-1-9359-8732-1
− Note: Available in various formats (paperback, e-text, rental) through such outlets as:
o UNCG Bookstore
o Kona Publishing (www.konapublishing.com)
o Barnes and Noble (www.barnesandnoble.com). Barnes and Noble only offers a
NOOK Study (e-text) version of the 1st edition; while the 1st edition is not as good as
the 2nd edition, it will work for the course.
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
FALL 2014
PAGE 3
Additional required materials (video and audio files) include:
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Ariely, D. (2008, November 19). The high price of ownership [Video file]. Retrieved from
http://youtu.be/drEVExtrUgQ. Also available on iTunes.
Duflo, E. (2010, May). Ester Duflo: Social experiments to fight poverty [Video file].
Retrieved from
http://www.ted.com/talks/esther_duflo_social_experiments_to_fight_poverty.html
Fryer, R. (2009, May 27). Roland Fryer – HWA Speakers Bureau exclusive representation
[Video file]. Retrieved from http://youtu.be/du7V37EF10M
Machin, S. (2011, March 16). Changes in labour market inequality [Video file]. Retrieved
from http://youtu.be/Rh1mPZQJ7Lk. Also available on iTunes.
Papola, J., & Roberts, R. (2010, June 22). Fear the boom and bust [Video file]. Retrieved
from http://youtu.be/d0nERTFo-Sk. Also available on iTunes. To sing along, see the
transcript at http://econstories.tv/2010/06/22/fear-the-boom -and-bust/
Sandel, M. (2009, June 9). Reith Lectures: Markets and morals [Audio file]. Retrieved from
http://www.bbc.co.uk/radio/player/b00kt7sh. Also available on iTunes.
Taylor, L. (2009, July 15 & 22). Selections from BBC Radio 4’s Thinking Allowed podcast:
Is income inequality more important than economic growth? [Audio file]. Audio posted to
this course’s Blackboard site (http://blackboard.uncg.edu). Note: These selections are taken
from:
o Taylor, L. (2009, July 15). Equal societies – teddy bears [Audio file: 0:00-15:30].
Retrieved from http://www.bbc.co.uk/programmes/b00lk12r
o Taylor, L. (2009, July 22). Black girls and British education – Roads [Audio file:
15:00-17:00]. Retrieved from http://www.bbc.co.uk/programmes/b00lpc8f#synopsis
CONDUCT OF THE COURSE
This course consists of a series of directed readings, videos, and audios. Students are responsible
for mastering the content and skills associated with those materials. To aid that process, a
discussion board on the course’s Blackboard site has been created for students who wish to
discuss course material with other students. Evaluations take place through 3 examinations and
17 quizzes which serve as a way of getting feedback on the degree to which content and skills are
being mastered. All examinations are cumulative and provide students with opportunity to
demonstrate their understanding and ability to empirically and theoretically analyze
macroeconomic issues.
ATTENDENCE POLICY
Because this is an entirely web-based course, there is no requirement to attend classes. However,
students are responsible for being familiar with the content of the syllabus, mastering the content
and skills associated with this course, and completing all quizzes and examinations on time.
FACULTY AND STUDENT GUIDELINES
Each student is required to abide by the Academic Integrity Policy on all major work submitted for
the course. Refer to UNCG Undergraduate Bulletin/Graduate Bulletin or consult
http://sa.uncg.edu/dean/. In addition, the Bryan School Faculty Assembly and the Bryan School
Student Advisory Council have adopted a set of Faculty and Student Guidelines that defines
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
FALL 2014
PAGE 4
expected behavior for both faculty and student. For more information about these Guidelines
consult http://bae.uncg.edu/students-resources/.
EVALUATION & GRADING
Calculation of Course Grade
Grading in this course is based on 3 cumulative examinations and 17 quizzes. The course
average will be calculated by averaging all quiz and examination grades using the following
weights:
• 1st Examination* ....................................................................................................................
• 2nd Examination* ...................................................................................................................
• Final Examination .................................................................................................................
• 17 Quizzes (lowest 3 dropped) ...............................................................................................
15%
30%
45%
10%
* This examination can be dropped. See below for details.
After the course average has been calculated it will be converted to a course letter grade using the
grading scale described below.
Grading Scale
All grades are expressed using a 100-point scale with each letter grade range being 10 points (the
top third of each grade range being noted by a plus, and the bottom third of each grade range
being noted by a minus). Be sure to note that examininations will be graded in a two-step
process. In the first step, a raw score equal to the number of questions answered correctly will be
calculated. In the second step, the raw score will be converted to the 100-point scale used in the
course.
The course average will be calculated to two decimal places. The course average will then be
used to determine the letter grade for the course; no rounding will take place beyond what is used
to carry out the calculations to two decimal places. Thus, for example, a course grade between
80.00 and 83.33 (inclusive) will result in a course letter grade of B–, a course grade between
83.34 and 86.66 (inclusive) will result in a course letter grade of B, and a course grade between
86.67 and 89.99 (inclusive) will result in a course letter grade of B+.
Examinations
DROPS
• The 1st examination grade will be dropped and replaced by the 2nd examination grade or the
final examination grade if one of those grades is higher. If both the 2nd examination grade and
the final examination grade are higher, the 1st examination grade will be replaced by the 2nd
examination grade if the 2nd examination grade is higher than the final examination grade and
will be replaced by the final examination grade if the final examination grade is higher than the
2nd examination grade.
• The 2nd examination grade will be replaced by the final examination grade if the final
examination grade is higher than the 2nd examination grade.
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
FALL 2014
PAGE 5
PROCESS
• Each examination is located on the course Blackboard site and is to be taken during the
assigned period beginning at 1:00 am on the first day of the assigned period and ending at
11:59 pm on the last day of the assigned period.
• Within the assigned period, each examination can only be taken once and must be taken at a
single sitting (1.5 hours for midterm exams, 3.0 hours for the final exam) using the UNC
Proctoring Network (http://online.northcarolina.edu/exams/overview.htm).
• No calculators, smart phones, or similar devices are permitted during the examination.
• No notes, books, web sources, or similar material are permitted during the examination.
MAKE-UPS
• There are no make-ups for the 1st and 2nd examinations.
• For the final examination, students who due to extreme circumstances that are beyond their
control cannot take the final examination at the scheduled time may petition to have the final
examination rescheduled. In such circumstances, students should contact the instructor as soon
as possible (preferably before the examination period) and provide tangible evidence to
support their claim. Examples of situations that are generally not justifications for
rescheduling the final examination include conflicts with other courses, conflicts with work
schedules, and conflicts with end-of-semester travel arrangements. Be aware that any makeup
final examination may take a different format than the regularly scheduled final examination.
Quizzes
PROCESS
• Each quiz is located on the course Blackboard site and is to be taken during the assigned
period, beginning at 1:00 am on the first day of the assigned period and ending at 11:59 pm on
the last day of the assigned period.
• Within the assigned period, students may take the quiz up to two times. If a quiz is taken
twice, the grade associated with the second attempt will be used for calculating the course
grade.
• Quiz submissions are not accepted outside the assigned period for any reason, nor are make-up
quizzes given.
• The subject of each quiz is as follows (associated course learning objectives are noted in
parentheses):
• Quiz 1 – Course structure
• Quiz 2 – Critical thinking process (ECO 202 SLOs 1, 2, 3, 4, & 5)
• Quiz 3 – Subject matter of macroeconomics (ECO 202 SLOs 1 & 2)
• Quiz 4 – Macroeconomic questions (ECO 202 SLOs 1 & 2)
• Quiz 5 – Macroeconomic tools (ECO 202 SLO 3)
• Quiz 6 – What macroeconomies do (ECO 202 SLO 3)
• Quiz 7 – Markets in a macroeconomic context (ECO 202 SLO 3)
• Quiz 8 – Macroeconomic frames of reference (ECO 202 SLO 3)
• Quiz 9 – Searching for answers to macroeconomic questions (ECO 202 SLO 4)
• Quiz 10 – GDP and prices (ECO 202 SLOs 4 & 5)
• Quiz 11 – Employment and unemployment (ECO 202 SLOs 4 & 5)
• Quiz 12 – Classical versus Keynesian Models (ECO 202 SLOs 4 & 5)
• Quiz 13 – Role of government and international sector in the Keynesian Model (ECO 202
SLOs 4 & 5)
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
•
•
•
•
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
FALL 2014
PAGE 6
Quiz 14 – Money and monetary policy (ECO 202 SLOs 4 & 5)
Quiz 15 – Long-run macroeconomic growth (ECO 202 SLOs 4 & 5)
Quiz 16 – ASR/ADE Model (ECO 202 SLO 5)
Quiz 17 – Answering the fundamental macroeconomic questions (ECO 202 SLO 5)
TOPICAL OUTLINE & CALENDAR
The calendar below provides an outline of course topics, associated readings and other source
material, examination dates, and quiz dates. Because all materials and work can be found online,
students should assume that the course calendar will not change if the University cancels classes.
If changes in the course calendar are warranted, students will be informed by email and on the
course Blackboard site.
Note that in some cases the assigned readings in the Goodwin text are for partial chapters. When
that is the case, the assigned chapter and section will be noted by the chapter number followed by
a decimal point and the section number. Thus, for example, Ch 1.3 indicates chapter 1, section 3.
If no section number is noted, then the entire chapter is assigned.
WEEK 1: INTRODUCTION ................................................................................................. AUG 18-­‐24 • Readings – Goodwin (1st or 2nd Ed.): Ch 1.1, 1.2; Leyden: Ch 1 • Video –Duflo, “ Ester Duflo: Social experiments to fight poverty” • Quiz 1 (to be taken Aug 18-­‐24) • Quiz 2 (to be taken Aug 18-­‐24) WEEK 2: MACROECONOMIC QUESTIONS ....................................................................... AUG 25-­‐31 • Readings – Goodwin (1st or 2nd Ed.): Ch 1.3; Leyden: Ch 2 • Video – Fryer, “Roland Fryer – HWA Speakers Bureau exclusive representation” • Quiz 3 (to be taken Aug 25-­‐31) • Quiz 4 (to be taken Aug 25-­‐31) WEEK 3: MACROECONOMIC TOOLS ..................................................................................... SEP 1-­‐7 • Readings – Goodwin (1st or 2nd Ed.): Ch 2 • Audio – Sandel, “Markets and morals” • Quiz 5 (to be taken Sep 1-­‐7) WEEK 4: STRUCTURE OF A MACROECONOMY ................................................................... SEP 8-­‐14 • Readings -­‐ Goodwin (1st & or2nd Ed.): Ch 3 • Audio – Machin “Truth and relativity” • Audio -­‐ Taylor, “Is income inequality more important than economic growth?” • Quiz 6 (to be taken Sep 8-­‐14) WEEK 5: MACROECONOMIC PERSPECTIVE ON MARKETS ................................................ SEP 15-­‐21 • Readings -­‐ Goodwin (1st or 2nd Ed.): Ch 4 • Quiz 7 (to be taken Sep 15-­‐21) DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
FALL 2014
PAGE 7
WEEK 6: MACROECONOMIC FRAMES OF REFERENCE ..................................................... SEP 22-­‐28 • Readings – Leyden: Ch 3 • Quiz 8 (to be taken Sep 22-­‐28) WEEK 7: EXAMINATION 1 (1.5 hours) ............................................................ To be taken: OCT 2-­‐4 WEEK 8: GDP AND PRICES ................................................................................................. OCT 6-­‐12 • Readings – Goodwin (1st or 2nd Ed.): Ch 5; Leyden: Ch 4 • Quiz 9 (to be taken Oct 6-­‐12) • Quiz 10 (to be taken Oct 6-­‐12) WEEK 9: EMPLOYMENT AND UNEMPLOYMENT ............................................................. OCT 13-­‐19 • Readings – Goodwin: Ch 7 (1st Ed.)/Ch 8 (2nd Ed.) • Video – Ariely, “The high price of ownership” • Quiz 11 (to be taken Oct 13-­‐19) WEEK 10: EXAMINATION 2 (1.5 hours) ...................................................... To be taken: OCT 23-­‐25 WEEK 11: CLASSICAL VERSUS KEYNESIAN MODEL .................................................... OCT 27-­‐NOV 2 • Readings – Goodwin (1st & 2nd Ed.): Ch 9 • Quiz 12 (to be taken Oct 27-­‐Nov 2) WEEK 12: FISCAL POLICY & INTERNATIONAL SECTOR EFFECTS IN KEYNESIAN MODEL ...... NOV 3-­‐9 • Readings – Goodwin: Ch 10 (1st Ed.)/Ch 10 & 14.2 (2nd Ed.) • Quiz 13 (to be taken Nov 3-­‐9) WEEK 13: MONEY AND MONETARY POLICY .................................................................... NOV 10-­‐16 • Readings – Goodwin: Ch 11 (1st Ed.)/Ch 11 & 12 (2nd Ed.) • Quiz 14 (to be taken Nov 10-­‐16) WEEK 14: HOW MACROECONOMIES GROW .................................................................. NOV 17-­‐23 • Readings – Goodwin: Ch 14 (1st Ed.)/Ch 13 (2nd Ed.) • Video -­‐ Papola & Roberts, “Fear the boom and bust” • Quiz 15 (to be taken Nov 17-­‐23) WEEK 15: ANSWERING THE FUNDAMENTAL MACROECONOMIC QUESTIONS ......... NOV 24-­‐DEC 1 • Readings – Goodwin: Ch 12 (1st Ed.)/Ch 13 (2nd Ed.); Leyden: Ch 5 • Quiz 16 (to be taken Nov 24-­‐Dec 1) • Quiz 17 (to be taken Nov 24-­‐Dec 1) WEEK 16: FINAL EXAMINATION (3.0 hours) ................................................... To be taken: DEC 4-­‐6 Special note: The window for taking the final examination includes, but is not restricted to, the examination period assigned by the University of December 6th from 12:00-­‐3:00 pm. DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO