SYLLABUS – ECO 202-­‐01/01D Principles of Macroeconomics, Spring 2015 INDEX
1. BASICS .................................................................................................... page 1
2. LEARNING OBJECTIVES ......................................................................... page 2
3. COURSE CONDUCT .............................................................................. page 3
4. TOPICAL OUTLINE & CALENDAR .......................................................... page 7
BASICS
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.
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENSBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
SPRING 2015
PAGE 2
LEARNING OBJECTIVES
UNCG STUDENT LEARNING OBJECTIVES FOR GSB COURSES
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).
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).
BRYAN SCHOOL OF BUSINESS & ECONOMICS MISSION STATEMENT
In the Bryan School of Business and Economics, we create and disseminate knowledge about the
theory and practice of business. In addition to our courses and research, we accomplish this
through hands-on projects, global experiences, and outreach to the community. Our work
produces principled leaders and exceptional problem solvers who have a global perspective, an
innovative mindset, a broad understanding of sustainability, and a commitment to improve the
organizations in which they work and the communities in which they live.
BRYAN SCHOOL OF BUSINESS & ECONOMICS STUDENT LEARNING GOALS
Each program within the Bryan school has separate learning goals as listed with the degree
program. The essential components of a professional education in business (excluding the B.S.
and B.A. in Economics, the B.S. in Consumer, Apparel, and Retail Studies and the B.A. in
Sustainable Tourism and Hospitality) include common courses for breadth and opportunities for
advanced work for depth in the various business disciplines. These core business programs share
the following common learning goals:
1. Students will implement the various steps of the critical thinking process, supported by the
appropriate use of analytical and quantitative techniques, to formulate recommendations for
subsequent decision making.
2. Students will apply appropriate ethical standards when making recommendations for
business decision making.
3. Students will evaluate business decisions in the context of sustainability goals, balancing
environmental, social, and economic needs, conditions, and potential decision impacts.
4. Students will formulate appropriate strategies, in the context of global issues and forces, to
improve business performance in the world economy.
5. Students will explain the roles of innovation and innovation management in achieving
successful business strategies, decisions, and performance.
6. Students will be able to plan, schedule, contribute to, and lead projects.
COURSE LEARNING OBJECTIVES
In keeping with University requirements for courses that receive GSB General Education
credit and the Bryan School’s Student Learning Goals, 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
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
SPRING 2015
PAGE 3
issues through the appropriate choice and use of models and relevant information. In
particular, this course has 5 learning objectives:
1. Identify important positive macroeconomic issues present in the economy. (UNCG GSB
SLO 1 & 2; Bryan School SLO 1)
2. Identify important public policy and other normative macroeconomic issues present in the
economy. (UNCG GSB SLO 1 & 2; Bryan School SLO 1)
3. Choose appropriate models and other frames of reference for addressing macroeconomic
issues. (UNCG GSB SLO 2; Bryan School SLO 1)
4. Gather information appropriate to addressing macroeconomic issues. (UNCG GSB SLO 1 &
2; Bryan School SLO 1)
5. Use appropriate information, models, and other frames of reference to analyze
macroeconomic issues. (UNCG GSB SLO 1 & 2; Bryan School SLO 1)
COURSE CONDUCT
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 Canvas website has been created for students who wish to
discuss course material with other students. Evaluations take place through 3 examinations and
17 quizzes (both of which are located on the Canvas website’s “Assignments” page) 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.
Finally, for students who want additional feedback, answer keys to the end-of-chapter Review
Questions & Exercises for the Goodwin text are provided on the Canvas website’s “Files” page.
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 978-0765622976 (first edition) / 978-0765638748 (second edition)
− Note: Either the 1st edition or the 2nd edition is fine. 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, rental) through such outlets as:
o UNCG Bookstore
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
SPRING 2015
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Kona Publishing (www.konapublishing.com)
Caution: Do not buy e-Study Guide for: Critical Thinking in Economics by Dennis
Patrick Leyden from Barnes & Noble. It is not clear what this book is, but it clearly
does not have any connection to the book required for this course.
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.
Brooks, D. (2014, August 28). The mental virtues. New York Times. Retrieved
from http://www.nytimes.com/2014/08/29/opinion/david-brooks-the-mentalvirtues.html?smprod=nytcore-iphone&smid=nytcore-iphone-share.
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/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 Canvas website. 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
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 sign 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/handbook/academic-integrity-policy/. 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 expected behavior for both faculty and student. For more
information about these Guidelines consult http://bae.uncg.edu/students-resources/
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
ECO 202-01/01D: PRINCIPLES OF MACROECONOMICS
SPRING 2015
PAGE 5
EVALUATION & GRADING
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.
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 examinations 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.
PROCESS
• Each examination is located on the Canvas website’s “Assignments” page 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). All examinations
must be proctored via UNC Online (http://online.northcarolina.edu/):
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
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Students must schedule their own proctored examination appointments via UNC Online
(http://online.northcarolina.edu/). Appointments should be scheduled no later than two
weeks prior to examination windows. To view detailed scheduling instructions visit the
UNC Proctoring Network website (http://online.northcarolina.edu/exams/overview.htm).
Students must present a current/legible government issued photo ID prior to each
examination appointment. Students are responsible for fees related to proctored
examinations (if a proctor charges a fee, the fee will be displayed in the proctor’s’
details). Be on time for appointments (proctors are not obligated to honor misses or late
appointments.). UNCG code of conduct and integrity apply during examination
appointments. To review these guidelines visit http://sa.uncg.edu/handbook/academicintegrity-policy/.
No calculators, cell phones, smart phones, or similar devices are permitted during the
examination. Be sure to note that cell/smart phones are not permitted in testing areas;
therefore students should make plans to leave such phones at home or in a locked car.
No notes, books, web sources, or similar material are permitted during the examination.
Because examinations for this course are online, students can schedule examination
appointments with face-to-face proctors or the “Take Exam via Webcam” option. Online
proctors are available almost 24 hours a day/7 days a week via ProctorU. However, all
ProctorU arrangements must be made inside of the UNC Online website. Do NOT go to
the ProctorU website and arrange for a proctor directly.
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 Canvas website’s “Assignments” page 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):
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
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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)
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 on the Canvas website.
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 .................................................................................................. JAN 12-­‐18 • 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 Jan 12-­‐18) • Quiz 2 (to be taken Jan 12-­‐18) WEEK 2: MACROECONOMIC QUESTIONS ........................................................................ JAN 19-­‐25 • 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 Jan 19-­‐25) • Quiz 4 (to be taken Jan 19-­‐25) WEEK 3: MACROECONOMIC TOOLS .......................................................................... JAN 26 – FEB 1 DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
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Readings – Goodwin (1st or 2nd Ed.): Ch 2 Audio – Sandel, “Markets and morals” Quiz 5 (to be taken Jan 26 – Feb 1) WEEK 4: STRUCTURE OF A MACROECONOMY ..................................................................... FEB 2-­‐8 • 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 Feb 2-­‐8) WEEK 5: MACROECONOMIC PERSPECTIVE ON MARKETS .................................................. FEB 9-­‐15 • Readings -­‐ Goodwin (1st or 2nd Ed.): Ch 4 • Quiz 7 (to be taken Feb 9-­‐15) WEEK 6: MACROECONOMIC FRAMES OF REFERENCE ..................................................... FEB 16-­‐22 • Readings – Leyden: Ch 3 • Quiz 8 (to be taken Feb 16-­‐22) WEEK 7: EXAMINATION 1 (1.5 hours) ........................................................ To be taken: FEB 24-­‐28 WEEK 8: GDP AND PRICES .................................................................................................. MAR 2-­‐8 • Readings – Goodwin (1st or 2nd Ed.): Ch 5; Leyden: Ch 4 • Quiz 9 (to be taken Mar 2-­‐8) • Quiz 10 (to be taken Mar 2-­‐8) WEEK 9: EMPLOYMENT AND UNEMPLOYMENT .............................................................. MAR 9-­‐15 • Readings – Goodwin: Ch 7 (1st Ed.)/Ch 8 (2nd Ed.) • Video – Ariely, “The high price of ownership” • Quiz 11 (to be taken Mar 9-­‐15) WEEK 10: EXAMINATION 2 (1.5 hours) .................................................... To be taken: MAR 17-­‐21 WEEK 11: CLASSICAL VERSUS KEYNESIAN MODEL ......................................................... MAR 23-­‐29 • Readings – Goodwin (1st & 2nd Ed.): Ch 9 • Quiz 12 (to be taken Mar 23-­‐29) WEEK 12: FISCAL POLICY & INTERNATIONAL SECTOR EFFECTS IN KEYNESIAN MODELMAR 30 – APR 5 • Readings – Goodwin: Ch 10 (1st Ed.)/Ch 10 & 14.2 (2nd Ed.) • Quiz 13 (to be taken Mar 30 – Apr 5) WEEK 13: MONEY AND MONETARY POLICY ....................................................................... APR 6-­‐12 • Readings – Goodwin: Ch 11 (1st Ed.)/Ch 11 & 12 (2nd Ed.) • Quiz 14 (to be taken Apr 6-­‐12) WEEK 14: HOW MACROECONOMIES GROW ................................................................... APR 13-­‐19 DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
SYLLABUS
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Readings – Goodwin: Ch 14 (1st Ed.)/Ch 13 (2nd Ed.) Video -­‐ Papola & Roberts, “Fear the boom and bust” Quiz 15 (to be taken APR 13-­‐19) WEEK 15: ANSWERING THE FUNDAMENTAL MACROECONOMIC QUESTIONS ................ APR 20-­‐26 • Readings – Brooks (2014); Goodwin: Ch 12 (1st Ed.)/Ch 13 (2nd Ed.); Leyden: Ch 5 • Quiz 16 (to be taken Apr 20-­‐26) • Quiz 17 (to be taken Apr 20-­‐26) WEEK 16: FINAL EXAMINATION (3.0 hours) ...................................... To be taken: APR 29 – MAY 4 Special note: The window for taking the final examination includes, but is not restricted to, the examination period assigned by the University of May 2 from 3:30 pm – 6:30 pm. DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO