ECO 302-­‐01: INTERMEDIATE MACROECONOMIC THEORY SPRING 2016 CLASS TIMES & LOCATION
Mondays, Wednesdays, & Fridays 10:00 am – 10:50 am, 202 Bryan Building
INSTRUCTOR INFORMATION
Dennis Patrick Leyden – 460 Bryan Building, dpleyden@uncg.edu, 336.256.8558.
Office hours: I am available for individual and group meetings. Email is the most reliable way to
contact me outside of class.
FOR WHOM PLANNED
This course is intended primarily for upper-level undergraduate economics majors. However, it
is open to all students who are interested in a deeper understanding of macroeconomics than is
provided in a principles of macroeconomics course.
ACADEMIC CREDIT
3 semester hours of academic credit.
PREREQUISITE
ECO 202: Principles of Microeconomics
CATALOG DESCRIPTION
Intermediate level analysis of national income and employment with attention to fiscal and
monetary policy, theories of business fluctuations, and economic growth.
LEARNING OBJECTIVES
Using short-run macroeconomic fluctuation theories of closed and open economies and long-term
growth theories, students who successfully complete this course will learn how macroeconomists
construct and use theories to design macroeconomic policy and what the relative strengths and
weaknesses of those theories (and the underlying theories) are. Students who successfully complete
this course will be able to:
• Describe the central questions in macroeconomics.
• Describe the essential structure of each of the theories covered.
• Explain the mechanics of each of the theories covered.
• Explain the implications of each theory for public policy.
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENSBORO
ECO 302-01, SPRING 2016
SYLLABUS
PAGE 2
READINGS & OTHER SOURCE MATERIAL
Required readings and other material for this course are taken from:
• Froyen, R. T. (2013). Macroeconomics: Theories and policies, 10th edition. Boston, MA:
Pearson.
• Deaton, A. (2014, December 11). Papal infallibility? Global poverty, and the mystery of
global inequality. Retrieved from
http://www.lse.ac.uk/newsAndMedia/videoAndAudio/channels/publicLecturesAndEvents/play
er.aspx?id=2765.
CONDUCT OF THE COURSE
This course is structured around a collection of macroeconomic theories. For each theory,
coverage begins with an initial explanation and explication of the theory. Remaining class time is
then devoted to question-and-answer sessions, in-class quizzes, and applying the course material.
Students who want to do (not-for-credit) formal exercises to help with the study of course
material can work on the Review Questions and Problems at the end of each chapter in the Froyen
textbook. Based on past student preferences, keys for each chapter’s Review Questions and
Problems will be posted after that chapter is covered in class. Examination keys will also be
provided to serve as additional study aids.
FACULTY AND STUDENT GUIDELINES
Each student is required to follow 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://www.uncg.edu/bae/faculty_student_guidelines.pdf.
EVALUATION & GRADING
Calculation of Course Grade
Grading in this course is based on 3 cumulative examinations and a number of unscheduled inclass quizzes. The course average will be calculated by averaging all examination grades and inclass quizzes using the following weights:
• 1st Examination* .................................................................................................................... 15%
• 2nd Examination* ................................................................................................................... 30%
• Final Examination ................................................................................................................. 45%
• In-class Quizzes (lowest 3 dropped) ....................................................................................... 10%
* This examination can be dropped. See below for details.
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
ECO 302-01, SPRING 2016
SYLLABUS
PAGE 3
The course average will be calculated to two decimal places and then rounded to the nearest
whole integer. Thus, for example, a course average of 79.49 will be rounded to 79 while a
course average of 79.50 will be rounded to 80. Then the course grade will then be assigned based
on that rounded course average. Each letter grade range is 10 points, with 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. Thus, for example, a rounded course average from 80 to 83 will result in a course letter
grade of B–, a rounded course average from 84 to 86 will result in a course letter grade of B, and
a rounded course average from 87 to 89 will result in a course letter grade of B+.
Examinations
• No student will be permitted to start the 1st or 2nd examination more than 19 minutes after the
start of those examinations. No student will be permitted to start the final examination more
than 29 minutes after the start of that examination.
• No student will be permitted to temporarily leave the examination room until they have
completed their examination. If a student does leave the room before turning in the
examination, that examination will be considered to have been completed, and it will be
collected at that time.
• No electronic devices of any kind are permitted during the examination.
• Examination grades are calculated to at least 2 decimal places. Examinations will be graded
in a two-step process. In the first step, a raw score will be calculated. Then, in the second
step, the raw score will be converted to the 100-point scale used in the course.
• There are no make-ups for the 1st and 2nd examinations. For the final examination:
° Students with three or more final examinations in a 24-hour period may apply to the
University Registrar's Office for permission to change their examination schedules. All
requests for changes in examinations must be filed with the University Registrar's
Office before Reading Day. The usual policy is to change the middle examination.
° Students who due to extreme circumstances that are beyond their control cannot take
the final examination at the scheduled time and date may petition to have the final
examination rescheduled. In such circumstances, students should contact the instructor
as soon as possible 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 that do not follow the prescribed final
examination schedule, conflicts with work schedules, and conflicts with end-ofsemester travel arrangements. Be aware that any makeup final examination may take a
different format than the regularly scheduled final examination.
In-class Quizzes
• In-class quizzes are handed out and completed in class.
• Late submissions are not accepted for any reason, nor are makeups given.
• Each in-class quiz is scored on 3-point scale. Then at the end of the semester, a mean quiz
score is calculated for each student after dropping the lowest 3 scores. That mean quiz score
is then converted to the 100-point scale used in the course.
• Individual quiz scores are based on the following rubric:
o
0 – Not turned in.
o
1 – Turned in but not all questions are answered or answer quality is not satisfactory.
o
2 – Turned in, all questions are answered, and all answers are satisfactory. Some
answers may contain mistakes.
DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO
ECO 302-01, SPRING 2016
o
SYLLABUS
PAGE 4
3 – Turned in, all questions are answered, and all answers are satisfactory with no
mistakes. Work is especially meritorious.
TOPICAL OUTLINE & CALENDAR
The calendar below provides an outline of course topics, associated readings, and examination
dates. In general, if the University cancels class, check the course Canvas site for rescheduling
information. Note however that if the University cancels class the day of a mid-term
examination, the mid-term examination will take place at the very next class meeting time.
INTRODUCTION ...................................................................................................................... 11 JAN • Readings: Froyen, Chapter 1 MEASUREMENT ...................................................................................................................... 13 JAN • Readings: Froyen, Chapter 2 CLASSICAL THEORY ................................................................................... 15, 20, 22, 25, 27, 29 JAN • Readings: Froyen, Chapters 3 & 4 EXAMINATION 1 ..................................................................................................................... 1 FEB KEYNESIAN THEORY – KEYNESIAN CROSS DIAGRAM .................................................. 3, 5, 8, 10 FEB • Readings: Froyen, Chapter 5 KEYNESIAN THEORY – IS-­‐LM DIAGRAM ................................................................. 12, 15, 17, 19 FEB • Readings: Froyen, Chapter 6 KEYNESIAN THEORY – POLICY EFFECTS USING THE IS-­‐LM DIAGRAM ................... 22, 24, 26, 29 FEB • Readings: Froyen, Chapter 7 KEYNESIAN THEORY -­‐ AGGREGATE SUPPLY & DEMAND DIAGRAM ........................ 2, 4, 14, 16 MAR • Readings: Froyen, Chapter 8 KEYNESIAN THEORY – PHILLIPS CURVE ............................................................... 18, 21, 23, 28 MAR • Readings: Froyen, Chapter 10 REVIEW ............................................................................................................................... 30 MAR EXAMINATION 2 ....................................................................................................................... 1 APR MONETARY & FISCAL POLICY IN OPEN ECONOMIES ............................................ 4, 6, 8, 11, 13 APR • Readings: Froyen, Chapter 15 GROWTH IN THE LONG RUN .......................................................................... 15, 18, 20, 22, 25 APR • Readings: • Froyen, Chapter 20 •
Deaton (2014, December 11)
REVIEW ................................................................................................................................. 26 APR FINAL EXAMINATION .......................................................................... MON 12:00-­‐3:00 PM, 2 MAY DEPARTMENT OF ECONOMICS, BRYAN SCHOOL OF BUSINESS & ECONOMICS
THE UNIVERSITY OF NORTH CAROLINA AT GREENBORO