1. Current (old) requirements:
In addition to the university's general education (CORE) requirements, students who declare Economics
as a major during the Spring 2007 semester or thereafter must earn a minimum of 38 credits via a
combination of foundation and elective courses in Economics and Math as listed below. Economics
majors must also complete a minimum of 15 credits in supporting courses. All courses must be passed
with a grade of C or better to count towards the foundation, elective, and supporting requirements. A
course used to fulfill one requirement for the major may not count towards any other major requirement.
Students should see a departmental advisor for guidance on choosing between various options, especially
if future plans include graduate training in economics. Students who declared Economics before Spring
2007, can choose to follow these new requirements OR the previous requirements. See a departmental
advisor for details.
Foundation Courses
Credits
ECON200
Principles of Micro-Economics
4
ECON201
Principles of Macro-Economics
4
MATH220 or
Elementary Calculus I or
3
Calculus I
4
ECON300*
Methods & Tools for Economic Analysis
3
ECON321 or
Economic Statistics or
3
Applied Probability and Statistics
3
ECON326
Intermediate Macroeconomic Theory & Policy
3
ECON325
Intermediate Microeconomic Theory
3
MATH140
STAT400
Economics Electives Courses
One from**
ECON310
European Economic History
ECON311
American Economic History Before the Civil War
ECON312
American Economic History After the Civil War
ECON314
Economic History, Development and Policy
ECON315
Economic Development of Underdeveloped Areas
ECON416
Theory of Economic Development
One from**
ECON402
Economic Models and Forecasting
ECON422
Econometrics I
ECON424
Computer Methods in Economics
ECON425
Mathematical Economics
3
3
Three from
ECON4xx
Any 400 level Economics courses
9
*With permission from the department a major may substitute a math course (MATH 240 or MATH 241) for ECON
300.
** The Economics curriculum may be updated over time, given college and campus approval. Students will be
notified as other appropriate courses are approved that fulfill the requirements for the major.
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PPC Proposal – ECON – Spring 2009
Supporting Courses:
Upper level courses
15 credits
NOTES:
• Excludes Junior English writing class, internships, experiential learning, and 'non-traditional'
courses.
• Additional mathematics courses beyond the required mathematics course (MATH 220 or 140)
may be counted as fulfilling the Additional Support Course Requirement.
• Additional economics courses may be included among the 15 hours of supporting courses.
• All supporting courses must be approved by an Economics Department Advisor.
• All courses meeting the Additional Supporting Course requirement must be completed with a
grade of C or better and may not be taken pass-fail, except ECON386 which can only be taken
pass-fail.
Page 3 of 11
PPC Proposal – ECON – Spring 2009
2. Proposed (new) requirements
The same first paragraph of text describing the requirements should be used. The changes in the list
below and in the supporting course notes are highlighted with gray background.
Foundation Courses
Credits
ECON200
Principles of Micro-Economics
4
ECON201
Principles of Macro-Economics
4
MATH220 or
Elementary Calculus I or
3
Calculus I
4
ECON300*
Methods & Tools for Economic Analysis
3
ECON321 or
Economic Statistics or
3
Applied Probability and Statistics
3
ECON326
Intermediate Macroeconomic Theory & Policy
3
ECON325
Intermediate Microeconomic Theory
3
MATH140
STAT400
Economics Electives Courses
One from**
ECON310
European Economic History
ECON311
American Economic History Before the Civil War
ECON312
American Economic History After the Civil War
ECON314
Economic History, Development and Policy
ECON315
Economic Development of Underdeveloped Areas
ECON317X (new course)
Global Economic Policies
ECON412
Economic History and Modern Development
ECON416
Theory of Economic Development
One from**
ECON402
Economic Models and Forecasting
ECON414
Game Theory
ECON422
Econometrics I
ECON424
Computer Methods in Economics
ECON425
Mathematical Economics
3
3
Three from
ECON4xx
Any 400 level Economics courses
9
*With permission from the department a major may substitute a math course (MATH 240 or MATH 241) for ECON
300.
** The Economics curriculum may be updated over time, given college and campus approval. Students will be
notified as other appropriate courses are approved that fulfill the requirements for the major.
Page 4 of 11
PPC Proposal – ECON – Spring 2009
Supporting Courses:
Upper level courses chosen to complement the major requirements
15 credits
The following restrictions and notes apply to supporting courses:
•
Excludes Junior English writing class, internships, experiential learning other than ECON386,
and 'non-traditional' courses.
•
Additional mathematics courses beyond the required mathematics course (MATH 220 or 140)
except MATH274 (History of Mathematics) may be counted as fulfilling the Additional Support
Course Requirement.
•
Additional economics courses may be included among the 15 hours of supporting courses.
•
All supporting courses must be approved by an Economics Department Advisor.
•
All courses meeting the Additional Supporting Course requirement must be completed with a
grade of C or better and may not be taken pass-fail, except ECON386 which can only be taken
pass-fail.
3. Identification of and rationale for the changes
The existing requirements for Economics compel every undergraduate major to take at least one course that focuses
on historical or current issues pertaining to economic development. Two of the changes proposed expand the list of
courses that meet this requirement. “Global Economic Policies” (ECON317X) is a new course (currently under
consideration by VPAC) analyzing policies and institutions relevant to those economies who have pursued
economic development over the past two decades via a strategy of active participation in global trade and capital
markets, such as India and China. “Economic History and Development” (ECON412) is an existing course
(approved by VPAC in Fall 2008) that examines the various factors that contributed over the past two centuries to
the development of today’s wealthiest economies, including Japan, the US and western Europe. The historical
experiences are compared and contrasted with the theoretical models of economic growth. Both courses cover
material directly relevant to the major requirement.
The existing requirements for Economics also compel every undergraduate major to take at least one advanced (400
level) course that develops and strengthen knowledge and skills in quantitative and analytical methodology. One of
the changes proposed expands the list of courses that meet this requirement. “Game Theory” (RECON414) is a
methodology now widely used to analyze a wide variety of economic issues, including industry behavior,
international trade policy, and various matters of political economy. As such, it clearly addresses the upper level
methodology requirement.
Currently, “Experiential Learning in Economics”, ECON386, can be used for three credits towards the supporting
course requirement. The existing notes found in the course catalog are somewhat unclear, however. The first note
says generally that experiential learning courses cannot be used as a supporting course, but then the last note says
that courses taken on a Pass-Fail basis cannot be used EXCEPT for ECON386, thus implying that ECON386 can be
used. The change proposed removes this point of confusion by making an explicit statement that ECON386 is not
excluded at the beginning of the notes section.
Currently, students may use any math course beyond the first semester of calculus to satisfy the supporting course
requirement except for MATH274, “History of Mathematics”. The excluded course does not cover material that is
particularly useful to economics, unlike the second semester of calculus (MATH141 or MATH221), linear algebra
(MATH240), or differential equations (MATH246). (Other math courses at the 200 level are restricted to specific
majors; if a student is a double-major, then they can use those courses on that basis.)
Page 5 of 11
PPC Proposal – ECON – Spring 2009
4. Other information
The proposed changes do not change either the length or the sequencing of courses in the existing program. The
courses proposed as new options to fulfill major requirements pose the same pre-requisite courses for the existing
options. No courses are being deleted from the program requirements. No other departments are impacted by the
proposed changes. Students enrolled as ECON majors prior to these changes will be allowed to use the new options
to meet requirements. The proposed changes do not impact articulation or transfer programs.
A copy of the VPAC proposal to create ECON317X is attached, as is a draft syllabus for this new course.
Page 6 of 11
PPC Proposal – ECON – Spring 2009
University of Maryland Course Proposal Form VPAC log no.: 0942142
Department/Program: ECON Date initiated: 03/04/09
College/School: BSOS Unit Code:012025001250101
Action: add ACAF log no.:
Return to VPAC Menu
Course Prefix and Number: ECON317 Transcript Title: Global Econ. Policies
Title: Global Economic Policies
Credits: Minimum 3 Maximum 3 Repeatable to a maximum of 0 if content differs
Hour commitment per week: Lecture: 3 Internship: Discussion: Laboratory: Seminar:
Can this course be waived through an AP exam?No
Has this course been approved to fulfill a CORE distribution requirement? No
Grading Method: Standard Undergraduate Formerly: 398C
Prerequisite(s): ECON200 and ECON201
Corequisite(s):
Recommended course(s):
Restrictions: For ECON majors only
Crosslisted with:
Shared with:
Credit will be given for only one of the following courses: 398C or 317
Will this course be offered at another location or through an alternate delivery method?No
Catalog Description: Analysis of policy options and debates on fostering economic growth and
development in a global economy where national boundaries are no longer relevant. Topics covered
will include real loanable funds markets in both local and international contexts during normal
conditions and during financial crises, the design of trade and industrial policies, and the role of the
World Bank, IMF, WTO, and other international agencies as well as regional and bilateral trade
agreements. Emerging economies such as China and India will be emphasized.
Reason for proposal/comments: This course fills a gap in our existing curriculum's coverage of
international economic topics.
Page 7 of 11
PPC Proposal – ECON – Spring 2009
University of Maryland
Spring 2009 – example for course proposal
Department of Economics
ECON317
Global Economic Policies
Instructor:
E-mail:
Office:
Office hours:
Class Meeting Times:
Class Location:
Course Description
ECON317 provides an overview of global economic development from a policy-oriented perspective.
National economies are increasingly interdependent, so that economic policy-making cannot be
effectively managed by individual countries acting on their own. The main objective is to analyze current
policy debates surrounding economic growth and development in the global era from a broad analytical
base. Readings and discussions will focus on a number of key areas: using data to understand and
compare nations’ economic conditions; analyzing loanable funds markets in both local and international
context,; exploring the design of trade and industrial policies; understanding and quantifying international
lending and causes of financial crises; comparing and contrasting government policies towards foreign
exchange market; examining the role of the World Bank, IMF, WTO, and other international agencies;
and analyzing regional and bilateral trade agreements. Case studies will address economic policies being
followed in the global economy, with an emphasis on “emerging economies” such as India and China.
What You Will Learn
The course objectives are to increase your understanding of current economic events and issues in the
world, to relate this understanding to policy making and business practices, and to improve your
analytical thinking and problem solving skills. I will use theory and evidence applied to real world
economic situations. By the end of the semester, you should know how to analyze current
macroeconomic issues, discern the relevant facts that are applied to their analysis, distinguish ideology
from evidence, and contribute to policy debates in a constructive fashion.
Course Materials
• Required Textbook: Global Economy – Demystifying International Macroeconomics (1st ed.) 2008,
Jhon E. Marthinsen, South-Western, Cengage Learning.
• Instructor’s Power point presentations – available on the class website (www.elms.umd.edu)
• Relevant articles and economic papers – also available on the class
Please also read the economics/financial press, including the Economist, Financial Times, and Wall Street
Journal. We will be reviewing and discussing the current economic information before each class.
Course Website
If you are registered for this course, you can use your directory ID and password to access
www.elms.umd.edu. Copies of this syllabus, lecture notes, and other relevant documents will all be made
available through the course website. Additionally, the University has adopted email as the primary
means of communication outside the classroom, and I will use it to inform you of important
announcements. Failure to check email or the course website will not excuse a student from missing
announcements.
Page 8 of 11
PPC Proposal – ECON – Spring 2009
Course Requirements and Grades
Economic case study (teams of up to 4 students)
One macroeconomics issues paper (individual)
Class Quizzes
Mid-term Exam
Final Exam
Participation in class
15 percent
15 percent
15 percent
20 percent
25 percent
10 percent
The case study write-up, one paper per team, is to be discussed in teams and is to be a maximum of 5,000
words. The case study will be presented to class jointly by all team members. The due date for the paper
is listed on the attached schedule; presentations will be scheduled after spring break.
The macroeconomic issues paper is to be done individually with a maximum of 1,000 words. You may
select an issue from a list I supply (also available on the class website) or an issue not on the list that you
formulate and I approve. The due date is listed on the attached schedule.
The class quizzes will have multiple choice questions. Dates are noted on the attached schedule.
The midterm exam will include both multiple choice questions and at least one essay question. The date
is noted on the attached schedule. You will be allowed to use one sheet of self-prepared notes during the
midterm.
The final exam will be comprehensive, closed book and given at the time scheduled by the University.
The final will include both multiple choice questions and at least two essay questions.
In your classroom discussion, try to be comprehensive and coherent (not fragmented or partial), and clear
and compelling (not vague or weak). Respond to your fellow students.
In your papers, write as if your readers were policy makers and from which decisions will be made.
Present a professionally attractive paper. Write skillfully and correctly. Grading criteria for the
paper/case study include correct use of theory and evidence, logical order and consistency, usefulness to
managers or policy makers, and quality of writing.
Please note …
Students are required to take all quizzes and exams. Make-up exams will be granted only to those
students whose excuse complies with University policy. If you believe you need a make-up, please
inform me as far in advance as possible and provide the appropriate documentation. The make-up exam for
each exam will be given the next class day following the originally scheduled exam during regular class time. If
you miss an exam and cannot document a valid excuse, your grade will be recorded as a zero.
Students with disabilities who require special accommodations must get in touch with me within the first
month of classes.
The University of Maryland, College Park has a nationally recognized Code of Academic Integrity,
administered by the Student Honor Council. I expect you to understand and to adhere to the honor code of The
University of Maryland.
Page 9 of 11
PPC Proposal – ECON – Spring 2009
Proposed Weekly Class Schedule
Week of:
Topic and Reading
Introduction to International Macroeconomics
Building blocks of Economy and Introduction to Basic Economic Models
1
January 26
2
3
February 2
February 9
4
February 16
5
February 23
March 2
6
7
8
March 9
March 16
Read Managing Global Economy (MGE), Ch. 1 and Class notes
Class discussion on Current Economic Condition of the US economy
Understanding A Nations Economic Condition: Measuring and Issues relating to National
Output
Read MGE Ch. 2 and Class notes
Understanding A Nations Economic Condition: Monitoring Labor Market Conditions
Read MGE Ch. 3 and class notes
Class Quiz I
Understanding A Nations Economic Condition: Inflation, Real GDP and Business Cycles
Read MGE Ch. 4, Ch 5 and class notes
Class discussion on offshore outsourcing
Foundations of Monetary Policy and Real Loanable Funds Markets – Monetary
Aggregates and Financial Intermediaries;
Read MGE Ch. 6, Ch 7 and class notes
Class discussion on The Indian Economy: Causes, Consequences, and Policy Solutions in
Dealing with Inflation
Foundations of Monetary Policy and Real Loanable Funds Markets – Controlling Money
Supply and the Anatomy of Interest Rates
Read MGE Ch. 8, Ch 9and class notes
Review before the Mid-term exam
Foundations of Fiscal Policy and Real Goods Sector – Price and Output Fluctuations
Read MGE Ch. 10 and class notes
Mid - Term Exam
Spring Break
9
March 23
Foundations of Fiscal Policy and Real Goods Sector
Read MGE Ch. 11 and class notes
Class discussion on the Role of the Government and Market Failures
10
March 30
Foundations of the Foreign Exchange Markets
Read MGE Ch. 12, 13 and class notes
Class Quiz II
11
April 6
Page 10 of 11
Foundations of the Foreign Exchange Markets -International Linkages
Read MGE Ch. 14 and class notes
Class discussion on the Financial Crisis including Mexican Peso Crisis in 1994
PPC Proposal – ECON – Spring 2009
12
April 13
13
April 20
14
April 27
15
May 4
16
May 11
17
May 18
Page 11 of 11
Trade Regulations and Industrial Policies
Read class notes
Class discussion on the Role of WTO and Trade Negotiations – China’s Accession to
WTO.
Trade Policies For the Developing Countries
Read class notes
Class discussion on the Role of the World Bank and the IMF
Integrating Macroeconomic Market in Three Sector Model
Read MGE Ch. 15 and class notes
Class Quiz III
Individual Macroeconomic Issues Paper Due
Economic Shocks to Economies with Fixed and Flexible Exchange
Read MGE Ch. 16, Ch 17 and class notes
Team Presentations
Review of the Final Exam
Team Presentations
Final Team Project Reports Due
FINAL EXAM
PPC Proposal – ECON – Spring 2009