Economics 201: Intermediate Macroeconomics
Professor Devereux
Queens College CUNY, Online Spring 2022
Tues – Thurs, 10.45-12.00
Course Outline
Economics 201 is a course in Intermediate Macroeconomics. We will discuss, among
other things, long-run economic growth, technological change, booms and recessions,
inflation, interest rates, monetary and fiscal policy, wage inequality, and exchange
rates. By the end of the course, students should be able to read and understand
popular discussions of macroeconomic issues. Throughout, we will draw on the
experience of the U.S and other economies. Students are therefore urged keep up with
current events by reading the New York Times, the Financial Times, the Wall Street
Journal, and so on.
The class will be conducted online – which provides some additional challenges
particularly for exams which are in-class. It is crucial that everybody understands that
the midterm and the final will be in class. There are no exceptions.
I teach the class with Blackboard Ultra. You can access Blackboard from the QC
website. For more details see:
http://qcpages.qc.edu/edtech/BlackBoard/loggingOn.html
I will also post copies of each class to help you study. The drawback is that this reduces
your incentive to attend class. I will remove the videos after one week.
Economics 201
The Blackboard site has this syllabus along with announcements. As we move along in
the class, I will post some reading. You will also find the class slides on blackboard. Thus,
you should check Blackboard regularly.
Using Blackboard Ultra.
1.
Login to Blackboard using your CUNYFirst ID
2.
On the left side of the screen, click on the course number.
3.
On the left side of the screen, click on tools.
4.
On the left side of the screen, click on Blackboard Collaborative Ultra
5.
Click on Course Room
Office Hours
I have not set office hours yet. Most likely, I will be available for half an hour before the
class for virtual office hours. I can be reached by email at: john.devereux@qc.cuny.edu
From Monday to Thurs, I will respond quickly. I will be slower over weekends.
Prerequisites
You need Economics 101 or 103 and 102 or 104. Without these classes, you may be
dropped.
Responsibilities and Requirements
My responsibilities are to come to class prepared and on time; respond to and
encourage questions and other appropriate class participation; grade exams; be
available during office hours and for scheduled appointments; and stimulate
enthusiasm for economics and for learning generally.
Your responsibilities are to attend and participate in lectures twice per week; complete
any assignments; participate in class; take the midterm and final examination.
I will base your course grade on your performance in a comprehensive final, one
midterm and six problem sets.
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Exams
There is one midterm and a final. The midterm accounts for 35 percent of your grade
and the problem sets account for 10 percent. The final is cumulative and accounts for
55 percent. I will announce the dates of the exams in class. The exams will cover the
material presented in lectures through and including the lecture before the exam.
All exams are in class.
Each exam will be closed book.
Problem sets
I will give 6 to 8 problem sets. Roughly one every two weeks. All problem sets will be
given via blackboard. The problem sets are problems that help you understand what
we did in class.
Old Exams
I have taught this class once before. You will find the old exam on blackboards. They
are multiple choice online exams. The exams for this semester are essay/problem in
class. As practice, I will give problems throughout the class. Finally, there are excellent
problems in your text. I do not give make-up midterms. There are no exceptions to this
rule. Students who miss the midterm for any reason must communicate with me by
email before 5:00 p.m. on the day of the exam.
Academic Honesty
In fairness to students who put in an honest effort, I will treat academic dishonesty
harshly. Evidence of cheating will result in a score of zero (0) on that exam. Cheating
on the final will result in an F for the course. Furthermore, I will report all cheating to
the proper authorities. For future reference, cheating includes, but is not limited to,
using notes or written materials during an exam, copying off another person's exam via
text or emails, allowing someone to copy your exam, and having someone take an exam
for you. Of course, student ingenuity knows no bounds where cheating is concerned.
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The move to online classes has made this worse. Remember, I take cheating seriously.
I will not think less of you if you do poorly academically but I will not tolerate cheating.
Course Text: Charles I. Jones, Macroeconomics, 2020 (5th edition). You can buy or rent
the textbook. If not, you can use an earlier edition. Jones is an outstanding economists
and the text is first rate. You can purchase it online.
Readings
Throughout the class, I may assign articles for class discussion. Some of the reading are
noted below.
Learning Objectives
The learning objectives for this course are, first, to understand the fundamentals of
macroeconomics (by attending lectures and reading the textbook). Second, to apply
the tools learned in the class to analyze current economic events (by completing any
assignments). Third, to explain what you have learnt (by completing the examinations
and through in-class discussions).
How to do well in Eco 201
Attend all the Classes
By "attend," I do not just mean turn your computer on. Try to listen and participate if
possible. Classes are important as I do not follow the book that closely. Indeed, only
fifty to sixty percent of the material is from the book. Listen carefully and take notes.
Ask questions.
Buy the Text. Repeat – buy the text.
Attending lectures is no substitute for reading the textbook. The lectures give you a
broad overview; the textbook supplies the details and, if read with care, will "drive
home" the main points. You should do the reading before the lecture. The lectures will
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make more sense this way. With the onset of online classes, many students do not buy
textbooks. The seem to think that they can get by from the slides alone. This will not
work in this class.
Study
I know that at Queens “study” along with “read” are four letter words that shock and
awe. Sorry, you must do some work to pass this class. Here are a few suggestions: Go
over and re-write your lecture notes. Second, do the bulk of your studying alone.
Group studying is a good idea for a last-minute review, and for clarifying points of
confusion, but it is a poor substitute for work on your own. (If people study together,
they end up making the same mistakes.)
Use online Office hours
I may also be available at other times, by appointment. If you come to office hours
during the last week of class to inform me you do not understand anything then it will
be too late.
Be informed.
You should get into the habit of reading the business section of a major newspaper
— The New York Times, The Wall Street Journal, the Financial Times, or The Economist
to stay aware of economic developments.
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Course Outline
This section provides a broad outline of the course. I may change the order as the
semester proceeds. As it stands now, the class consists of three equal parts – current
economic problems, growth, and finally, monetary and fiscal policy.
Introduction
Chapter 1. Skim chapter 2
I.
Current Economic Problems
1.
Inflation, chapter 8, a small portion of Chapter 2 and class notes.
2.
Exchange Rates, Chapter 20, and class notes.
3.
Government Debt, Chapter 18, and class notes.
John Cochrane “Our National Debt Denial” National Review. December
2020.
4.
“Modern monetary theory” class notes.
Koichi Hamada, “Does Japan Vindicate Modern Monetary Theory?”
Project Syndicate, July 1, 2019.
5.
Unemployment and Income distribution, Chapter 7, and class notes.
Matthew Yglesias, “The Automation Myth” Vox.com, July 27, 2015.
David Leonhardt, “Our Broken Economy, in One Simple Chart” The New
York Times, August 7, 2017
II.
Growth
6.
Overview, Chapter 3.
Kenneth Chang, “A Different Way to Chart the Spread of Coronavirus”
New York Times, March 20, 2020.
Amartya Sen, “Quality of Life: India vs. China” New York Review of Books,
May 12, 2011.
7.
Growth Accounting, Chapters 4 and 6 and class notes.
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Paul Romer, “Economic Growth” The Concise Encyclopedia of
Economics
8.
The Neoclassical model, Chapter 5 and class notes.
Paul Krugman (1994) “The Myth of Asia’s Miracle”
9.
The Future, Chapter 6, and class notes.
Eduardo Porter “America’s Best Days May Be Behind It” New York Times,
January 19, 2016.
Eduardo Porter, “Imagining a World Without Growth” New York Times,
December 1, 2015.
II.
Business Cyles and Stabilization Policy
10.
Overview, Chapter 9.
11.
Monetary and Fiscal Policy, chapters 10, 11, and 12 and class notes.
12.
Aggregate Demand and Supply, chapters 13 and 14 and class notes.
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Additional Matters
Taking quizzes and exams online
Prior to taking a quiz or exam, students must agree to the below statements.
I acknowledge that I am required to follow the academic integrity and conduct policies of
CUNY.
I acknowledge the same academic integrity standards apply to online courses and
proctored exams as traditional campus courses.
I acknowledge that, as a student utilizing online education through CUNY, I am expected
to maintain high standards of academic honesty and integrity and to conduct myself in a
professional manner.
I acknowledge that failure to comply with the Academic Integrity and Conduct Policies of
CUNY may be grounds for disciplinary action.
Accommodations for Students with Disabilities
Students with disabilities needing academic accommodation should register with and
provide documentation to the Special Services Office, Frese Hall, Room 111. The Special
Services Office will provide a letter for you to bring to your instructor indicating the need
for accommodation and the nature of it. This should be done during the first week of
class. For more information about services available to Queens College students, contact
the Special Services Office (718-997-5870) or visit their website:
https://www.qc.cuny.edu/StudentLife/services/specialserv/Pages/default.aspx.
Students who participate in this class with their camera on or use a profile image are
agreeing to have their video or image recorded solely for the purpose of creating a record
for students enrolled in the class to refer to, including those enrolled students who are
unable to attend live. If you are unwilling to consent to have your profile or video image
recorded, be sure to keep your camera off and do not use a profile image. Likewise,
students who un-mute during class and participate orally are agreeing to have their voices
recorded. If you are not willing to consent to have your voice recorded during class, you
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will need to keep your mute button activated and communicate exclusively using the
"chat" feature, which allows students to type questions and comments live.
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