Economics 103 Section 2
Principles of Macroeconomics
Summer 2007
MTWRF 9:40 – 11:10 am BEH 111
Instructor
Bernard Malamud
Email: bernard.malamud@unlv.edu
Office: BEH 502 Phone: 895 –3294 FAX: 895 - 1354
Office Hours: By appointment (generally 11:30 am – 12:30 pm)
General Nature of the Course
Course objectives: An introduction to the study of the determination of the level of
national income, employment and prices and the basic causes of fluctuations in these
levels. This course will help you guide economic policy if you are ever elected to
Congress or the presidency, intelligently advise those who are and, as an informed
citizen, evaluate and anticipate what these officials are up to. The course gives you the
tools and the confidence to grapple with a highly complex system (the macroeconomy),
to understand how it works and how its performance can be affected by policy. The
course also familiarizes you with the private and public, national and global,
characteristics of today's economic world. We will relate the theories we study to
economic events as they unfold throughout the semester.
Course Design: Our approach to learning in this course is LEARNING BY DOING.
Each major topic we study will be introduced in a lecture that covers assigned readings in
your textbook. Some class time, however, will be devoted to quizzes. Seven sessions
will begin with a lecture followed by a 12-question quiz based on it and prior lectures.
You will first take the quiz individually and then retake it working in a group, learning
from and teaching your fellow group-member. You must read and think about
assigned material before each class in order to perform well on the quiz and carry
your weight in your group. The session will end with an instructor-led discussion of
correct answers. In addition to these quizzes, there will be one 50 question classroom
exam and an 80 question final exam, both of which you will take on your own, not in a
group.
Text and Supplemental Readings
Required Text: William Boyes and Michael Melvin, Macroeconomics, Seventh Edition.
Boston: Houghton Miflin, 2008.
Supplements:
The text’s website for the 6th edition (practice test questions and links to valuable
resources):
http://college.hmco.com/economics/boyes/economics/6e/macro/students/index.html
Wall Street Journal (Available at student rates)
Business Week, The Economist, The Nightly Business Report
Examinations and Grading
Seven individual and group quizzes, one classroom exam, and a comprehensive final
exam consisting of multiple choice and true/false questions will be given this semester.
You must bring a Scantron to each quiz and exam. Your group must also have an
additional Scantron for each quiz.
Your final grade will be based on your top five quiz scores, your scores on the classroom
and final exams, and on your attendance. For each quiz, your score will be computed as
the average of the score you earn on your own and your group's score. If you miss a quiz,
your score will be zero. Group assignments made at the beginning of the semester will
balance your two or three-member group by major, ECO 102 grade, and credits earned to
date. Reassignments may be made at mid-semester to account for withdrawals and
absences: students who are consistently absent will be grouped together.
Your overall percentage score will be based on your quiz and exam scores as follows:
Top 5 Quizzes
Classroom Exam, Jun 20
Final Exam, July 6
Maximum overall score
60 points
50 points
80 points
190 points
In addition, your overall percentage score will be adjusted for attendance by one-half
percentage point for every documented absence differing from two. Absences are
“documented” by missed quizzes and exams, by failure to pick up quizzes and exams
when they are returned to you, and by occasional attendance checks. The attendance
adjusted percentage score on which your final grade will be based is then
Your overall percentage score on quizzes, classroom exam, and final
+ ( ½ percentage point ) x (2 – Documented absences).
Note: fewer than two documented absences will increase this percentage, more than two
documented absences will decrease this percentage.
Approximate Final Grade Distribution
Attendance Adjusted
Percentage Score
87 percent
77 percent
67 percent
57 percent
FINAL GRADE
Borderline ABorderline BBorderline CBorderline D-
Attendance and class participation will affect your final grade.
Makeup Policy
A makeup exam may be arranged at mutual convenience if you have a compelling reason
to miss the scheduled classroom exam. A makeup exam must be taken before the missed
exam is returned to the class. There will be no makeup quizzes or final.
Class Conduct
Your instructor and classmates deserve courtesy. If you must arrive late or leave early,
do so quietly. Inform me beforehand if you must leave class early. Smoking and eating
in class are prohibited. Disruptive behavior in class constitutes grounds for dismissal
from the course. While this probably need not be said, anyone found engaging in any act
of academic dishonesty will be punished in accordance with university policies.
Other Information
The UNLV Disability Resource Center (DRC) houses the resources for students with
disabilities. If you have a documented disability that may require accommodations, you
will need to contact the DRC for coordination of services. The DRC is located in the
Student Services Complex (SSC), Room 137. Their numbers are (702) 895-0866/Voice;
(702) 895-0652/TDD; and (702) 895-0651/Fax. For additional information, please visit
http://www.unlv.edu/studentlife/drc.
Web Resources
http://college.hmco.com/economics/boyes/economics/6e/macro/students/index.html (your text’s
website for its 6th edition) has a lot of valuable features, including multiple-choice study
questions, news summaries, and links to other economics sites. My own website will
have additional notes posted for you, including the powerpoint slides I use in lectures.
Check it out at http://faculty.unlv.edu/bmalamud/ and follow links to Summer 2007 classes,
ECON 103. In addition, you can always reach me with questions at
bernard.malamud@unlv.edu.
Course Outline
Date
Topics
Jun 4
Course organization and economic foundations
Jun 5
Economic Structure
Private Sector, International Sector, Public Sector
Jun 6,7
Jun 8
Jun 11
Jun 12,13
Jun 14,15
18,19
Macro Measures: Domestic
Output and Income, Nominal and Real Values, Price Indexes
Macro Measures: International
Exchange Rates, and Balance of Payments
Jun 8: Quiz 1, Chapters 6,7
Macro Distress
Unemployment, Inflation
Macro Equilibrium
Aggregate Demand, Aggregate Supply
Jun 13: Quiz 2, Chapters 8,9
Spending, Income, and Demand Side Equilibrium
Consumption, Saving, Investment and the Multiplier
Jun 19: Quiz 3, Chapters 10,11
Jun 20
Classroom Exam, Chapters 4 - 11
Jun 21
Fiscal Policy
Spending, Taxing, Deficits, and Debt
Jun 22,25
Readings in
Text
Chapters 4,5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapters 10,11
Chapter 12
Money
Functions/Flavors; Banking, Credit & Deposit Multiplier
Jun 25: Quiz 4, Chapters 12,13
Chapter 13
Monetary Policy
Central Banks, Their Tools, and Money Markets
Jun 27: Quiz 5, Chapter 14
Chapter 14
Macroeconomic Policy: Tradeoffs and Business Cycles
Phillips Curve(s), “Natural Rate”, Expectations and Outcomes
Jun 29: Quiz 6, Chapter 15
Chapter 15
Jul 2
Macro Viewpoints: New Keynesian, Monetarist, New Classical
Chapter 16
Jul 3
Economic Growth: Resources, Technology, Productivity
Jul 3: Quiz 7, Chapters 15,16
Chapter 17
Jul 4
Independence Day Recess
Jul 5
Catch-up and Review
Jul 6
Comprehensive Final Examination, 80 points
Jun 26,27
Jun 28,29