Keene State College
Economics 201-3: Macroeconomics
Fall Semester 2005
Tues & Thurs 11:00 a.m. – 12:20 p.m.
Science 101
Instructor:
Office:
Phone:
E-Mail:
Office Hrs:
Texts:
Patrick Dolenc
Rhodes 260
358-2629
pdolenc@keene.edu
Mon: 1:00-2:00 p.m.; Tues & Thurs: 10:00-11:00 am; or by appointment
Schiller, The Macro Economy Today, 10th edition (2006)
Krugman & Wells, Macroeconomics, Uncorrected Version, (2006)
** Note: Schiller has not changed significantly in many editions. If you
use an earlier edition, please see me to construct the reading list. **
Website:
http://keene.blackboard.com
Course Description & Objectives: This course provides an introductory survey of the
tools, topics, theories and policy options of macroeconomics. By semester’s end you
should be familiar with macroeconomic terminology, understand several macroeconomic
models and their implications, and have developed analytical and quantitative skills
(including the use of graphs) to explain and evaluate economic theories and events.
Course Requirements and Course Grades:
Quizzes
Writing assignment
Two midterm exams (25% each)
Comprehensive Final Exam
20%
5%
50%
25%
100%
Course grades rely on the following scale:
93% & above:
88% to 92%:
83% to 87%:
78% to 82%:
73% to 77%:
68% to 72%:
60% to 67%:
A
AB
B
BC
C
CD
D
Adjustments to this scale must be to your advantage.
Quizzes: Unannounced quizzes cover reading assignments (complete assigned reading
prior to the day it is scheduled to be discussed in class), material from lectures, and inclass problem solving or model manipulation. Quizzes are open notes (your own), but not
open book. Expect to drop at least one quiz score since I do not excuse missed quizzes.
Writing Assignment: Each member of the class is expected to complete a writing
assignment contrasting a specific section of assigned reading from the two texts.
Guidelines for this assignment will be provided as the semester progresses.
Exams: Exams consist of short answer and problem solving and draw from both assigned
reading and material covered in class. Short answer questions focus on various
combinations of three themes as they relate to course content: (1) explaining concepts, (2)
applying concepts concretely, and (3) evaluating the importance of a concept. The
problem-solving component of each exam will be similar to problems we’ve worked with
in class. Study guides with more detailed guidelines will be distributed prior to each
exam. The final exam is comprehensive.
Attendance: It’s your responsibility to attend each class session or to find out what you
have missed. The assigned reading is not an effective substitute for attending class. If
you miss a class session, get the notes from a classmate. I will clarify questions about
the notes if you first find out what you have missed. Make sure you understand the
College policy on excessive absences (page 163 of the 2005-06 catalog). You cannot
pass this course if you miss more than six classes for whatever reason.
Makeup Policy: Makeup opportunities for missed work are only available for
circumstances beyond your control where you have notified me as soon as is reasonably
possible. Makeup quizzes will not be given, however I will adjust your grade if you must
miss class for a court appearance, funeral or hospitalization. To be eligible for a makeup
exam you must contact me prior to the exam and provide me with evidence of
circumstances beyond your control. If you are eligible to take a makeup exam, plan to
complete it within one week of the regularly scheduled exam to avoid a late penalty.
Classroom Behavior: Treat all members of this class as well as opposing viewpoints
with respect. If you come in late or must leave early, do so in the least disruptive manner
possible. Turn your cell phone off or to a silent mode before each class session. If you
fail to respect these guidelines you may be required to withdraw from the course.
This class strictly follows the College Policy on Academic Honesty. Therefore “…any
work presented as a student’s own, must, indeed, be that student’s work, created by that
student without unacknowledged aid or sources.” All exams and quizzes must be taken
without assistance (other than the "open notes" provision for quizzes). Violation of this
policy will result in failure for the particular exam or quiz and notification of the Dean’s
office. More serious or repeat offenses will result in failure for the course. For a detailed
discussion of the College Policy, refer to the Keene State College Student Handbook.
* * If you have questions on these or other matters, please do not hesitate to ask. * *
COURSE OUTLINE
Complete each reading assignment prior to its scheduled class session.
(Aug 30)
Course Introduction
(Sept 1)
Introduction to Economics
Reading: Schiller pp. 1-6 & K/W pp. 1-10
Optional: Schiller Ch 1 appendix & K/W Ch 2 appendix
(Sept 6)
Our First Model
Reading: Schiller pp. 6-12 & K/W pp. 20-33
(Sept 8)
Demand
Reading: Schiller pp. 44-55 & K/W pp. 56-63
(Sept 13)
Supply & Applications
Reading: Schiller pp. 55-63 & K/W pp. 63-78
(Sept 15)
Market Failures
Reading: Schiller pp. 63-67, 70-78 & K/W pp. 83-94
(Sept 20)
To be announced
(Sept 22)
To be announced
(Sept 27)
Evaluating Efficiency
Reading: K/W chapter 5
(Sept 29)
The Circular Flow Model
Reading: Schiller chapter 2
(Oct 4)
National Income Accounting
Reading: Schiller pp. 94-104 & K/W pp. 159-172
(Oct 6)
Exam #1
(Oct 11)
Theories of the Business Cycle
Reading: Schiller pp. 154-161 & K/W pp. 138-149
(Oct 13)
Unemployment
Reading: Schiller chapter 6 & K/W pp. 173-176
(Oct 18)
Inflation
Reading: Schiller chapter 7 & K/W pp. 176-181
(Oct 20)
Introduction to Keynesian Economics
Reading: Schiller pp. 161-172
(Oct 25)
Modeling Macroeconomic Instability
Reading: Schiller pp. 178-190
(Oct 27)
Extending the Keynesian Model
Reading: Schiller pp. 190-198
(Nov 1)
Working with the Keynesian Cross Model
Reading: Schiller chapter 10
(Nov 3)
Wolves, Pussycats, & Termites
Reading: Schiller chapter 12 & K/W pp. 210-221
(Nov 8)
Economic Growth
Reading: Schiller chapter 17 & K/W chapter 8
(Nov 10)
Exam #2
(Nov 15)
Introduction to Money
Reading:
(Nov 17)
Fractional Reserve Banking
Reading:
(Nov 22)
The Money Multiplier
Reading:
(Nov 24)
** Thanksgiving Break **
(Nov 29)
A Brief History of International Monetary Systems
Reading: handout
(Dec 1)
The Federal Reserve
Reading: Schiller chapter 14
(Dec 6)
Monetary Policy
Reading: Schiller chapter 15
(Dec 8)
The Phillips Curve
Reading: Schiller chapter 16
Comprehensive Final Exam: Tuesday, Dec. 13th 10:30 a.m. – 12:30 p.m.