ECON 251 Principles of Macroeconomics
Spring 2014
Instructor:
Office:
Phone:
Email Address:
Office Hours:
Classroom:
Class Meets:
Daniel Fairchild
403 OEC
(651) 962-5676
drfairchild@stthomas.edu
9:45 am – 10:30 am MWF, or by appointment
310 O’Shaughnessy Education Center
10:55 – Noon MWF (Section 04), September 3 – December 19, 2014.
12:15 - 1:20 pm MWF (Section 05), September 3 - December 19, 2014.
Textbook:
Principles of Macroeconomics by Lee Coppock & Dirk Mateer, 2014, W.W.
Norton and Company, Inc.
Economic Report of the President- http://www.gpoaccess.gov/eop/download.html
Course Web Page: I have set up a web page for our course. This page is NOT on Blackboard. You
should get in the habit of frequently checking out the course web page. You get to the course web page by
going to my personal webpage at the link below. After going to my web page click on the link for this
course.
http://personal.stthomas.edu/drfairchild
Prerequisites: This is an introductory course in macroeconomics. No prior courses are necessary for a
student to be enrolled. An understanding of basic high-school algebra and graphing is, however, essential.
Course Objectives: First and foremost, this course provides an introduction to the “economist’s way of
thinking.” That is, the logical and systematic method of approaching macroeconomic problems and issues
commonly used by economists. In addition, the course will provide you with the terminology and tools
necessary to analyze important macroeconomic issues and understand how a nation’s economy works.
Last, but not least, the course will develop a globally-integrated view of our nation’s economy which
highlights the interdependency of national economic systems.
To rephrase the above paragraph, we will study the nation's economy and its connections to the world
economy. Regardless of the specific topic or issue we are addressing, my primary goals as your instructor are to
help you:



learn the principals, concepts and theories that are most fundamental to
macroeconomics.
learn how to apply the material encountered in this course.
develop an ability to analyze and critically evaluate ideas, arguments and
points of view on the topics addressed in the course.
Grading and Assignments: There will be three hour-long exams in this course. There will also be a
number of homework problems and a research project assigned in this class. Your final course grade will
be determined by the following weights:
First examination
Second examination
Third examination
Assignments
29%
29%
29%
13%
Important Class Policies
You are responsible for all the material discussed in class, whether or not it is in the textbook. In addition,
my methods of addressing some topics differ from those in the textbook. Therefore, you should use the
textbook as a supplement to, but not a substitute for, what transpires in class. Reading the assigned
chapters in the text prior to our class discussions is not mandatory, but highly recommended. Also, you are
solely responsible for anything that transpires in class, whether or not you are in attendance.
Active participation in class discussions is expected and will be solicited by me.
Homework assignments must be handed in 4 pm on the due date in my office. I will not accept electronic
submissions (all assignments must be submitted in paper form.) It is important to get your homework in on
time. Assignments turned in late will be given a grade of zero
Makeup examinations will only be given in unusual circumstances, such as serious illness. Permission to
take a makeup examination should not be assumed and must be obtained from the instructor prior to the
scheduled exam date. Makeup exams, while covering the same body of material as the regularly-scheduled
exam, may not be the same format. It is important that you listen to my verbal elaboration on this policy
and how I implement it. You will be treated to this elaboration on more than one occasion during the
semester.
There are no opportunities for extra credit in this course.
Grading of Homework Assignments
I will assign one of three grades to each homework assignment:
+
√
─
Assignment is complete and, for the most part, correctly done. The work was done neatly,
legibly, and turned in by the deadline.
Assignment displays one or more of the following characteristics: incompleteness,
substantive incorrectness, lack of neatness or legibility, and/or shows a lack of effort.
Assignment is so illegible or so poorly attempted that it is unacceptable.
Course Outline
WEEK OF
CHAPTER
Sept. 1*
Five Big Ideas
Ch. 1
Sept. 8
Model Building & Potential Gains from Trade
Ch. 2
Sept. 15
Market supply and demand: Select Applications
Relevant to Macroeconomics
Ch. 3
Sept. 22
A Nation’s Economy in the Short and Long run.
Macroeconomic Measurements of Output.
Ch. 6
Sept. 29
Macroeconomic Measurements of Employment and
Inflation
Ch. 7 & 8
FIRST EXAM
Oct. 6
Economic Growth and the Wealth of Nations
Ch. 11
Oct. 13
Explaining Economic Growth
Ch. 12
Oct. 20*
Aggregate Demand, Aggregate Supply and the
Economy in the Short Run
Ch. 13
Oct. 27
The Great Depression and the Great Recession
Ch. 14
Nov. 3
Fiscal Policy and the Economy
Ch. 15, 16
SECOND EXAM
Nov. 10
Money, Banking and the Federal Reserve
Ch. 17
Nov. 17
Monetary Policy and the Economy
Ch. 18
Nov. 24*
International Trade, Trade Policy & the Economy
Ch. 19
Dec. 1
Exchange Rates and the Economy
Ch. 20
Dec. 8
Wrap Up
Section 04
Section 05
THIRD EXAM
10:30-12:30
Tuesday, December 16th
8:00- 10:00
Friday, December 19th