ECON 202 (3) PRINCIPLES OF MACROECONOMICS
WINTER TERM JANUARY - APRIL 2014
Instructor:
Office:
Office Hrs:
Phone:
Email:
Class Time:
Class Web Site Address:
Kelleen Wiseman MBA, Ph.D.
UBC ofc: MCML 352 and CCC Faculty Office: TBA
Tue & Thurs 12:00-1:00 pm or by appointment
UBC 604-822-9704
kelleen.wiseman@ubc.ca
Tue & Thurs 10:30 – 12:00 pm
http://courses.landfood.ubc.ca/FRE302/Econ202/
COURSE DESCRIPTION
Macroeconomics is the study how a nation’s economy works and how policy makers determine the best choices to
improve the overall well-being of a country’s population This course introduces the theories of macroeconomics and of
Canadian institutions and policy concerning the cycles of business and economic growth, gross domestic product,
inflation, unemployment, interest, exchange rates, and banking. Specific attention is paid to the topical questions
surrounding economic growth, global economy, fiscal and monetary policy intervention, international trade,
globalization and financial markets,
Students interested in business, history, economic development, social justice and political science will find this course
content of importance to their understanding of the interaction and mechanism of today’s global economies. By
studying macroeconomics and understanding the critical concepts used to assess economic data, students will have a
stronger perspective on the issues and problems in our world economies. This course encourages students to think
critically about the national and global issues in the forefront today and introduces the tools and principles required
to develop their own ideas in an informed manner.
CLASS FORMAT
A thirteen-week course consisting of two - one and a half hour classes per week.
REQUIRED TEXTS/MATERIALS
Textbook: Principles of Macroeconomics, Fourth Canadian edition by Frank, Bernanke, Osberg, Cross, MacLean
(McGraw-Hill Ryerson, Toronto, 2012) (You may be able to use the 3rd edition – check the content thoroughly)
GRADING:
Assignments (3)
Quiz
Class Participation & Articles
Midterm 1
Midterm 2
Final
Total
(PERCENTAGE)
15
5
5
20
20
35
100
CLASS NOTES
Class notes (in PowerPoint handout format) will be provided online via the class website on the day before class.
However, these notes provide only the basics. Each student is expected to bring these to class and to take additional
notes during class.
DISCUSSION ARTICLES
A set of current articles will be provided to you in late January. Each week onward, an article will be assigned and
you will need to read and be ready to discuss the article in class. Each article covers one or more of the economic
principles covered in class. This will contribute toward class participation grades. You will receive a zero in the class
participation if you are not prepared when asked to discuss the economics of the article.
CLASS POLICIES
Late assignments: In fairness to students who work hard to meet course deadlines, late assignments will not be
accepted. Assignments must be stapled, neatly written or typed, and have solutions provided in the correct order.
Assignments are due at the beginning of class. Messy assignments will not be accepted.
Plagiarism or Cheating: Plagiarism is the use of the language, ideas or thoughts of another without
acknowledgement. It is a serious offence, which, like other forms of cheating, incurs severe penalties. You are
encouraged to work together in the assignments but you must submit an individual assignment. The penalty for
cheating or plagiarism is at the very least, a mark of zero. It may even result in a failed grade or expulsion from the
College. Students are advised to familiarize themselves with the rules of practice and conduct concerning the writing
of papers and examinations, in order to avoid such dishonesty.
Attendance: Attendance will be taken at the beginning of class and will be considered in the raising and lowering of
borderline grades. Please notify me as soon as possible if you are unable to attend class. Students must provide
documentary evidence (such as a doctor's note) in order to make up an assignment or exam missed due to emergency
circumstances. It is your responsibility to let me know if you have come in late and have missed attendance. Students
are advised to familiarize themselves CCC attendance policy.
Exams: Midterm exams will be written on the days noted in the schedule. Calculators are required. However, only a
very basic calculator is allowed during the exam. No calculators with storage, memory or translation functions are
allowed. No other papers are allowed in the exam for any reason. Failure to comply with the policy may result in a
zero on the exam.
STUDENT RESPONSIBILITIES
Economics is not a subject most people can easily grasp by simply attending class and reading occasional chapters.
Cramming" before exams rarely works. You need to read assigned materials and complete assigned questions
regularly week by week. Ignoring the text and the student guide is a high-risk decision. Very few people can earn
the grade they are capable of without doing all the work.
Class notes are not a repeat of the text - they provide additional examples and contextual information. In order to
make the class more applicable and interactive you will need to commit to reading text chapters and completing inclass questions prior to class.
Each student is responsible for the following:
 reading the assigned textbook material before each class;
 downloading notes from the website and bringing them to class;
 taking additional notes in class;
 attending & participating in class;
 reading assigned articles and participating in class discussions;
 reviewing and completing end of chapter questions from the text; and
 completing quizzes, exams & assignments as required and on-time.
CLASS PROTOCOL
 Laptops are not necessary in the classroom. If you are using a laptop, you must to sit in the back row because it is
distracting for others to have screens available for viewing.
 Please respect others and the instructor by focusing/engaging in the lecture material and not chatting.
 Do not enter and exit during the class. The class is one hour and twenty minutes long and you are expected to be
in the class the entire time.
 No eating during class.
 Be on time for class. If you are late, enter the classroom quietly.
TIPS ON HOW TO STUDY FOR ECONOMICS
 Read the chapter before class so you can genuinely follow and increase your understanding of the class material
 Print out the class notes and bring them to class. Add your own notes, examples, and note important topics.
 Read the business section of any newspaper so you can apply the economics to the real world.
CLASS OUTLINE
Week
Week 1
Week 2
Date
Jan 7
Jan 14
Week 3
Jan 21
Week 4
Jan 28
Week 5
Feb 4
Week 6
Feb 11
Feb 17
Topic
INTRODUCTION
Thinking Like an Economist
What is Macroeconomics?
BACKGROUND
Supply and Demand: Micro to Macro Economics
Macro and Micro Elements: Shifting & Moving along Supply & Demand Curves
Equilibrium & Price Effects in the Economy: Aggregate demand & Aggregate
Supply
BIG PICTURE
Macroeconomics: The Big Picture: Players, Structures & Measurement
Measurement: Financial Indicators- GDP, Unemployment, Inflation & More
Economic Growth, Productivity, and Living Standards: Measurement & Linkages
between the Economy & Standard of Living
Economic Fluctuations: Recessions, Depressions, Expansion, & Stagflation
Macroeconomic Models: The Basics & Examples
MIDTERM EXAM 1 Feb 11
THE IMPORTANCE OF POLICY
Monetary, Fiscal, & Structural Policy
Central Bank: Role and Policy
Week 12
April 1
Week 13
April 8
Financial Markets and International Capital Flows
Feb 25
Week 8
March 4
Week 9
March 11
Week 10 March 18
Week 11 March 25
1
3
4
4,5,6
14
7
9, 9A, 10
Reading Week
Government: Role and Policy
Effect of Policy: How?/Why?
Keynes Model
MACROECONOMIC MODELS
Models to Review Policy and Effects on the Economy:
Keynesian Model Revisited
Aggregate Demand – Aggregate Supply Model
Aggregate Demand – Inflation Adjustment Model
Policy Reaction Functions
Multipliers
MIDTERM EXAM 2 March 18
TRADE & GLOBALIZATION
International Trade and Trade Policy
Comparative Advantage & Opportunity Cost
Globalization
Policy: Tariff, Quotas, Protectionism
Exchange Rate
Agencies & Agreements
Trade Deficits and Balance
FINANCIAL MARKETS
Saving and Capital Formation
Week 7
Chapter(s)
from Text
FINAL EXAM See CCC Final Exam Schedule
8
8
11
12
2
15
13
16
16