ECONOMICS 211
MACROECONOMIC PRINCIPLES
SPRING 2015
Instructor: Brian B. Young
Email:
Alternative email:
Telephone: [602] 325.3274
brian.young@gccaz.edu
econometrics@email.com
Office hours:
Twitter/Facebook:
Calendar:
Web: http://web.gccaz.edu/~bri2097936
By appointment in GCC O5 office building.
Please “follow” @GCCAZ_ECN211 and/or “like”
http://www.facebook.com/Ecn211AtGlendaleCcAz for important course information
and updates.
There is a link to the Google Calendar for this class in the file depository.
Course description: A descriptive analysis of the structure and functioning of the national economy. Emphasis is
on economic institutions and factors that determine national income and employment. Consideration is given to
the topics of income, unemployment; inflation, interest rates, and economic growth with special emphasis give to
monetary and fiscal policies.
Required text: Principles of Macroeconomics; Rittenberg, L. and Tregarthen, T.; Flat World Knowledge, 201108-09. R & T is published under the Creative Commons license and is available free of charge at
http://www.web-books.com/eLibrary/NC/B0/B62/TOC.html or at
https://www.dropbox.com/s/uo98agdzb92in3l/Principles_of_Macroeconomics.zip. Alternatively, a more recent
edition, plus supplemental material, is available for purchase in a variety of formats here:
http://catalog.flatworldknowledge.com/catalog/editions/rittenmacro_2_1-principles-of-macroeconomics-2-1 It is
necessary, but not sufficient, to read the text to achieve success in this course. Look on amazon.com,
barnesandnoble.com, and cheapesttextbooks.com to find printed copies of the text.
Attendance: Attendance is mandatory. Roll will be taken at the beginning of class. Students who miss roll will
be counted as absent. If a student stops attending and needs to drop the class, it is the responsibility of the
student to withdraw prior to the posted deadline. Failure to do so can result in a failing grade in the class.
Course outline:
1) Introduction (Ch. 1)
a) Syllabus
b) Definitions and Graphing (Appendix A)
2) The Global Economy and the Economic Problem (Ch. 2)
a) PPF
b) Comparative advantage, specialization, and gains from trade
3) Demand and Supply (Ch. 3 and Ch. 4))
a) Market Equilibrium
b) Price Rigidities
4) Special Section Taxes (lecture)
+++ Exam #1 +++ (???)
5) The Metrics of the Macroeconomy (Ch. 5 and Ch. 6)
a) GDP (total output = total income) (BEA website)
6)
b) CPI (the Price Level) (BLS website)
c) The Labor Market (the Unemployment Rate and LFPR) (BLS website)
Aggregate Supply – Aggregate Demand and the Business Cycle (Ch. 7)
7)
Potential GDP and Economic Growth
a) Classical v. Keynesian interpretations
b) Economic Growth and Productivity (Ch. 8, Ch. 19, and WEF-GCR)
+++ Exam #2 +++
(???)
8) The Monetary System (Ch. 9)
a) The Banking System
b) The Federal Reserve System
i) Policy tools
ii) Money creation and fractional reserve banking
9) Investment and Capital Markets (Ch. 10 and Ch. 14)
a)
Interest rates
b)
The effects of financing a deficit (Crowding out)
9) Monetary Policy and The Fed (Ch. 11)
a) The dual mandate of the Fed (inflation v. unemployment)
b)
Monetary innovations since 2008
c)
d)
e)
10)
11)
12)
13)
14)
Velocity and the quantity theory of money
The costs of inflation
Liquidity trap
+++ Exam #3 +++ (???)
Fiscal Policy (Ch. 12)
a) The Federal Budget (deficit)
b) The debate: taxation v. expenditures
c) Discretionary fiscal policy
d) Automatic fiscal Policy
e) Taxation
Consumption and Aggregate Expenditure (Ch. 13)
The Phillips Curve (Ch. 16)
International Trade and Finance (Ch. 15)
History of Macroeconomic Thought (Ch. 17)
a) Neoclassical
b) Neo-Keynesian
c) Monetarist
+++ Exam #4 +++ (???)
Course content may vary from this description to meet the needs of this particular class.
Grading: Grading will be based upon points earned on four exams. There will be three exams during the
semester and one final exam. Each exam, including the final, is worth 100 points. The final exam is not
comprehensive. Grades will be assigned as follows: A = 360 or more points; B = 320 to 359 points; C = 265 to 319
points; D = 200 to 264 points; Failing = < 200 points. A 2-point quiz will be given each week. Attendance and class
participation will be considered in borderline cases.
Disclaimer: All provisions in this syllabus are subject to revision by the instructor. Such revisions, if any, will be announced in class and on
Twitter/Facebook. Exams will be announced at two class periods prior to the exam date. It is the student’s responsibility to make note of all
such announcements concerning syllabus revisions and assignments, and, in case of absence or tardiness, to contact the instructor to
determine if any such announcements, revisions, or assignments were made while the student was absent from the class. GCC and the
instructor will make reasonable accommodations for persons with documented disabilities. Students should notify the Disabled Student
Resources Office and the instructor of any special needs. Disciplinary standards in this course will be maintained as per the GCC Student
Handbook. Phones must be turned off during the lecture period.