Sumell, ECON 2630 Syllabus
Summer 2012
ECON 2630
Principles of Macroeconomics
MWF 10:30 a.m.–12:45 p.m.
DeBartolo Hall – Room #358
Albert J. Sumell
314 DeBartolo
(330) 941-1678
[email protected]
Note: If you need to contact me for any reason please do so by e-mail.
Prerequisites: ECON 2610 – Principles of Microeconomics
Office Hours: 2:00 – 3:00 p.m. Monday and Wednesday, and 1:00 – 2:00 p.m. Friday, or
anytime by appointment
Course Description and Objectives:
Economics is the study of choice under conditions of scarcity. While microeconomics focused on
the choices of individuals and firms, in this course we will study choices that affect the economy
as a whole. Many of the same concepts studied in microeconomics are relevant (supply and
demand, opportunity cost, etc.) but these concepts will be placed in the context of the overall
economy. We will study basic macroeconomic concepts such as inflation and unemployment,
and apply these concepts to the U.S. economy and other nations. Furthermore, we will discuss
the ability of government policymakers to affect growth, unemployment and inflation by
analyzing various fiscal and monetary policy measures.
If you come to class, pay attention, and study outside of class, by August 10th you will be:
-able to explain and apply fundamental macroeconomic concepts such as gross domestic product,
economic growth, recessions, etc.
-understand how the choices of fiscal and monetary policymakers affect the economy and social
-better informed on and better equipped to analyze a wide range of policy issues.
-prepared for more advanced/specialized classes in economics.
Required Text:
McConnell, Brue, and Flynn. Macroeconomics. 19th Edition. McGraw-Hill.
Texts can be purchased at the bookstore (we have special pricing) or online.
Basis for grading:
Quizzes/Assignments: 15%
Attendance/Participation: 5%
1st Midterm: 25%
2nd Midterm: 25%
Final Exam: 30%
There will be two midterm exams. The exams will be in-class, and I hope to spend a portion of
the class before the exam reviewing concepts that you will be asked on the exam. Exam makeups will be given before the final exam only for valid reasons (sleeping, forgetting and/or “not
knowing” are not valid reasons). If you miss an exam, you must contact me within 24 hours
of the exam either via e-mail or phone to have any possibility of being given a make-up
exam. Study guides with practice questions will also be posted on the class website prior to each
midterm. The final exam will be comprehensive, but will focus on the material after the second
There will be approximately 8 quizzes which will generally be given at the beginning of each
class on non-exam classes and will last 10-15 minutes. If you miss a quiz you will receive a zero,
regardless of the reason. There are no make-up quizzes, no exceptions. Your lowest quiz
grade will be dropped at the end of semester, such that missing one quiz will not directly impact
your grade. There will be approximately 3 assignments, each which will be posted on the class
website at least 2 days before it is due. The primary purpose of the quizzes and assignments is to
ensure you are keeping up with the material covered and are prepared for the exams.
Attendance is not mandatory, in that I will not directly subtract points from your grade if you
miss class. However, consistent attendance is the single most important requirement to doing
well in the class.
There will be one opportunity for extra credit. It is to analyze a relevant Macroeconomic article
from a newspaper or magazine. This involves writing a summary of the article, including a
discussion of the issue(s) the article addresses, relevance, policy implications, and a section in
which you try and tie the article with class material and economic theory. Please see me outside
of class if you would like a suggestion on possible topics. The analysis should be no more than 2
pages and will be worth a maximum of 8 points towards your final exam grade.
Rules: NO CHEATING on exams or quizzes. I take this very seriously. If you are caught
cheating in anyway (such copying from another student’s exam, using a cheat sheet, texting etc.)
you will be given an F for the course and a report will be filed with Student Affairs. Refer to
YSU’s Undergraduate Bulletin for University procedures and policies regarding academic
You are expected to conduct yourself in class in such a way that will not detract from other
students’ ability to pay attention in anyway. This includes no loud talking or cell phone usage
(including texting).
You are responsible for all work missed during class regardless of the reason. If possible, it is
best to make a copy of another student’s lecture notes from any missed class. You should also
check the class website to see if a new assignment or study guide has been posted. If you must
leave class early please let me know before class begins.
Final grades for the course will be based on the following scale:
Grading Scale
Below 60%
Final Grades may be curved as deemed appropriate at the end of the semester.
Statement Regarding Disabilities:
Anyone requiring special adaptations or accommodations should inform the instructor as soon as
possible. In accordance with University procedures, if you have a documented disability and
require accommodations to obtain equal access in this course, please contact the Office of
Disability Services (phone: 330-941-1372) in the Center for Student Progress at the beginning of
the semester or when given an assignment for which an accommodation is required. Students
with disabilities must verify their eligibility through the Office of Disability Services. CSP
Disability Services is located at 275 Fifth Ave.
The Center for Student Progress:
The Center for Student Progress is a resource on Campus established to help students successfully
complete their university experience. Please phone (330) 941-3538 or visit the Center for
assistance in tutoring or for individualized assistance with social and academic success. The
main Center is located in Kilcawley West below the bookstore.
Preliminary Schedule (Subject to Changes):
Chapters 1-3: Intro / Review of Microeconomics Fundamentals
Chapter 6 - 7: Intro to Macroeconomics/Gross Domestic Product
Chapter 8: Economic Growth
Chapter 9: Business Cycles, Unemployment, and Inflation
Midterm 1
Chapter 10: Basic Macroeconomic Relationships
Chapter 11: Aggregate Expenditures (Keynesian) Model
Chapter 12: Aggregate Demand and Aggregate Supply
Chapter 12/13: AD/AS and Fiscal Policy
Chapter 13: Deficits, the National Debt, and Projections for the Future
Midterm 2
Chapter 14:
Chapter 15:
Chapter 16:
Chapter 17:
Chapter 20:
Final Exam
Money and Banking
Money Creation
Monetary Policy
Financial Economics
International Economics
Note: 7/26 is the last day to withdraw and receive a “W”