Economics 110: Principles of Macroeconomics (6 cr.)
Spring Term 2012
Instructor:
Theresa Bauer
Office:
Phone:
E-mail:
Office Hours:
Willis Hall 303
Ext. 4103
tabauer@carleton.edu
Mondays 2:00-3:00 p.m.
Wednesdays 3:00-4:00 p.m.
Fridays by appointment
Class Times:
MW 9:50-11:00 a.m.
F 9:40-10:40 a.m.
Class Location: Willis Hall 203
Class Website: http://www.econ1xx.college.edu/
Prefect:
Liz Llanes, llanesl@carleton.edu
COURSE OVERVIEW
Course Description & Objectives
This course is designed as an introduction to Macroeconomics, which is the study of the
performance of national economies and the policies that governments use to try and improve that
performance. By the end of the term, you will be: (1) familiar with fundamental macroeconomic
concepts and frameworks; (2) able to use economic concepts and frameworks to critically analyze
current macroeconomics issues; (3) have an economic perspective through which to see the world.
Readings
The required textbook for this class, which can be found at the Carleton Bookstore or online, is
Frank, Robert H. and Ben S. Bernanke. Principles of Macroeconomics. 5th ed. New York:
McGraw-Hill/Irwin, 2013. Print. (ISBN 978-0-07-731850-5)
Additional readings relating to course topics may be assigned throughout the semester. These will
be distributed by email or posted to the course website.
Feedback on Learning
Your overall final assessment will reflect your ability to think and behave like an economist. There
will be a variety of opportunities that will provide feedback on your learning.
In-Class Activities (ICAs):
Problem Sets (5 total):
Quizzes (2 total):
Group Presentation & Write-up:
Exam 1 (Friday, April 27):
Exam 2 (Saturday, June 2, 8:30-11:00 a.m.):
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10%
15%
10%
15%
20%
30%
COURSE TIMELINE
Class Schedule
The course will be divided into five modules, with each module focusing on a particular theme or
aspect of Macroeconomics. Modules lengths will vary slightly.
Module 1: Introduction – A way of thinking about the world.
This module will introduce you to 7 Core Principles that economists use for understanding
almost any economic situation.
Monday, March 26
 Course Overview
 Introduction to Macroeconomics
Wednesday, March 28
 Chapter 1: Thinking Like an Economist
 Chapter 1 Appendix: Working with Equations, Graphs, and
Tables
 Chapter 2: Comparative Advantage
Friday, March 30
 Chapter 3: Supply and Demand
 Chapter 3 Appendix: The Algebra of Supply and Demand
Monday, April 2
 Chapter 3 - Continued
Module 2: Macroeconomics: Data and Issues – The big picture!
Macroeconomics is the study of the performance of national economies and the policies that
governments use to try and improve that performance. This module will introduce you to the
central concepts and measurements used in macroeconomics.
Wednesday, April 4
 Chapter 4: Spending, Income, and GDP
Friday, April 6
 Discussion
Monday, April 9
 Chapter 5: Inflation and the Price Level
Wednesday, April 11
 Chapter 6: Wages and Unemployment
Friday, April 13
 In-Class Quiz (Chapters 1 – 6)
 Discussion
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Module 3: The Economy in the Long Run – Why are our lives different than our ancestors?
This module will focus on the behavior of the economy in the long run, including the factors that
cause the economy to grow and develop.
Monday, April 16
 Chapter 7: Economic Growth
Wednesday, April 18
 Chapter 8: Saving, Capital Formation, and Financial Markets
Friday, April 20
 Discussion
Monday, April 23
 Chapter 9: Money, Prices, and the Financial System
Wednesday, April 25
 Review for Midterm; Catch-up (if necessary)
Friday, April 27
 MIDTERM EXAM (Chapters 1 – 9)
No class April 30: Midterm Break
Module 4: The Economy in the Short Run – Are we on a rollercoaster ride?
In this module we will explore the causes of short-term fluctuations in key economic variables
and options available to government policy-makers for stabilizing the economy.
Wednesday, May 2
 Midterm Feedback
 Chapter 10: Short-Term Economic Fluctuations
Friday, May 4
 Chapter 10 - Continued
Monday, May 7
 Chapter 11: Spending, Output, and Fiscal Policy
Wednesday, May 9
 Chapter 12: Monetary Policy and the Federal Reserve
Friday, May 11
 Discussion; Presentation Groups
Monday, May 14
 Chapter 13: Aggregate Demand, Aggregate Supply , and Business Cycles
Wednesday, May 16
 In-Class Quiz (Chapters 10 – 12)
Friday, May 18
 Presentation Groups: Work Day
Monday, May 21
 Chapter 14: Macroeconomic Policy
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Module 5: The International Economy – Get out your passports!
In this final module we will look at exchange rates and the relationship among international
trade in goods, international capital flows, and domestic capital formation.
Wednesday, May 23
 Chapter 15: Exchange Rates, International Trade,
and Capital Flows
Friday, May 25:
 Discussion
 Presentation Groups: Work Day
Monday, May 28
 Final Group Presentations
Wednesday, May 30
 Course Wrap-Up and Evaluations
FINAL EXAM: Saturday, June 2nd, 8:30am - 11:00am. Room: TBA
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Class Calendar
Chapters are expected to be read before class of the date given. Similarly, assignments are due at
the beginning of class of the date given. The Class Calendar is tentative and subject to change
during the term. If there are any changes to the Class Calendar, an announcement will be made in
class and a new Class Calendar will be emailed and/or posted to the class website.
Class
Date
Chapter(s)
Topics
1
Mar. 26
2
Mar. 28
1, 1A, 2
3
Mar. 30
3, 3A
4
Apr. 2
5
Apr. 4
6
Apr. 6
7
Apr. 9
5
The Consumer Price Index (CPI) and Inflation
8
Apr. 11
6
Employment and The Labor Market
9
Apr. 13
10
Apr. 16
7
Economic Growth and Productivity
11
Apr. 18
8
National Savings and Investments
12
Apr. 20
13
Apr. 23
14
Apr. 25
15
Apr. 27
MIDTERM EXAM
Apr. 30
NO CLASS: MIDTERM BREAK
Assignment Due
Course Overview and Introduction
7 Core Principles of Economics
Signed Course
Contract
Supply & Demand – An Overview/Review;
Demand, Supply and Market Equilibrium
Supply & Demand – Predicting and Explaining
Changes in Prices and Quantities
4
Gross Domestic Product (GDP)
Homework 1
Discussion
Quiz & Discussion
Homework 2
Discussion
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Money and the Financial System
Review for Midterm & Catch-up
10
Midterm Exam Feedback, Midterm Feedback;
Recessions and Expansions
16
May 2
17
May 4
18
May 7
11
Spending and Fiscal Policy
19
May 9
12
Federal Research and Monetary Policy
Output Gaps and Cyclical Unemployment
5
Homework 3
20
May 11
Discussion; Presentation groups
21
May 14
22
May 16
Quiz
23
May 18
Presentation work day
24
May 21
14
Macroeconomic Policy
25
May 23
15
Exchange Rates and the International Economy
26
May 25
Discussion; Presentation work day
Homework 5
27
May 28
Group Presentations
Group Write-up
28
May 30
Course Recap and Wrap-up
13
Aggregate Demand and Aggregate Supply
Homework 4
FINAL EXAM: Saturday, June 2nd, 8:30am - 11:00am. Room: TBA
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COURSE POLICIES
In-Class
Activities
(ICAs)
In-Class Activities will be integrated into each class meeting. The material will
come from readings assigned for the day as well as material covered during the
class. Sometimes you will be asked to conduct an activity independently, but often
you will work with a partner or a small group. These are turned in during the class
and count toward your final grade.
Problem Sets
You will be responsible for completing five problem sets that consist of numerical
calculations, drawing graphs and diagrams, short answers, and analyses of current
issues. These will be used to assess your ability to understand, examine, analyze
and critique course material and relevant current topics. You may work together
with 2-3 other students, in fact, this is encouraged‼ However, you must write up
your own answers independently and list all peers that you collaborated with.
Group
Presentation
& Write-Up
You will be assigned to a group of 4-5 students. Parameters of the assignment will
be provided later. Your grades for the group projects are a function of:
 Your group’s write-up (graded by the Instructor)
 Your group’s in-class presentation (evaluated by your classmates and the
Instructor)
 Your contribution to the group (evaluated by your fellow group members)
Student Role
You are expected to come to each class on time and be fully prepared to discuss
the current day’s readings. You are expected to have an open mind toward the
topics discussed, and to treat your peers and your instructor with professionalism
and respect. Additionally, you are expected to complete all assignments by their
assigned due date.
Instructor
Role
As your instructor, you can expect that I will: treat you with respect and
encouragement, create an atmosphere conducive to learning, provide a safe
environment for you to ask questions so that you may fully grasp the material of
the course, and provide constructive feedback on your performance.
Use of
Personal
Electronic
Devices in
the
Classroom
This is a CELL PHONE FREE ZONE. Please turn your cell phone off (not
vibrate) before entering the classroom. Since Economics relies on drawing graphs,
making numerical calculations, etc. using laptops and tablets are not as convenient.
If you must use an electronic device for taking notes, please see me before the
beginning of the second class meeting1. Additionally, you will be expected to
email me your notes at the end of each class period.
Attendance
Policy
This course will rely on team work, in-class discussions, and active learning
activities. As a result, missing classes not only negatively affects your ability to
learn the material, but it negatively affects the learning process for your peers. If
you will need to miss a class, I ask that you please inform me in writing (delivered
to me in person or via email) prior to the day of the class that you will miss.
You will also be required to sign a contract that you will not use the Internet (e.g. web surfing, emails, Facebook,
Twitter, instant messaging, and other social networking sites) during class.
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Late Work
Policy
It is important for your learning and your ability to participate in the classroom
community that you are prepared and stay on top of the assignments of the
course. Late work is detrimental to this learning process and can quickly become
unmanageable with newer assignments. You will receive only partial credit for
homework submitted after the beginning of the class period on the day an
assignment is due. Minimal or zero credit will be given for assignments turned in
after the answer key has been posted.
Homework
One of the biggest goals I have for you is to be able to think critically about the
Resubmission course material. Therefore, if points are subtracted from an answer you believe is
Policy
correct, you are allowed to challenge the grading of one question per assignment.
This must be submitted in writing as a clear, structured, and well-articulated
argument before the next class period. The original assignment must accompany
this resubmission, as well as references to supporting documents and/or materials.
Missed
Exams and
Retakes
You will not be allowed to retake exams or make up missed exams. Missing the
final exam will result in an “Incomplete” grade. The midterm and final exam
times and locations are listed in this syllabus; please plan your schedule
accordingly.
Incomplete
Coursework
Policy
If a student does not complete the required coursework within the timeframe set
forth in this syllabus the student will receive a letter grade F. Only under
extraordinary circumstances will an Incomplete (I) be given, which will only be
granted after the student, instructor, and Department Chair have agreed upon a
written timetable for the completion of all outstanding coursework.
Academic
Dishonesty
An act of academic dishonesty is a serious offense in a college community. By
seeking credit for work which is not his or her own, a student takes unfair
advantage of fellow students, who accept their limitations, and of teachers, who
trust that the work received is the student's. Dishonesty in academic work,
particularly in the form of plagiarism, also defeats the process of self-discovery
which is the heart of a liberal education. People establish their integrity and
personality only as they learn to distinguish what is significantly their own from
what belongs to another, only as they learn to value their own work, including its
limitations, in relation to the work of others. As a scholar, finally, one should be
generous in acknowledging the work of other scholars, for their work makes
possible one's own.
At Carleton College, an act of academic dishonesty is therefore regarded as
conflicting with the work and purpose of the entire College and not merely as a
private matter between the student and an instructor; all cases involving such
dishonesty are referred to the Academic Standing committee for appropriate
action. This action can vary from a grade of Unsatisfactory in the given piece of
work to a recommendation of permanent dismissal from the College in cases of
repeated or serious offenses.
You can find information about academic dishonesty at:
http://apps.carleton.edu/campus/doc/honesty/
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After reading the entire syllabus, please detach this page, sign it, and
turn it in at the beginning of the class on Wednesday, March 28.
I have read the syllabus for Economics 110-01 and I understand my obligations for the course.
Signature: _________________________________________ Date: _________________
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