University of Wisconsin – Milwaukee
Principles of Macroeconomics
Fall 2015
Economics 296-104 Lecture 207 (#28296)
Online
Professor:
E-mail:
Voice:
G. Richard Meadows
meadows@uwm.edu
414 964-7541
Teaching Assts: Seyed Hesam Ghodsi
E-mail:
sghodsi@uwm.edu
Chuonga Ma
chuongma@uwm.edu
Loren Peter Wagner
lpwagner@uwm.edu
Required Text:
N. Gregory Mankiw, Brief Principles of Macroeconomics (7th edition),
Cengage Learning, ISBN-13: 9781285165929 or ISBN-10: 1285165926. Although you can
probably get the text cheaper elsewhere, this text may be purchased (or rented) at the UMM
Bookstore (or by visiting the bookstore’s on-line ordering site):
http://uwmbookstore.aux.uwm.edu/home.aspx.
N.B. IF YOU DECIDE TO BUY THIS TEXT FROM A VENDOR OTHER THAN THE UWM BOOKSTORE,
BE CERTAIN THAT YOU GET THE 7th EDITION, AND THAT YOU GET THE BRIEF PRINCIPLES OF
MACROECONOMICS. For reference, the cover of the text looks like:
One non-UWM Bookstore option: This book is available from Amazon.com and (no doubt)
countless other on-line book sellers. The Amazon.com link is:
http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Dstripbooks&fieldkeywords=1285165926
Another option is to rent your textbook for the semester. At least one vendor (Chegg.com)
offers a textbook rental program. This text can be found on Chegg.com at:
Syllabus
Econ. 104, Section 207
Fall 2015
2
http://www.chegg.com/textbooks/brief-principles-of-macroeconomics-7th-edition9781285165929-1285165926?trackid=1b61179a&strackid=6cf92a9d&ii=1&om_ss=1
[Be careful on the Amazon (or any on-line bookseller’s) site because there are likely to be links
to older editions of the text. Be certain that you are ordering the 7th edition. If you use an
earlier edition, the page references in the assignments will not be correct and you will miss the
updated text, tables, and graphics. Save yourself a lot of trouble and just order the 7th edition.]
Text-Based Resource: The text has a dedicated student website:
[http://websites.swlearning.com/cgiwadsworth/course_products_wp.pl?fid=M20b&flag=student&product_isbn_issn=97812851659
29&disciplinenumber=413] that takes the place of “study guides” sold with other textbooks.
This is a very useful resource; I urge you to use it continuously throughout the semester.
Other Web-Based Resources: In addition to the text and the text-based web site, I will make
frequent references to discussions of current events found in the financial press. Copies of the
articles (and/or URLs) will be distributed to you electronically. Because we will make frequent
use of The New York Times, I urge you to register for the on-line version of that newspaper (if
you are not already registered). To register for the Times, go to: [http://www.nytimes.com ].
Registration is free, and the daily electronic headline service is very useful. Do this immediately.
[Some time ago, The New York Times changed its policy regarding free access to all their
articles. The current policy allows free access to only 10 articles per month. I will try to avoid
this problem by making electronic copies available to you (at least in most cases).]
Course Outline:
This course will introduce you to the fundamentals of macroeconomic theory and practice. This
is the second course in the usual two-semester sequence in Principles of Economics. [Although
a two-course sequence in Principles of Economics is common throughout the United States, not
every university (even within the UW System) follows the sequence used here at UWMilwaukee (micro, Econ. 103 first, macro Econ. 104 second). If you have not taken a course in
microeconomics (or are not enrolled concurrently), please read (and master) Chapter 4 of the
text (in addition to the assigned introductory chapters 1, 2, 3, 5, and 6) as quickly as possible.]
GER Statement and Learning Outcomes
This course meets the UWM General Education Requirements in the division of the Social
Sciences. The specific learning outcomes are: i.) Students will be able to recognize and analyze
intrapersonal, interpersonal, and/or socio-cultural factors associated with individual behavior,
collective action, or societal development; ii.) Students will learn the methodologies for
conducting inquiry into human behavior, collective action, societies, or cultures.
Specific Student Learning Objectives For This Course:
At the successful conclusion of this course, you will be able to demonstrate the following
competencies:
Syllabus
Econ. 104, Section 207
Fall 2015
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You will have a good working knowledge of the terminology of macroeconomics and
finance.
You will have the ability to understand and apply the basic Keynesian model of income
determination and the applications of monetary and fiscal policy that follow from that
model.
You will have a beginning understanding of the sources of long-term economic growth
and possible policy responses to the short-run economic problems of inflation and
unemployment.
You will have a beginning understanding of the role of education and training in the
development of the U.S. labor force and the relationship between education and
earnings in the American economy.
You will have a beginning understanding of the processes of globalization that affect all
economies of the world including global economic recession – its origins and impact on
the US economy.
You will have a basic understanding of the time value of money and will be able to
apply this concept in simple applications.
You will have a beginning understanding of the relationship between macroeconomic
theory/analysis and current economic/political policy debates within the United States.
You will be able to read the financial press and other forms of economic analysis with
increased understanding and critical perspective.
Assignments:
WEEK
CHAPTER TITLE
PAGES
Week 1 (9/2 – 9/6)
Chapter 1
Chapter 2
Ten Principles of Economics
Thinking Like an Economist
3-20
21-39
Week 2 (9/7 – 9/13)
Chapter 2
Appendix
Chapter 3
Interdependence and the Gains from Trade
40-48
49-62
Week 3 (9/14 — 9/20)
Chapter 5
Measuring a Nation’s Income
91-111
Week 4 (9/21— 9/27)
Chapter 6
Measuring the Cost of Living
113-128
Week 5 (9/28 – 10/4)
Chapter 7
Production and Growth
131-154
Syllabus
Econ. 104, Section 207
Fall 2015
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Week 6 (10/5 – 10/11)
Chapter 8
Savings, Investment, & the Financial System
155-175
Week 7 (10/12 – 10/18)
Mid-term Exam
Week 8 (10/19– 10/25)
Chapter 9
The Basic Tools of Finance
177-192
Week 9 (10/26 – 11/1)
Chapter 10
Unemployment
193-216
Week 10 (11/2 – 11/8)
Chapter 11
The Monetary System
219-242
Week 11 (11/9 – 11/15)
Chapter 12
Money Growth and Inflation
243-267
Week 12 (11/16 – 11/22)
Chapter 13
Open-Economy Macroeconomics
271-293
Week 13 (11/23 – 11/29)
Chapter 14
A Macro Theory of the Open Economy
295-316
Week 14 (11/30 – 12/6)
Chapter 15
Aggregate Demand and Aggregate Supply
319-355
Week 15 (12/7 – 12/13)
Chapter 16
Monetary and Fiscal Policy
357-383
Week 16 (12/16 – 12/23)
Final Exam
Course Grades
Your work will be evaluated in this course in several different ways. On a weekly basis, you will be
expected to:
1. Complete the assigned readings for that week.
2. Read any additional articles posted to the course website (typically current articles from the
financial press of general interest).
3. Complete the on-line quiz for the chapter assigned for that week.
4. Complete a weekly assignment (generally based on the reading assigned for that week) and
post your answer to the course web site (the D2L Drop Box).
Syllabus
Econ. 104, Section 207
Fall 2015
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5. Comment on an item posted for discussion (usually from a “current event” in the US or
world economy).
6. Respond to at least one comment posted by a classmate in the week’s discussion forum.
7. Read at least 30 of your classmates’ posting to that week’s discussion forum.
In addition, there will be two conventional exams – a mid-term exam during the 7th week and a
final exam (covering all of the material in the course but with emphasis on the material covered
since the Mid-Term Exam) at the end of the semester.
Your final course grade will be calculated as follows:
Activity
Points
Weekly, on-line quizzes
Weekly assignments
Weekly discussion participation
Mid-term exam
Final exam
210
210
140
200
240
Total
1,000
Final course grades will be assigned as follows:
A
900 to 1,000 points
B
800 to 899 points
C
700 to 799 points
D
600 to 699 points
F
599 or less points
Final Comments
It is important to note that this is not a SELF-PACED course. Each week you will be expected to:
read the assigned chapter(s) in the text and any other materials posted to the “Content” page for
that week, take the weekly quiz covering the assigned reading in the text, participate in the
weekly discussion forum, and complete the written assignment for that week. The specific
assignments for any given week will not be posted until just before the week that they are due.
Thus it will not be possible for you to work ahead (at least not beyond reading ahead in the text
for the assigned readings). Nonetheless, if you need to work ahead for an important reason,
please contact me regarding your assignments.
Finally, it is critically important that you complete all of your weekly assignments on time each
week. If you get behind (even a week or two behind, and stay behind), you are almost
guaranteed not to earn a good grade in the course. On the other hand, if you do the work each
week, it is a good bet that you will do well in this course. If for personal, health- or employmentrelated reasons you are unable to meet a weekly deadline, LET ME KNOW AS SOON AS POSSIBLE
so that we can reach an understanding regarding your getting the assignment done.
Syllabus
Econ. 104, Section 207
Fall 2015
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There may be changes to the course schedule as we proceed. Please check the course
announcements OFTEN for any updates and changes.
NOTE 1:
Please be advised that Econ. 104-206 has a special course fee of $275. This
course fee is assessed regardless of the number of credits you are enrolled in for this
semester.
NOTE 2:
You are protected by numerous university and department regulations.
Additional information regarding the campus policies and procedures applicable to this
course are available on-line (http://www.uwm.edu/Dept/SecU/SyllabusLinks.pdf).