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                                 Rockhurst University
                            Helzberg School of Management
                  [EC 3000 Intermediate Macroeconomics ]
                                          [LCA 20523 ]
                                         [SPRING, 2010]
Instructor:      Professor Michael Tansey
Classroom:       Conway 204
Meeting Time: TTh 12:30 PM 1:45 PM
Office:          CONWAY 313
Office hours: 10:45 a.m. -12:15 p.m. Tues., Thursday , 4-5:45 p.m. Wed. and by
appointment. School Meetings are frequently scheduled at the 3-5 p.m. time slot- please
call me to schedule office hours ahead of time if you need to see me during that time.
Also call to schedule times outside of normal office hours. I particularly like to attend
group study sessions, so organize one, call me ahead of time, and we’ll schedule a time to
meet.
Telephone:             Tansey [cell phone at 485-7550]
E-mail:                michael.tansey@rockhurst.edu
Fax:                   816-501-4693
Course Website: http://cte.rockhurst.edu/tanseym. Under “courses” click on Ec 3000

Text:. There are three basic sources of information used in the course:
1)     Gregory Mankiw. Macroeconomics, 7th edition
2)      Class SYLLABUS, ASSIGNED READING IN THE TEXTBOOK,
ASSIGNMENTS, NOTES (chapters), CASES, AND POWER POINT SLIDES FROM
LECTURE will be on the website: cte.rockhurst.edu/tanseym under the course “EC3000
” They are continually revised throughout the course depending on the speed of learning
of the class. It will be necessary to reference this site regularly to keep up-to-date on
everything posted.
3) Make sure you have access and know how to use the online New York Times (http://
www.nytimes.com) and Wall Street Journal (http://online.wsj.com/public/us).

Course Description: Intermediate macroeconomics is a social science that focuses on the
fundamental determinants of output, employment, prices and interest rates. As an extension of
the foundation built in Principles of macroeconomics, critical economic factors and issues such
as technology, the labor force, the capital stock and government policies are investigated.
Students gain an understanding of the competing economic analyses explaining macroeconomic
problems and the variety of possible alternatives for fiscal, monetary, investment, and labor force
policies. Intermediate macroeconomics deals with topics involving the functioning, performance,
and control over the overall economy. Put yourself in the driver’s seat, pretend that you are the
President of the United States, and run the economy. Prerequisite: EC 2000 or EC 2050, EC
2100 or EC 2150, introductory statistics.

Learning Objectives: The most important skill in a job with any organization is
communication. This course is designed to give you practice in using these communication
skills: (1) speaking, (2) writing, (3) solving economic problems, (4) reading the newspaper, (5)
discussing major economic developments, and (6) using computers (EXCEL and the WEB) to
analyze data. After completing this course the student should be able to:
                                                                                           2


1. Use the appropriate terminology to describe the performance of the economy.
2. Explain the interrelationships among the important macroeconomic variables that measure
   the economy.
3. Identify the conditions which underlie inflation and unemployment, forecast how these
   measures will change, and recognize the policy tradeoffs in choosing between these two
   economic measures.
4. Show how changes in the money stock, interest rates, exchange rates, and international
   interest rates affect the economy both in the short-run and the long-run.
5. Show how changes in government spending and taxes affect the economy in both the short-
   run and the long-run.
6. Discuss the major schools of thought in macroeconomics.
7. Research different macroeconomic problems and identify different sets of policy solutions
   based on different prevailing schools of thought.
8. Explain the measures of economic growth, the factors underlying economic growth and the
   role of government policy in affecting growth.
9. Be able to use the computer to make forecasts of important economic variables and to use
   macroeconomic models to gauge impacts of policy..

Course Requirements: Think of the teacher as a coach. Think of yourself as being on a
team. In order to win you must learn what you don't know. Once you can tell the coach
what you don't know, he can help you learn the few tricks he knows. For the rest, you must
be resourceful, creative, and willing to share with others what you have learned. In class we
will share and learn together.

       Class Discussion:
       Bring the Wall Street Journal to class. You are expected to discuss major issues that are
       presented in the media and to explicate macroeconomic concepts based on the chapters
       assigned for the week or in previous weeks. Oral quizzes over the readings will
       frequently be made in class. Such oral quizzes are generally voluntary and will be
       awarded with points. Particularly good insights and use of economic concepts introduced
       in discussion may also be awarded with points. The best preparation for these oral
       quizzes and discussion is to read the website materials that are assigned and to keep
       current with the media. To receive an “A”: in the class you need to make points through
       other sources besides tests and homework assignments.

       Individual Written Analysis:
       The exams will allow you to show your ability to think clearly under a time constraint.
       The exam questions will come from the homework problems, quizzes and media
       assignments. If we decide to do exams online you must do your exam alone.

       Homework. The homework will test your ability to get data, to process it, to use it in the
       analysis of fundamental macroeconomic relationships and to analyze policy given the
       models we have been using in class.

Course Requirements and Grading: Think of the teacher as a coach. Think of
yourself as being on a team. In order to win you must learn what you don't know. Once you
can tell the coach what you don't know, he can help you learn the few tricks he knows. For
                                                                                         3


the rest, you must be resourceful, creative, and willing to share with others what you have
learned. In class we will share and learn together. For these reasons, grades are based on
the following:

   1)      Class Quizzes and participation (200+ points). We will have in-class,
           unannounced questions and quizzes in preparation for each exam. Make sure you
           make some points from these questions and quizzes in order to get an “A” The best
           preparation for these questions and quizzes is to read the textbook chapters that are
           assigned and to practice the material presented- particularly computer applications.

   2)      HOMEWORK (100 points each 300 points total): Two homework exercises
           collecting data from the internet will be assigned (check cte.rockhurst.edu/tanseym at
           Ec 3000).

   3)      EXAMS (600 points): There are three exams. The first two are worth 150 points
           each. The final is worth 300 points. Each exam is based on quizzes, the textbook,
           problem solving examples presented in class, and handouts distributed from time to time
           in class. Exams and the final are open book. If we don’t have online exams BRING A
           CALCULATOR!!!!!!!!! (Mine are all broken).


Summary Class              Homework        Exam I            Exam II        Final Exam
          Participa-
          Tion,Quizzes
Percentag 200 points +     300   points 150    points 150 points 300   points
e                          maximum      maximum       maximum    maximum

GRADES: The following grades will be matched to point totals for students: A=900
points+, B=800 points+, C=700 points+, D=600 points+ & F is below 600 points. "+" and
"-" are used for borderline cases. It is not possible to get an “A” or a “B” without
adequate class participation. These limits may be adjusted downward but will not be
adjusted upward. In other words, you may be able to make a better grade for a given
numerical score, but you will not make a worse grade.

Policies
                                                                                             4


       Turning In Assignments And Other Communications: The assignments must
        be turned in through my email address. Please follow the following instructions in
        sending me this information:


FOR THE PURPOSES OF DEVELOPING A PORTFOLIO TO WHICH YOU WILL
HAVE ACCESS AT THE END OF THE COURSE, PLEASE SUBMIT YOUR
ASSIGNMENTS AS FOLLOWS:
   Please name the subject line any e-mail with your included assignment or with any
     communications on the assignments as "MAK10sLastnameASSNi". Where "Lastname"
     should be replaced with your last name. Where "i" should be replaced with the number
     of the assignment that is being turned in. My e-mails are grouped by subject and without
     that name your email will not be found.
   Please also name the files you send as "MAK10sLastnameASSNi"
   If you are allowed to resubmit an assignment then label it as
     "MAK10sLastnameASSNiresubmitj" where “i” is the assignment and “j” indicates the
     number of resubmission. If you do not include “resubmit” at the end of your title and file
     name it will simply out the previous assignment without being graded AND WILL
     APPEAR TO BE LATE BECAUSE OF THE LATER DATE ON THE RESUBMITTED
     FILE
   Always name BOTH the subject line of your e-mail AND the file with
        the same name.
By following these instructions carefully I will be able to preserve the files you send me in a
portfolio which will help me to write a recommendation for you anytime in the future. It
will also allow you in the future to request copies from me of what you have done in the
class. Failure to follow the above instructions means an assignment will not be counted.

          All assignments should be sent to me through the e-mail system . My E-mail
          address (michael.tansey@rockhurst.edu) make sure the SUBJECT
          LINE of the e-mail bears the title “MAK10slastnameWhateversubject” with
          whatever subject after your “lastname”. Otherwise, I can’t be responsible for
          finding the message.

       You will need send your assignments in Microsoft Word , Microsoft Power Point,
        and/or Microsoft Excel. Any other program is unacceptable and will result in
        zero credit for the assignment.

   Make-up exams. Since exams are cumulative, missing an exam will be made up by taking the
    average percentage you receive of the following exam AND the final for the section covered in
    the first exam (watch out! The drop date for the course occurs before the 2nd exam!). If the final
    is missed, an average percentage based on the two previous exams will be applied to the
    maximum point total on the final exam. Absence from any exam is only through prearranged
    permission of the course instructor. In no case can you pass the course without taking two of
    the three exams.
                                                                                          5


   ON-Time Assignments. DUE BY THE BEGINNING OF CLASS: NO EXCEPTIONS
    (HOMEWORK CAN BE TURNED IN EARLIER: up to 50% OFF IF LATER). Do not use
    class time to finish assignments! The deadlines for some assignments may be extended
    beyond what is shown in the syllabus, but such extensions will be announced before the
    deadline shown in this syllabus and can be done only with permission of the professor. In-
    class questions and quizzes may not be made up, emphasizing the importance of regular
    attendance.

   Individual Effort. Exams, finals, homework, questions and quizzes will not be team efforts;
    they must be done alone.

   Attendance: It is required that students attend classes regularly and be on time for the class.
    However, if a student expects to miss class for personal reasons, the permission of the
    instructor is required. The instructor can drop a student from the course or lower the grade
    for lack of adequate attendance. Students are responsible for keeping track of their
    attendance.

   ADA Statement RU official policy: “Rockhurst University is committed to providing
    reasonable accommodations for students with disabilities. Please contact Sandy Waddell,
    Director, Access Office (Massman Hall Room 7, (816) 501-4689,
    sandy.waddell@rockhurst.edu) to provide documentation and request accommodations. If
    accommodations have already been approved by the Access Office, please communicate with
    the instructor of this course regarding these arrangements by the second week of class in
    order to coordinate receipt of services.”

   Student Contact Information: RU official policy: “Student contact information must be
    kept current in order to receive important notices from Rockhurst University. Your contact
    information is online via your BannerWeb account. Please check your local address, local
    phone number, and emergency contact information on BannerWeb and revise as needed. All
    important University notices will be sent only to your RU email address. Please check your
    RU email account in addition to any other email accounts you may have. Accounts are
    activated at the Computer Services Help Desk (Conway 413).”

   Academic Honesty Policy: Plagiarism and cheating will not be tolerated. The Rockhurst
    University Catalog provides examples of academic dishonesty and outlines the procedures,
    penalties, and due process accorded students involved in academic dishonesty. All infractions
    will be immediately referred to the Dean's office. In your homework, make sure you
    provide citations for all ideas and information that are not your own. Data from the
    internet must include the complete URL from which the data came so that I can verify
    the data. In addition the date and time at which you collected the data must be
    submitted.
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Topic outline
 DATE      SUBJECT                        TEXT,Exercises CLASS EVENTS

Jan 21 Th The Meltdown                    Chp 9

Jan 26 Tu Models and National Income      Chp 1, Chp. 2
          Accounting.

Jan 28 Th how to do homework #1: Data Reading:              Census:
          Sources. Computing percentage Regression.
          changes. Finding relationships. Reading: Data     http://www.census.gov/
                                          Sources,
                                                             Bureau of Labor
                                                            Statistics:
                                                            http://www.bls.gov/

                                                            Bureau of Economic
                                                            Analysis:
                                                            http://www.bea.gov/

                                                            Federal Reserve Bank:
                                                            http://federalreserve.gov/

Feb 2 Tu   The Keynesian Model,           Chp. 3
           Expenditure, Income, and
           Equilibrium                     Reading: The
                                           Multiplier
Feb 4 Th   Stability, Changing Equilibrium Chp. 5 (only
                                           pages 119-134)

Feb 9 Tu   Investment demand,              Chp. 10 (pp.
           Consumption Function,          287-301
           Multiplier

Feb 11 Th Injections, Leakages, Models,   Reading:
          Balances

Feb 16 Tu Policy tradeoffs, Keynesian     Reading:
          Weakness                        Tradeoffs

Feb 18 Th Aggregate Demand and Supply Reading: PPT agg ASSIGNMENT #1 DUE
                                      d and s
                                          , Agg D and S
                                          exercise
                                                                               7



Feb 23 Tu Law of One Price. Price and      Chp. 5 (pages
          Output Controls,                 135-151)



Feb 25 Th Fisher, Purchasing Power Parity, Chp. 6
          Inflation, Exchange Rates
                                           Reading:***
                                           Chapter 13 ***
                                           Examples of price
                                           controlsEXCEL
                                           exercise

Mar 2 Tu   EXAM 1.                         Example of       Exam 1
                                           Exam 1 last year

Mar 4 Tu- Deficits and Debt. How to do     Reading: Deficits
Thurs     homework #2                      and Debt ***

Mar 9-11   Spring Break

Mar 16 Tu Money                            Finish Chp. 10
                                           (pp. 301-310)

Mar 18     Banking                          Reading:
Th         COBWEB MODEL                    ***chapter 8.
                                           AND
                                           money exercise.

Mar 23 Tu The money multiplier             Reading: ***        ASSIGNMENT #2 DUE
                                           comparing the
                                           indicators
Mar 25 Th The Fed

Mar 30 Tu Monetary Policy                  Chp. 11

Ap 1 Th    Liquidity Trap & Crowding Out

Ap 6 Tu    The Quantity Theory of Money Chp. 4. Also
                                        reread pages.
                                        269-271

Ap 8 Th                                                        EXAM #2

Ap 13 Tu   IS/LM and the integration of     Read p. 351-355
           Keynesian and Classical         (Chp. 12
                                                                                 8


             Economics                         summary)

Ap 15 Th     Fiscal, monetary, supply-side
             Policies – integrated modelling

Ap 20 Tu     Growth Theory                     Chp. 7          ASSIGNMENT #3 DUE

Ap 22 Th     Growth Dynamics                   Chp. 8

Ap 27 Tu     The Phillips Curve                Chp. 12 , pp.
                                               412-413

Ap 29 Th     Policy                            pp. 435-439

May 4 Tu Review

May 11 Tu FINAL EXAM: Tues May 11, Example of Final
          10:30am – 12:30 pm       last year




           Note: everything in bold in the third column refers to the textbook
1           Albritton, Eric M.
2           Alexander, James J.
3           Andrews, Allison R.
4           Bohnert, Matthew J.
5           Burke, Colin A.
6           Church, Joshua D.
7           Clark, Bryan R.
8           Dunbar, Brendan M.
9           Fees, Brian R.
10          Filippov, Arseni M.
11          Hinton, Danielle N.
12          Johnson, Jeffery A.
13          Jones, Gabriel H.
14          Lewis, James C.
15          McDonald, Patrick D.
16          Miller, Kyle
17          Mize, Ronald H.
18          Moeckel, Karrie D.
19          Percich, Michael P.
20          Rogers, James S.
21          Ruhlman, Joseph P.
22          Tigert, Alexa L.
23          Zarate, Michaela I.
                                                                                               9



                        APPENDIX I EXCEL INSTRUCTIONS

1. Turn on the computer by pushing on the lower button at the center of the panel with
the crossed-zero marking. You may also need to push the button to turn on the monitor
(TV screen). The computer should respond with a screen with many different “moniker”
symbols on the left hand side.
2. Use the mouse at the right side of the computer to move the arrow on the screen onto
the little box above the EXCEL moniker. Then quickly push (“click”) the left hand side
button on the mouse.

3.        The computer responds by giving you a blank worksheet.

4.      Put your diskette into the slot (disk drive) on the computer. The top of the
diskette should face to the right when you put it in a vertical slot or should face upward if
you have a horizontal slot. Don't jam it in.

5. At the top left corner of your screen click "file".
Click “OPEN” in the new menu. In the “OPEN” menu that is presented, there is a little
“Look in” box. Hit the black arrow at the side of the box and click on the “A:\” drive.
The "A:\" refers to your diskette in the "a" drive.
       For example: Suppose you have the file "macro.xls" on your diskette. Double
       click on that file. The "macro" is the name of the file. The .xls is the indicator
       that the file is a worksheet for Excel.

6. Check to make sure the green "num lock" light is on. If not, hit the Num lock button
until it is.

7. Click on the first cell in the worksheet to enter your first item of data. After entering
it, hit the "Enter" key.
8.        When you have entered the data, then save the data. This is done by:

    Click the word, File, at the top left hand corner of your screen.
    When the menu comes down, double click "save as".
    In the new menu space, next to "Filename" enter "a:\Smith" if your name is Smith
     and you wish to save on your diskette. From now on your file will be on your
     diskette under the name: “Smith.xls” and that file includes all the data you have
     punched in . From now on you will be able to repeat step 5 using "Smith" in place of
     "macro.xls" and will be able to ignore steps 6 and 7.
       Note: The computer tacks on "xls" to indicate that it is an EXCEL file. You will be
                        able to access that file anytime in the future when Excel is on and
                        you have your diskette in the computer. Watch out!- if you forgot
                        to put "a:" when you save, your file will not be placed on your
                        diskette but will be lost somewhere in the computer where it is
                        likely to overwritten or erased by someone else. See your
                        professor if this happens.
                                                                                           10


9.     To print your result, go back to the upper left "File" column on your
       screen and:
         Click the word, "File".
10. From the resulting menu
         Click "Print".
A Print menu comes up. Click "OK" at the bottom of that menu. Your results
       should come out at the printer.

11. REGRESSION ANALYSIS. If you use regression analysis… At the top of the
      screen;
          Click "TOOLS"
      Under the TOOLS menu
          Click "DATA ANALYSIS"
                     NOTE: There may be no such words on the menu.
                     In that case you will have to load the data analysis package.
                     To do this
                               Click “ADD-INS”
                     Click the empty box next to “Analysis ToolPak” so that an “X”
                     appears in the empty box.
                               Click “OK” and wait a few seconds.
                     Now when you click the TOOLS word you will see the “DATA
                     ANALYSIS” package at the bottom of the menu. Now click it.
      Under the DATA ANALYSIS menu, you’ll see two arrows, one pointing upward
      and one point downward. Click just above the downward pointing arrow until
      you see “Regression.”
      Click “Regression”

        It is important to place an “x” or check mark in the “Residuals”, “Standardized
         Residuals”, and Line Fit Plots boxes about half way down the resulting menu.

        Click the “OK” button at the top right of the Regression menu. The regression
         will run and the results will appear on the screen after several hiccoughs.

     12. ARRANGING GRAPHS. Suppose you have created graphs of your data and you
         need to move them. You do this by clicking on the border of diagram until little
         black boxes appear at the corners and middle of the borders of the diagrams.

                      At the bottom right of your screen are two little black arrows that
                       point horizontally in opposite directions. By clicking between the
                       two arrows you can move horizontally anywhere on your
                       spreadsheet to get a better view of the graphs your program has
                       drawn for you to show the relationship between the actual data and
                       what your model predicts.
                      At the far right of your screen are two little black arrows that point
                       vertically in opposite directions. By clicking between the two
                       arrows you can move vertically anywhere on your spreadsheet to
                       get a better view of the graphs your program has drawn for you to
                                                                                       11


                    show the relationship between the actual data and what your model
                    predicts.
                   On the upper left (or lower right) corner of each graph to increase
                    the size of the graph (or make it smaller if you push it toward the
                    lower right)
                   On the middle of the lower or upper border (find the precise little
                    black box to click on) of the graph to change the vertical position of
                    the graphs.
                   On the middle of the left-hand or right hand borders (find the
                    precise little black box to click on) of the graph to change the
                    horizontal position of the graphs.

15.   To print your result, go back to the upper left "File" column on your screen and:
          Click the word, "File".
      From the resulting menu
           Click "Print".
  A Print menu comes up.
          Click "OK" at the bottom of that menu.
      Your results should come out at the printer.

16.   Make sure you get a printout of your original data which is on sheet #1. If you
      don’t have such a printout, click “Sheet1” at the bottom right of your spreadsheet.
      Your data should appear instantly on the screen. Now repeat step #10. Your
      regression cannot be evaluated without this printout.

17.   If worst comes to worst you can always turn off the computer.

				
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