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Economics 201 Principles of Macroeconomics - DOC


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									Economics 103 Section 2
Principles of Macroeconomics
Summer 2007
MTWRF 9:40 – 11:10 am BEH 111
      Bernard Malamud                    Email: bernard.malamud@unlv.edu
           Office: BEH 502 Phone: 895 –3294 FAX: 895 - 1354
           Office Hours: By appointment (generally 11:30 am – 12:30 pm)

General Nature of the Course
Course objectives: An introduction to the study of the determination of the level of
national income, employment and prices and the basic causes of fluctuations in these
levels. This course will help you guide economic policy if you are ever elected to
Congress or the presidency, intelligently advise those who are and, as an informed
citizen, evaluate and anticipate what these officials are up to. The course gives you the
tools and the confidence to grapple with a highly complex system (the macroeconomy),
to understand how it works and how its performance can be affected by policy. The
course also familiarizes you with the private and public, national and global,
characteristics of today's economic world. We will relate the theories we study to
economic events as they unfold throughout the semester.
Course Design: Our approach to learning in this course is LEARNING BY DOING.
Each major topic we study will be introduced in a lecture that covers assigned readings in
your textbook. Some class time, however, will be devoted to quizzes. Seven sessions
will begin with a lecture followed by a 12-question quiz based on it and prior lectures.
You will first take the quiz individually and then retake it working in a group, learning
from and teaching your fellow group-member. You must read and think about
assigned material before each class in order to perform well on the quiz and carry
your weight in your group. The session will end with an instructor-led discussion of
correct answers. In addition to these quizzes, there will be one 50 question classroom
exam and an 80 question final exam, both of which you will take on your own, not in a

Text and Supplemental Readings
Required Text: William Boyes and Michael Melvin, Macroeconomics, Seventh Edition.
Boston: Houghton Miflin, 2008.
The text’s website for the 6th edition (practice test questions and links to valuable
        Wall Street Journal (Available at student rates)
        Business Week, The Economist, The Nightly Business Report
Examinations and Grading
Seven individual and group quizzes, one classroom exam, and a comprehensive final
exam consisting of multiple choice and true/false questions will be given this semester.
You must bring a Scantron to each quiz and exam. Your group must also have an
additional Scantron for each quiz.
Your final grade will be based on your top five quiz scores, your scores on the classroom
and final exams, and on your attendance. For each quiz, your score will be computed as
the average of the score you earn on your own and your group's score. If you miss a quiz,
your score will be zero. Group assignments made at the beginning of the semester will
balance your two or three-member group by major, ECO 102 grade, and credits earned to
date. Reassignments may be made at mid-semester to account for withdrawals and
absences: students who are consistently absent will be grouped together.
Your overall percentage score will be based on your quiz and exam scores as follows:
             Top 5 Quizzes                                     60 points
             Classroom Exam, Jun 20                            50 points
             Final Exam, July 6                                80 points
                    Maximum overall score                     190 points
In addition, your overall percentage score will be adjusted for attendance by one-half
percentage point for every documented absence differing from two. Absences are
“documented” by missed quizzes and exams, by failure to pick up quizzes and exams
when they are returned to you, and by occasional attendance checks. The attendance
adjusted percentage score on which your final grade will be based is then
      Your overall percentage score on quizzes, classroom exam, and final
      + ( ½ percentage point ) x (2 – Documented absences).
Note: fewer than two documented absences will increase this percentage, more than two
documented absences will decrease this percentage.
                   Approximate Final Grade Distribution
                Attendance Adjusted
                 Percentage Score                       FINAL GRADE
                   87 percent                          Borderline A-
                   77 percent                          Borderline B-
                   67 percent                          Borderline C-
                   57 percent                          Borderline D-
    Attendance and class participation will affect your final grade.
Makeup Policy
A makeup exam may be arranged at mutual convenience if you have a compelling reason
to miss the scheduled classroom exam. A makeup exam must be taken before the missed
exam is returned to the class. There will be no makeup quizzes or final.
Class Conduct
Your instructor and classmates deserve courtesy. If you must arrive late or leave early,
do so quietly. Inform me beforehand if you must leave class early. Smoking and eating
in class are prohibited. Disruptive behavior in class constitutes grounds for dismissal
from the course. While this probably need not be said, anyone found engaging in any act
of academic dishonesty will be punished in accordance with university policies.

Other Information
The UNLV Disability Resource Center (DRC) houses the resources for students with
disabilities. If you have a documented disability that may require accommodations, you
will need to contact the DRC for coordination of services. The DRC is located in the
Student Services Complex (SSC), Room 137. Their numbers are (702) 895-0866/Voice;
(702) 895-0652/TDD; and (702) 895-0651/Fax. For additional information, please visit

Web Resources
http://college.hmco.com/economics/boyes/economics/6e/macro/students/index.html (your text’s
website for its 6th edition) has a lot of valuable features, including multiple-choice study
questions, news summaries, and links to other economics sites. My own website will
have additional notes posted for you, including the powerpoint slides I use in lectures.
Check it out at http://faculty.unlv.edu/bmalamud/ and follow links to Summer 2007 classes,
ECON 103. In addition, you can always reach me with questions at
                                    Course Outline
                                                                              Readings in
 Date       Topics                                                               Text
  Jun 4     Course organization and economic foundations
  Jun 5     Economic Structure
                Private Sector, International Sector, Public Sector            Chapters 4,5
 Jun 6,7    Macro Measures: Domestic
               Output and Income, Nominal and Real Values, Price Indexes        Chapter 6

  Jun 8     Macro Measures: International
               Exchange Rates, and Balance of Payments                          Chapter 7
                  Jun 8: Quiz 1, Chapters 6,7
 Jun 11     Macro Distress
               Unemployment, Inflation                                          Chapter 8
Jun 12,13   Macro Equilibrium
               Aggregate Demand, Aggregate Supply                               Chapter 9
                  Jun 13: Quiz 2, Chapters 8,9
Jun 14,15   Spending, Income, and Demand Side Equilibrium
  18,19         Consumption, Saving, Investment and the Multiplier            Chapters 10,11
                  Jun 19: Quiz 3, Chapters 10,11
 Jun 20     Classroom Exam, Chapters 4 - 11
 Jun 21     Fiscal Policy
                Spending, Taxing, Deficits, and Debt                           Chapter 12
Jun 22,25   Money
               Functions/Flavors; Banking, Credit & Deposit Multiplier         Chapter 13
                  Jun 25: Quiz 4, Chapters 12,13
Jun 26,27   Monetary Policy
               Central Banks, Their Tools, and Money Markets                   Chapter 14
                  Jun 27: Quiz 5, Chapter 14
Jun 28,29   Macroeconomic Policy: Tradeoffs and Business Cycles
               Phillips Curve(s), “Natural Rate”, Expectations and Outcomes    Chapter 15
                  Jun 29: Quiz 6, Chapter 15
  Jul 2     Macro Viewpoints: New Keynesian, Monetarist, New Classical         Chapter 16
  Jul 3     Economic Growth: Resources, Technology, Productivity               Chapter 17
                  Jul 3: Quiz 7, Chapters 15,16
  Jul 4     Independence Day Recess
  Jul 5     Catch-up and Review
  Jul 6     Comprehensive Final Examination, 80 points

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