Prerequisite: Econ 1101
This course is designed to introduce you to the field of macroeconomics. The course will expose you to:
- macroeconomic terms and concepts;
- data and facts about the American economy; and
- theories and viewpoints about macroeconomics.
Material discussed in lectures will complement material discussed in the readings. They are not substitutes.Click here to see a synopsis of the course.
Economics, Principles and Policies/Macroeconomics, 8th edition, William Baumol and Alan Blinder (Dryden Press, Harcourt College Publishers, 2001)
There will be five guest lectures about macroeconomic aspects od different countries. They will be given by international graduate students in Economics and will strengthen the international perspective offered by the course. The examinations will include material presented in these lectures.
The URL for this class is www.econ.umn.edu/~florin/1102/fall2001.html
A copy of this syllabus is available online. Material from lectures will also be posted following the lectures. The homeworks will be available for downloading on the class homepage. The homepage also provides links to some web sites related to macroeconomics.
Homework Assignments 25% Midterm I 15% Midterm II 20% Final 40%
In addition, 4% can be earned doing two extra assignments.
There will be 6 homeworks, the lowest score being dropped. Each assignment is due at the beggining of next class, unless otherwise stated. No late assignments are accepted. The homeworks must be typed (except graphs and formulas). The penalty for not typing is 25% (of the points at stake), i.e a perfect homework, but not typed will bring you only 75% of the potential score. Midterms are not cumulative, but the final is. If a midterm must be missed for a documented excuse, the final will carry the extra weight. The final must be taken at the scheduled time. Nevertheless, if you have examination conflicts or three exams within a 16-hour period, you must contact me at least 2 weeks before the examinatin period starts (December 17).
Tentative Class Schedule
I will attempt to follow the schedule outlined below. It is advisable to do the readings before the lecture.
|Th 6 Sep||Introduction, Economic Growth||Ch 1-6;Ch 7, pp 113-119|
|Th 13 Sep||Unemployment. Price indices and inflation; Exchange Rates||Ch 7, pp 119-140; Ch 19, 366-372||HW1 handed out|
|Th 20 Sep||National Income Accounting; Consumer Spending; GUEST LECTURE 1 -Carlos Serrano- "Unemployment in Europe"||Ch8+Appendix|
|Th 27 Sep||Aggregate Expenditure. Demand Side Equilibrium. Multiplier Analysis||Ch 9 pp161-171, 173-178;Ch 10||HW2|
|Th 4 Oct||Aggregate Demand and Aggregate Supply||Ch 9, pp 171-173; Ch 11|
|Th 11 Oct||Fiscal Policy --MIDTERM I||Ch 12|
|Th 18 Oct||Money and banks; GUEST LECTURE 2-Juan Sole - "Inflation targeting in Spain"||Ch 13|
|Th 25 Oct||Monetary Policy I||Ch 14||HW3 handed out|
|Th 1 Nov||Monetary Policy II; GUEST LECTURE 3 -Thor Koeppl- "Assesment of the EMU"||Ch 15||HW4|
|Th 8 Nov||Deficits, Debt and the Economy||Ch 16|
|Th 15 Nov||Inflation and Unemployment -- MIDTERM II||Ch 17||HW5|
|Th 22 Nov||THANKSGIVING||NO CLASSES|
|Th 29 Nov||Exchange Rates and the Balance of Payments; GUEST LECTURE 4 - Julian Diaz- "Dollarization in Ecuador"||Ch 19||HW6|
|Th 6 Dec||Macroeconomics of an Open Economy; GUEST LECTURE 5 -Bosu Seo- "Korea and the aftermath of the economic crisis"||Ch 20|
|Th 13 Dec||Review||Prepare questions to ask me|
|Th 20 Dec||Final Exam, 6:00pm-8:30pm, BlegH 135||Read all the stuff|
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