Eco 242
Macroeconomic Theory and Policy

Eshragh Motahar/Winter 2019

OFFICE INFORMATION

A.  COURSE

Macroeconomics is the study of the economy as a whole. Macroeconomic issues play critical roles in the lives of individuals and firms, in the political process, and in international relations.  This course will describe macroeconomic variables such as GDP, inflation, unemployment, money supply, interest rates, budget and trade deficits, and the national debt.  In addition, it will explain relationships among these variables by developing macroeconomic models.  We will also study macroeconomic policy.  The emphasis of the course is on economic analysis, and not on mere memorization of concepts and definitions.  The goal is to provide explanations of macroeconomic events and to improve our comprehension of macroeconomic policy.

B.  TEXTBOOK

Olivier Blanchard, Macroeconomics, Seventh Edition, Pearson, 2017.

The textbook is required.  You will benefit enormously from the accompanying MyEconLab.  For instructions on how to sign up for MyEconLab, click here.

C.  COURSE WORK

1. The lectures will be based mainly on chapters 1-13 of the Textbook.  Some material may be drawn from the remaining chapters, 14-24.  Specific reading assignments will be announced in class at appropriate times, and will be posted at the course's website.  See Lecture Outlines [1]-[8].

2.  From time to time, newspaper, journal, or other articles which are of special relevance to this course will be assigned as additional reading material.  This material will be regarded as an integral part of the course.

D.  EXAMINATIONS, QUIZZES, TERM PROJECT, AND CLASS POLICY

1.  There will be two quizzes and two examinations, as follows:

Quiz 1
Midterm Examination
Quiz 2
Final Examination

 Thursday, January 24
Thursday, February 7
Thursday, February 28
2:30-4:30 PM on 3/19		 14% of course grade
36% of course grade
14% of course grade
36% of course grade

2.  Extra-credit Option. There is no required homework assignment or term project.  However, you may choose to replace 14% of your course grade with a four-page (absolute maximum, typed, double-spaced, one-inch margins, 12-point Times New Roman font) explication of a topic/problem directly related to a concept covered in the course and/or to a current macroeconomic policy issue. You may put any graphs, charts or tables on extra pages.  You may do this project in one of the following ways:  either choose a topic from a newspaper or magazine article and/or a reliable Internet source, and relate it to what we do in this course, or do a piece of empirical (econometric) work on one of the subjects covered in the course.  If you wish, you may consult with me regarding your topic.  However, please do not wait until the last minute to do this.  I suggest a deadline of Thursday, March 7th, for consultation; the consultation is not required.  This assignment, if you choose to do it, is due, in electronic format, on Monday, March 18th, at 4:00 p.m.  Late submissions will NOT be accepted.  This option is NOT open to students who miss more than two classes during the term (see section 3 below).  You need to exercise this option very carefully.  Something cobbled together at the last minute, or in any case done carelessly, will be worse than useless.

Since adequate ways of assessing students' performance are already instituted (i.e., the two examinations, the two quizzes, and the extra-credit option), no additional work of any kind will be accepted as a means of improving grades.

3.  Attendance.  It is your responsibility to regularly attend class, and to participate in class discussions.  All classes are equally important.  I will not take attendance beyond the second class.  However, I will call on you to participate in class discussions.  If you are absent when you are called, this fact will be noted (see section 2 above).

4.  Time Management.  Examinations and quizzes are not open ended.  Time management is an integral part of examinations and quizzes, and of your education in general.  Therefore, make sure to pace yourself so that you can tackle all the questions in a timely manner.  

5.  Accommodative Arrangements.  Any student with a documented disability needing academic adjustments or accommodations is required to notify me, and to make the necessary arrangements with me, by no later than 5:00 PM, January 18th, 2019.  Notifications received after this date will not be accommodated (unless a case is made as to why the deadline was not met).  All discussions will remain confidential.

6.  What to Do in Case of an Emergency?  The dates of examinations, quizzes, and the optional term project are announced on the first day of classes so that you can plan accordingly. There will be no changes in these dates unless you notify me by Friday, January 18th, that you have concerns with these dates.  If because of an extreme emergency you are unable to take an examination or a quiz at the above-announced times, or to submit the optional paper on time, you must (a) inform the Dean of Students and me ahead of time (or, in case of incapacity, have someone else contact), and (b) contact me subsequently so that, conditional on certification of the nature of emergency by the Dean of Students, arrangements can be made for a make-up examination or quiz, or late submission.  If the above procedures are not followed, your grade on that examination, quiz, or paper will be zero.  Please note that it is YOUR responsibility, NOT the professor’s, to make ALL the necessary arrangements.

7.  Professional Conduct.  You are required to adhere to the following professional code of conduct in class.  It is in your best interest to drop this course if you are unable and/or unwilling to adhere to this code.  "In order for everyone to benefit from the educational process in an appropriate environment, adherence to professional conduct in the classroom is expected.  Eating, late arrival, leaving the classroom while the class is in session, conversation which interferes with class activity, and similar unprofessional conduct is not acceptable.  Such conduct will lead to point deductions (one point per occurrence) from your course grade."  The use of any electronic devices in the classroom is not allowed unless you obtain prior permission from me. Unauthorized use of electronic devices will be subject to the same penalty points as above.  (Electronic devices include, but are not limited to:  cellphones, laptops, notebooks, iPads and iPad-like devices, Apple watches, etc.)

8.  Responsibility.  It is your responsibility to know course/class and college policies.  College rules and regulations governing issues such as academic honesty apply to examinations, quizzes, and the optional project (see the relevant sections of the Student Handbook).  Cheating of any kind, including plagiarism, will result in serious penalties.  The College's new Honor Code is now in effect.  "Union College recognizes the need to create an environment of mutual trust as part of its educational mission. Responsible participation in an academic community requires respect for and acknowledgement of the thoughts and work of others, whether expressed in the present or in some distant time and place.  Matriculation at the College is taken to signify implicit agreement with the Academic Honor Code, available at honorcode.union.edu.  It is each student's responsibility to ensure that submitted work is his or her own and does not involve any form of academic misconduct. Students are expected to ask their course instructors for clarification regarding, but not limited to, collaboration, citations, and plagiarism.  Ignorance is not an excuse for breaching academic integrity.

Students are also required to affix the full Honor Code Affirmation, or the following shortened version, on each item of coursework submitted for grading:  ``I affirm that I have carried out my academic endeavors with full academic honesty.'' [Signed, Jane Doe]"

9.  How to Study for this Course.  It is absolutely essential that you keep up with the course work as we go along.  Study in a gradual and steady manner from day one, and utilize office hours and tutorial help (if you need them) in the same fashion.  Last-minute cramming will not work.  With this in mind, please note that there will be no review sessions prior to the quizzes, the midterm, or the final exam.

 

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Last revised:  Wednesday, March 06, 2019