Intermediate Macroeconomics (ECON 251)

 

Course description:

1.  This is a course of macroeconomics at the intermediate level. We will first study the
     fundamentals of macroeconomics. Then classic and Keynesian schools will be
     presented.  Fiscal and monetary policy issues will be emphasized throughout. Finally, we
     will study the micro-foundations of macroeconomics in each sector of the economy.
     Current macroeconomic events in real economies will be incorporated into the lecture.
2.  Prerequisite:  Introduction to economics.
3.  Required textbooks:  "Macroeconomics: Theory, Performance and Policy," 4th edition,
                                     by R. Hall and J. Taylor, W.W. Norton and Company, Inc.,
                                     1993.
                                     "Study Guide to Hall and Taylor's Macroeconomics," 4th
                                     edition, by David H. Papell, W.W. Norton and Company, Inc.,
                                     1993.
     You are also required to subscribe to the "Wall Street Journal." Discount
     coupons can be obtained from me.
4.  Lectures:  Classes meet on T&R: 2:00- 3:50PM at AH 001
5.  Office Hours:  T&R: 10:00 - 11:30AM. Special appointments can be made if my office
                            hours are inconvenient for you.
6.  Examinations:  There will be four examinations, contributing 80% to the final grade.
                             Approximately weekly homework will be assigned and collected to help
                             you to prepare for these tests.
7.  Attendance:  Attendance and participation in class contribute 20% to the finally grade.
                         More specifically, for every class missed beyond two 1% will be deducted
                         from the final grade.

 

Syllabus:

1. 9/1 (T) Introduction, Chapter 1
2. 9/3 (R) Basic macroeconomic measurements-GDP Chapter 2;
3. 9/8 (T) Inflation rate and unemployment rate, Chapter 3
4. 9/10 (R) Long-run growth model and Solow's formula, Sections 4.1 to 4.4, Chapter 4.
5. 9/15 (T) Policy issues in a full-employment economy, Section 4.5 and 4.6, Chapter 4
6. 9/17 (R) Fiscal and monetary policies, Chapter 5.
7. 9/22 (T) Examples, exercises and review
8. 9/24 (R) Test 1
9. 9/29 (T) A simple Keynesian short-run model, Chapter 6.
10. 10/1 (R) Multiplier effects and examples, Chapter 6.
11. 10/6 (T) Inflation, nominal interest rate and real interest rate, Chapter 7.
12. 10/8 (R) IS-LM model, derivations of IS and LM curves, Chapter 7.
13. 10/13 (T) Examples, exercises and review
  10/15 (R) Reading day: no class
14. 10/20 (T) Test 2
15. 10/22 (R) Aggregate demand and price adjustment processes, examples and exercises, Chapter 8.
16. 10/27 (T) Examples and exercises
17. 10/29 (R) Fiscal and monetary policy implications, Chapter 9.
  11/3 (T) No class, all day advising.
18. 11/5 (R) Examples, exercises and review
19. 11/10 (T) Test 3
20. 11/12 (R) Introduction to microfoundations of macroeconomics and other alternative approaches, Chapter 10.
21. 11/17 (T) Consumption function studies, Chapter 10.
22. 11/19 (R) Permanent income and life cycle theories, Chapter 10.
23. 11/24 (T) Examples and exercises.
  11/26 (R) No lecture - Thanks Giving Recess.
24. 12/1 (T) Government behavior, Chapter 13.
25. 12/3 (R) Monetary sector behavior, Chapter 14.
26. 12/8 (T) Examples, exercises and review.
27. 12/10 (R) Test 3.


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Last Updated 07/31/00