Macroeconomic Model with Variable Prices

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Telephone (207) 834-7616
Cell phone (207) 436-5081 (you can text me at this number as well)
Office: Nadeau Hall 210
Readings: Text: Economics, Case, Fair and Oster, 10th edition
Other: The Price of Inequality, Stiglitz, George, Norton, 2012)
“Project Syndicate” and other sources as assigned.
Course Description:
Introduction to Macroeconomics offers the student an opportunity to learn the basic concepts of contemporary economic theory used to analyze and manage the US economy. Through classroom lecture and discussion, the student will learn fundamental economic theories regarding markets and the macro economy. These models/theories have been used to propose solutions to the macroeconomic ailments of unemployment and inflation that occasionally plagued economies.
Global course objective:
The student will evidence an understanding of the following economic models: the production possibilities frontier; supply and demand; macroeconomic expenditure models; and money market models. Competency will be demonstrated through a series of tests that emphasize problem solving, quizzes on assigned readings, participation in class and the completion of assigned homework, papers and projects.
Student Learning Outcomes
For General Education:
Communication in English (Comm). Students will:
GE-C1: Demonstrate ability to manage the writing process to generate ideas, and to draft, revise and edit compositions
GE-C2: Demonstrate ability to manage the research process to evaluate, analyze, and synthesize a variety of texts
GE-C3: Demonstrate ability to develop well-crafted academic essays

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Critical Thinking (Crit). Students will:
GE-Crit1: Demonstrate proficiency defining problems, significant variables, and identifying valid data
GE-Crit2: Synthesize knowledge from multiple sources, integrating abstract ideas and theories into effective interpretation of relevant data
Behavioral and Social Sciences (BHS). Students will:
GE-BHS1: Demonstrate recognition of key terms within behavioral and social science disciplines
GE-BHS2: Demonstrate ability to interpret common forms of data specific to the disciplines
GE-BHS3: Apply disciplinary concepts to community service or research
GE-BHS4: Describe at least two standard theories or models in a discipline
GE-BHS5: Using a case study, apply a model or theory to explain a process, evaluate a scenario, or make predictions
GE-BHS6: Apply disciplinary knowledge to contemporary social issues.
Each Topic listed below will have an identified macroeconomic outcome where appropriate. The outcome will be listed using the numbering above.
Professional Management Program’s Common Professional Components
Macroeconomics (E1)
(E1-1) Demonstrate knowledge Gross Domestic Product and its component parts
(E1-2) Demonstrate understanding of Consumer Price Indices
(E1-3) Demonstrate understanding of monetary and fiscal policy and their differences and relationships
(E1-4) Demonstrate understanding of inflation, deflation, growth, recession, and depression
(E1-5) Demonstrate knowledge of measures of unemployment
Each Topic listed below will have an identified macroeconomic outcome where appropriate. The outcome will be listed using the numbering above.
Course outline:
Legend for course outline:
Readings – indicates chapters from Economics, by Case, Fair and Oster, 10th edition
Quizzes for each these chapters will be given and are a preliminary test of the student’s comprehension of the readings prior to the test. These quizzes must be taken when offered. The instructor’s intent is to make sure the student keeps making progress towards the timely completion of the readings and the course. The student should also use these quizzes to identify weaknesses in their understanding, which can then be corrected through additional study, re-watching the supplemental video lectures or contacting the instructor.
BB – Black Board
H.W. – Homework Assignment. Due dates for the assignments will be found in BB
TPI – The Price of Inequality, Stiglitz, George, Norton, 2012)
PMD – Professional Management Division
GE – General Education

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Introductory concepts
Topic 1 Definitions, Concepts and Modeling: the economist’s portal to understanding behavior – Using the production possibility frontier and the concept of comparative advantage to understand the impact of scarcity on a society’s choices and the concept of economic efficiency
Economic modeling
Production Possibilities Frontier
Opportunity cost
marginal rate of transformation
Analysis using the PPF model
Absolute advantage vs. comparative advantage Readings: Chpt.s 1 & 2 and Appendix to Chpt. 1
H.W.: BB assignment 1
Due January 24, 2014
Student Learning Outcome GE
GE- Crit1
GE-BHS1
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Topic 2 An introduction to the concept of equilibrium: using the supply and demand model to understand how the chaos of the market determines the prices and quantities of goods and services produced.
Demand
Supply
Market Equilibrium
Analysis using the market model, i.e. the supply and demand model Readings: Chpt. 3
H.W.: BB assignment 2
Due February 3, 2014
TPI: Preface
Student Learning Outcome GE
GE- Crit1
GE-BHS1
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Student Learning Outcome PMD
Microeconomics (E2-1): Demonstrate knowledge of laws of product supply and demand
Assessment: Test & Assignment
Measuring Macroeconomic Performance
Topic 3 National income accounting – getting a handle on a $15,000,000,000,000 economy – Why do economists, investors and others pay close attention to Gross Domestic Product and its components?
Circular flow model of an economy
Calculating gross domestic product
Calculating national income
Nominal GDP vs real GDP
Readings: Chpt. 20
Readings: Chpt. 21
H.W.: BB assignment 3
Due February 14, 2014
TPI: Chapter 1
Student Learning Outcome GE
GE- Crit1
GE-BHS2
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-1)
Assessment: Test & Assignment
Topic 4 The government of the U.S. is committed to controlling the levels of unemployment and prices. The alphabet soup of inflation measures and the basic methodology for the measurement of general movement in prices are discussed. The BLS’s definitions and methodology for the calculation of unemployment are also examined.
The BLS method of calculating unemployment
Table A-15
CPI vs. GDP deflator
The effect of inflation on earned and paid interest – the Fisher equation Readings: Chpt. 22
H.W.: BB assignment 4
Due February 24, 2014
TPI: Chapter 3
Student Learning Outcome GE
GE- Crit1
GE-BHS2
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-2) & (E1-5)
Assessment: Test & Assignment
Macroeconomic Models of Income, Interest Rates and Prices
Commodities Model

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Topic 5
To build a successful model of an economy, the behavior of households and business has to be conceptually represented. Definitions and assumptions of the income expenditure model are enumerated to draw hypotheses regarding short-run macroeconomic equilibrium. This model represents the first model that is truly macroeconomic and is not built-up from microeconomic theory.
Keynesian cross with fixed prices
Marginal propensity to consume and save
Consumption function
Investment
Determining equilibrium income
Simple income multiplier Readings: Chpt. 23 & Appendix
H.W.: BB assignment 5
Due March 5, 2014
TPI: Chapter 4
Student Learning Outcome GE
GE- Crit1
GE-BHS1
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-4)
Assessment: Test & Assignment
Topic 6 The economic tools the government uses to influence an economy are referred to as fiscal policy. This includes the government’s ability to tax, borrow and purchase the output of the economy.
Extending the commodities model to include government
Government spending and taxation multipliers
Automatic Stabilizers
Readings: Chpt. 24 & Appendix A
H.W.: BB assignment 6
Due March 14, 2014
TPI: Chapter 5
Student Learning Outcome GE
GE- Crit1
GE-BHS1
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-3)
Assessment: Test & Assignment
Monetary model

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Topic 7
The supply of money: “Hello, my name is Bernacke, Ben Bernacke, licensed to make money.” The role of banks and the Federal Reserve in the creation of money and destruction
The bank’s balance sheet
Fractional reserve banking
Monetary tools of the Fed
The reserve requirement
The discount rate
Open Markets Operations Readings: Chpt. 25
H.W.: BB assignment 7
Due March 26, 2014
TPI: Chapter 6
Student Learning Outcome GE
GE- Crit1
GE-BHS1
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-3)
Assessment: Test & Assignment
Topic 8 If money is the root of all-evil, why do we want it? Modeling the demand for money, the determination of equilibrium interest rates and the effects of monetary policy on interest rates, investment and GDP
Transactional demand
Speculative demand
Bond prices and interest rates
Price level and money demand Readings: Chpt. 26 and Appendix A & B
H.W.: BB assignment 8
Due April 4, 2014
TPI: Chapter 7
Student Learning Outcome GE
GE- Crit1
GE-BHS1
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-3)
Assessment: Test & Assignment
Topic 10 Just like cars, trucks and tractors, economic models have transmissions. Understanding the connection between the money and commodities markets
Interest rates and the linkage between aggregate expenditures and monetary policy
Interest rate sensitivity of planned investment and money demand
Aggregate demand, which is not the same as aggregate expenditure Readings: Chpt. 27
H.W.: BB assignment 9
Due April 16, 2014
TPI: Chapter 8
Student Learning Outcome GE
GE- Crit1
GE- Crit2
GE-BHS1
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-4)
Assessment: Test, Assignment & Paper
Macroeconomic Model with Variable Prices
Topic 9 Modeling aggregate supply and combining it with aggregate demand to determine equilibrium price levels and the determinants of inflation/deflation.
Short-run aggregate supply
Determination of the price level
Long-run aggregate supply
Potential GDP and short-run to long-run equilibrium
Economic policy during recessionary and inflationary periods. Readings: Chpt. 28
H.W.: BB assignment 10
Due April 25, 2014
TPI: Chapter 9
Student Learning Outcome GE
GE- Crit1
GE- Crit2
GE-BHS1
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-4)

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Assessment: Test, Assignment & Paper
Topic 10 Alternative theories of Macreconomic behavior: Current state of economic thought in the 21st century
Monetarism
Supply-side economics
New Classical economics Readings: Chpt. 33
H.W.: BB assignment 11
Due May 5, 2014
TPI: Chapter 10
Student Learning Outcome GE
GE- Crit1
GE- Crit2
GE-BHS1
GE-BHS4
GE-BHS5
GE-BHS6
Assessment: Test & Assignment
Student Learning Outcome PMD
(E1-3)
Assessment: Test & Assignment
Student Evaluation:
The student’s grade will depend upon test scores, quizzes, written assignments covering designated readings and/or homework, and the paper. In preparing the student’s final grade for the course; tests, the research paper, quizzes and written assignments will be weighted as follows in determining the student’s final grade:
Tests 35%
Paper 20%
Sum of Quizzes 15%
Written Assignments 30%
Total 100%
I have constructed the grading scheme to encourage students to participate in all aspects of the course. No one component of the course will produce a passing grade. It is difficult to earn higher than a B if the student elects to ignore one component of the course.
Grading
The grading scale for this course is:
90% or more of total points possible in course A
80% – 89% or more of total points possible in course B
70% – 79% or more of total points possible in course C
60% – 69% or more of total points possible in course D
Less than 60% F
Method of Instruction:
Video lectures and feedback on homework. Students may also email or call the instructor with questions.
Submission requirements for homework of other assignments:
The instructor expects the course research paper to be submitted typewritten, in 12 pt. font and double-spaced. The student is expected to use appropriate punctuation and grammar. In all written assignments, the UMFK academic integrity policy requires that the student cite all quotes, facts, statistics and any ideas of another individual, agency or entity in order to attribute the proper source. Failure to cite the previously mentioned items and provide a bibliography with the paper will result in a score of zero (0) for the assignment. Please note that the Student Handbook has prescribed consequences for committing plagiarism. These consequences range from the receipt of a zero on an assignment to suspension from the University. Plagiarism includes the use of another student’s work. If you are working with another student, be sure that you write your own answers. Sharing another student’s file will result in your homework, paper or other submitted work receiving a zero grade as well as the student’s file that was the basis for your submission. The University uses sophisticated software to monitor possible plagiarism.
Expected Classroom Decorum:

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The statement of Academic Decorum contained in the student handbook expects the instructor and students to maintain an environment in the class that is both civil and conducive to learning. In this course, the instructor expects students to conduct themselves as successful individuals would in a professional setting. The norms of the professional setting usually require individuals to be courteous to all members of a working group, active participants in discussions, and respectful of colleagues. As a rule for this course, if your online behavior is disruptive to the class, fellow students’ learning or the work of the instructor, it should be avoided, as should any denigration of another student’s race, ethnicity, religion, sexual orientation or character. Failure to follow these basic expectations will result in a reduction in the student’s grade and in the extreme, dismissal from the course. The instructor will initially issue a warning to a student violating these basic tenets of civil behavior. Further violations of appropriate conduct may result in removal from the course, which will be at the instructor’s discretion. Please consult the Faculty’s statement on Academic Decorum appended to this syllabus for a more explicit statement of the University’s expectations.
Faculty Position on Academic Decorum
University of Maine at Fort Kent
Lede
The faculty of the University of Maine at Fort Kent is committed to the preservation of those academic principles and standards without which the academy could not maintain its mission or fulfill its goals. As a liberal arts university, UMFK is dedicated to respecting all aspects of the educational process on the part of the academic community. As members of this academic community, both professors and students accept the responsibility inherent in its membership in guaranteeing, in upholding, and in preserving an atmosphere conducive to the freedom to teach and to learn; we are committed to these freedoms.
Preamble

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All societies must agree on certain standards of civil discourse and conduct in order that all members are included in the full engagement of civilization. Education is a key institution and a gateway into a self-directed, professional, mature life. Higher education is the social institution charged with providing a
global, liberal arts, and sciences foundation for ethics, norms of conduct, lifelong learning, professional careers, and social responsibility within civil society. In a pluralistic and diverse world, citizens of the world are accorded civil liberties and rights pertaining to education. But liberty is not license, nor should one person’s rights of expression be used to deny others their rights to education. Civil liberties and educational rights carry with them certain responsibilities to self and to others. The exercise of civil liberties requires self-discipline and the subordination of the self to the general good of the community.
As the active agents in higher education, professors have a professional duty to instill in their students the civil, ethical, and professional norms appropriate to our pluralistic and global world. To this end, the faculty at the University of Maine at Fort Kent agrees to these ideals and to the following principles:
Principles
Professors have the authority and the responsibility to set class norms and expected standards in their respective courses. Professors have academic freedom and are the authorities with regards to classroom management. Matters of classroom management will be outlined, explicitly, in professors’ course syllabi.
Professors have the authority to set expectations for civil conduct in their classroom. Professors may specify appropriate academic consequences for failure to meet classroom norms and standards.
The faculty fully expects the administration to support appropriate exercise of faculty authority with regards to classroom management issues.
The faculty agrees that, as a body, we are collectively responsible to each other and to the academic community in supporting faculty authority in the classroom and shared standards for civil conduct at the University of Maine at Fort Kent.
The faculty expects the students to interact with the faculty, with other students, and with professional and clerical staff with respect and courtesy. Students are expected 1) to complete all assignments when they are due, 2) to attend every class session, and 3) to be prepared to learn and to work as outlined in individual faculty syllabi. Assessment and critique of this work should be viewed as part of the learning process. Participation in class is expected, this includes both speaking and listening and, when appropriate, dramatic interpretation. Students should give their full attention to the classes while they are in session. Students are not to bring cell phones, computers, I-pods, recording equipment, or other electronic devices to class without the professor’s consent. Students whose behavior is disruptive either to the work of the professor or to the education of other students may be asked to leave the classroom.
Coda
The faculty acknowledges the significance of upholding academic standards and of preserving the integrity of the educational process. We strive to adhere to those democratic principles that guarantee individuals’ rights and freedoms. But, when academic standards are jeopardized due to inappropriate conduct, we will make every effort to guard the integrity of the academy and to preserve the learning environment.
April, 2008
Macroeconomics
Spring Semester 2015
Paper Assignment
Since the Great Recession of the first decade of the 21st century, the deficit of the Federal government of the United States and a number of nations belonging to the European Union (PIGS) has been central in the debate over the best approach to fiscal and monetary policy. The paper for ECO100, fall semester 2013 will be a critical essay that explores at least one policy prescription which addresses the deficit of at least one of the nations mentioned above. (For instance, the International Monetary Fund (IMF) recently posted a report on the impact its actions in Greece to help this nation reduce its deficit. Reduction of the Greek Government’s debt was a required before it could borrow from the IMF.) The paper should offer the pro and con arguments of economists, politicians and/or other experts as to the impact of the proposed policies on a government’s deficit, the distribution of income and any effects it may have on economic incentives. Finally, the student should indicate which of the proposed policies they believe have the best chance of success and provide a reasoned argument supporting their decision using the economic theory discussed in the videos, the text, The Price of Inequality, and/or articles from other economists.
Papers submitted without a bibliography and an attempt to properly cite sources in the body of the document will receive a score of 0.
Grading Rubric
Points 10 7 4 1
Sources 10+ sources, 6 or more that are books, journals, or periodicals that are either online or bound 6+ sources, 4 or more that are books, journals, or periodicals that are either online or bound 3+ sources, 2 or more that are books, journals, or periodicals that are either online or bound 3+ sources, none are books, journals, or periodicals that are either online or bound
Points 10 7 4 0
Bibliography and citations All sources (information and graphics) are accurately documented and cited in an accepted format All sources (information and graphics) are accurately documented, but a few are not cited accepted format. All sources (information and graphics) are documented, but many are not cited. Many sources are not accurately documented and many are not cited.
Points 30 20 10 0

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Quality of Information Information clearly relates to the main topic. It includes several supporting details and/or examples. Information clearly relates to the main topic. It provides 1-2 supporting details and/or examples. Information clearly relates to the main topic. No details and/or examples are given. Information has little or nothing to do with the main topic.
Points 30 20 10 0
Content Knowledge Student demonstrates full knowledge (more than required). Student is at ease with content, but fails to elaborate Student is uncomfortable with content and is able to demonstrate basic concepts Student does not have grasp of information; student cannot answer questions about subject
Points 10 7 4 0
Organization Information is very organized with well-constructed paragraphs and Information is in a logical, interesting sequence which the leader can follow.. Information is organized with well-constructed paragraphs and information is presented in logical sequence which reader can follow. Information is organized, but paragraphs are not well constructed and the reader has difficulty following work because the student jumps around. The information provided is disorganized and difficult to follow.
Points 10 7 4 0
Mechanics No grammatical, spelling or punctuation errors Almost no grammatical, spelling or punctuation errors A few grammatical spelling, or punctuation errors Many grammatical, spelling, or punctuation errors.
Total Points 100

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