MACROCAT PRINCIPLES
OF MACROECONOMICS
Purpose and Scope of the Course: ECON 2030 is the second semester of a two-semester sequence in the principles of economics. This course is designed to extend the students' understanding of basic economic principles in the direction of economywide issues. After having learned in ECON 2020 how a market economy works, students will learn in ECON 2030 how policymakers attempt to influence the level of economic activity and how the economy responds to various fiscal and monetary policies. By the end of the semester, students should have a good understanding of the economics and politics of unemployment, inflation, and business cycles. Organization, Readings, and Exam Schedule: The reading material is divided into a background section (over which there is no separate exam) and three lecture sections. The first five chapters of Colander's Macroeconomics deal with introductory issues (in Chapter 1), background material (in Chapters 2 and 3), and microeconomic tools (in Chapters 4 and 5). These chapters will help put into perspective the analytical material to follow. Chapters 4 and 5 are especially recommended for students in need of a review of microeconomics. The subject matter covered in class will
parallel
the assigned reading, but in some instances the lectures will go beyond
the text. Thus, the text and the lectures should be viewed as
complements
and not as substitutes. The analytics of macroeconomic phenomena will
be
the primary focus of the lectures. The table below indicates reading
assignments
from the Colander text and exam dates. Guidlines about the timing of
the material presented is provided on the course calendar. These assignments may be
modified
as the course progresses. Also, additional readings, available through
the course web site, will be assigned as appropriate.
Examinations: There will
be two
33-question, one-hour exams plus a 33-question comprehensive
final exam. On exam day, each student is
responsible for bringing a
scantron
(8 ½ by 11), a soft-leaded pencil, and a University ID. Caps and
other headgear are disallowed on exam day. Correctly bubbling-in your
name on the scantron is essential for minimizing
spreadsheet
errors. Enter your last name first, leaving a space between your last
name
and first name. Also, use "Robert" and not "Bob"; "Richard" and not
"Dick";
"Aloishous" and not "Bubba." The exams' analytical questions requiring
numerical answers are
designed to keep the math simple. There is little or no need for a
calculator.
However, the official exam-day policy is an "unenforced prohibition" of
calculators. Other electronic devices, including cell phones, are
strictly prohibited. Posting Scores: Students who attend class regularly will find their exam scores posted on Blackboard as soon as they are available (usually within 24 hours of the exam).
Class Attendance: Students are required to attend all class meetings. The material presented in class is cumulative in nature. This means that if a student misses some lectures, he or she will not be able to make sense out of subsequent lectures. Further, as past experience confirms, there is a strong correlation between class attendance and examination scores. Also, excessive absences may directly affect the student's course grade, and chronically absent students may be asked to drop the course. Participation: Despite the size of the class, student participation is encouraged and welcomed. Questions for the purpose of clarification will benefit most all of the students; critical questions and comments tend to make the course more interesting. The professor will call on individual students from time to time to answer questions in class. Some students like this type of interaction while others do not. In order that the professor can avoid calling on unwilling participants, please observe the simple rules: If you want to be called upon occasionally, wear a cap in class; if you want to be called upon all the time, wear it backwards. Grading System: For students who attend class regularly, grades will be based entirely on exam scores. The raw score for each of the 33-question exams will be determined by the formula RAW = 100 - 3X, where X is the number of incorrect answers. (This formula has the effect of rounding percentage scores to the next higher integer.) If the mean raw score falls short of 75, each student who took the exam and who has not had excessive absences will be awarded "Kicker Points" to compensate for the shortfall. (For instance, if the mean raw score is 67, a student with a raw score of 82 will be awarded eight Kicker Points, making for a recorded score of 90. (Note: Scores achieved almost wholly by guessing are not included in determining the mean raw score.) For the determination of course grades, each student will have the benefit of two alternative weighting schemes. The two one-hour exams plus the final exam will count 1/3, 1/3, and 1/3 or 1/4, 1/4, and 1/2, depending upon which weighting gives the higher score. Letter grades for the course will be based on the rounded, compensated, and weighted exam scores. The grade breaks are set at 90, 80, 70, and 60. (In light of all this rounding, compensating, and weighting, students are expected to refrain from lobbying for still additional points (and from requesting extra-credit assignments) to raise their course score above the next grade break Make-ups: Because of the size of the class, students cannot be permitted to take the exams early or late. Should it become necessary for a student to miss an exam, he or she should notify the instructor in advance of the exam date. Students with excused absences should present their university excuses by the Friday that follows the Monday exam. Only those students who have met this deadline will be allowed to take the make-up exam, which will be given within two weeks of the scheduled exam (and, in the case of the first exam, before the mid-semester date of February 28). The date, time, and place of the make up will be announced to students when they present their university excuses. Supplemental Materials: The Calendar, FAQ & IAQ, Links, Handouts, Readings, and PowerPoint files available through this web site should be helpful. The Calendar helps the student pace his reading and keep track of relevant data. FAQ & IAQ deals with some questions that students frequently (or infrequently) ask. The Links are intended to anchor class material to some of the institutions and economic data being discussed. The Handouts include summaries of some of the key ideas discussed in class as well as Dry-Run Exams. (Note: These practice exams are a good indication of the exam format and of the level of mastery required in the course. Although students should make full use of them, they should avoid undue reliance on these old exams in preparing for new ones.) The Readings help reinforce ideas that are not covered in the Colander text. The PowerPoint files are the ones shown in class as complements to the lectures. They are not indended as stand-alone tutorials, but are made available to the students for reinforcement and review.
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