ECO 3203- Intermediate Macroeconomics-Fall 2011
Office: DM, 319A, Office Hours: M & W 1:00-2:00pm,
e-mail: karayalc@fiu.edu , webpage: www.fiu.edu/~karayalc
Course Description
This course is designed to further the understanding of macroeconomic phenomena. The course teaches how to interpret business cycles, inflation and government policies that affect the macroeconomic environment. On the theoretical side, the course introduces both the conventional Keynesian theory and the more recent approaches, such as rational expectations, and real business cycle analysis.
Course Structure:
This course is taught using a team-based learning approach. The assigned readings are chosen to familiarize students with the key concepts and tools in macroeconomics.
Students are responsible for reading course material and learning the basic concepts through individual study. Class time will then be used working in teams focusing on how the tools and concepts can be applied to various issues that arise in macroeconomics.
To ensure that students read and get a basic handle on the material, each of the five major sections of the course begins with a Readiness Assessment Test (RAT). These tests are multiple-choice, cover the basic concepts from the reading, and take place before the material is covered in class. Each RAT is first taken individually. The same RAT is then taken again as a team with collaboration of team members. In evaluating the performance of each student, both the individual and team RAT scores are used.
After the completion of the RAT, class time will be used to work in teams to apply the tools acquired to different issues in macroeconomics. The assignments that teams receive are opportunities to apply the concepts learned from the course material to real situations. The assignments will require the team to report to the class. A random selection from the team assignments will be made and graded. These grades will then be used in the calculation of your course grade.
At the end of the course, every student will grade the contribution of their team members to the functioning of the team. Each individual must assign a total of 50 points to the other members in their team. There has to be differentiation in the ratings, with each rater having to assign at least one score of 11 or higher--with a maximum of 15--and at least one score of 9 or lower. The peer evaluation scores can produce differences in grades only within teams. This means that team members cannot help everyone in their team get an A by giving them a high peer evaluation score. The only way for everyone in a team to earn an A is by doing an excellent job on the individual exams and team exams and assignments.
There are two additional individual components of the course. There will be a midterm and a final exam.
Textbook
The textbook for the course is Macroeconomics (7th edn) by Gregory Mankiw. It is available in the University Bookstore.
Policies Concerning Academic Misconduct
It is imperative that students become aware of FIU’s definitions of and policies toward academic misconduct. These policies may be found on the FIU web-site at: Academic Misconduct and Code of Academic Integrity.
Schedule of Assignments and Activities
|
Material |
Weeks (starting on) |
Date of RATS and Exams |
|
Introduction: Chapter 1, 2 |
August 22, 2011 and August 26, 2011 |
RAT 0 August 24, 2011 |
|
Long Run: Chapters 3-6 |
August 31, 2011 to September 16, 2011 |
RAT 1 August 31, 2011 |
|
Growth: Chapters 7, 8 |
September 21, 2011 to September 30, 2011 |
RAT 2 September 19, 2011 |
|
Chapters 1-8 |
|
Midterm September 26, 2011 |
|
Short Run 1: Chapters 9-11 |
October 10, 2011 to November 2, 2011 |
RAT 3 October 10, 2011 |
|
Short Run 2: Chapters 12, 13 |
November 7, 2011 to November 18, 2011 |
RAT 4 November 4, 2011 |
|
Policy Debates: Chapters 15, 16 |
November 23, 2011 to December 2, 2011 |
RAT 5 November 21, 2011 |
|
Chapters 9-13, 15,16 |
|
Final Exam December 7, 2011 9:45am |
Grading
The grading for the course will be done as follows.
The weights of individual elements and the total score are calculated as
|
Individual work |
|
|
|
|
RATS: 5 x 20 |
100 |
|
|
Midterm exam |
50 |
|
|
Final exam |
100 |
|
Team work |
|
|
|
|
RATS: 5 x 10 |
50 |
|
|
Team projects |
100 |
|
|
Peer evaluation |
50 |
|
Total |
450 |
|
At the end of the semester, grades will be assigned on a curve based on the total number of points earned on the RATs, the two exams and the team projects, properly weighted.
GRADES FOR RATS
GRADES FOR TEAM PROJECTS
Email Peer Evaluations to karayalc@fiu.edu by Friday, December 2, 2011 noon.
READINGS
I. Introduction
Macroeconomic phenomena; looking around and identifying macro problems in the world; aggregate output and income; the unemployment rate; inflation; deficits.
1. Chapter 1
2. Chapter 2
II. The Core Macroeconomic Problems
The goods market; GDP; consumption; investment; government spending; equilibrium; production and sales; financial markets; money; interest rates; the banking system; the Federal Reserve; the open economy.
1. Chapter 3
2. Chapter 4
3. Chapter 5
4. Chapter 6
III. The Long Run
Facts of growth, saving, capital accumulation and output.
1. Chapter 7
2. Chapter 8
IV. The Short Run
The natural rate of unemployment; aggregate supply; aggregate demand; monetary policy; fiscal policy; changes in the price of oil; IS-LM, exchange rates, the Phillips curve.
1. Chapter 9
2. Chapter 10
3. Chapter 11
4. Chapter 12
5. Chapter 13
V. Policy Debates
Stabilization policy; government debt; rules vs discretion.
1. Chapter 15
2. Chapter 16
Additional Readings
Concern about Fiscal Deficits?
Deflation: A Threat for the US?
Recession and Income Distribution
PowerPoint Slides