CENTRAL WASHINGTON UNIVERSITY


COURSE SYLLABUS
Course Title: Intermediate Macro Course Number: ECON 302
Prerequisite: ECON 202 Instructor: Prof. Ghosh
Quarter: Office: SS 427
Day/Time: Office Hours: To be announced.
Office Phone: 963-1014

COURSE OBJECTIVE:

This course is designed to provide a basis for understanding the macro economy with an emphasis on the international aspects and policy issues. The determination of economic aggregates such as national income, employment, unemployment, exports, investment, consumption, government budget, money supply and the price level will be studied and analyzed. Upon successful completion of the course, you will be able to better interpret the current national and international economic events.

   Critical Thinking:
Develop an understanding of the different schools of thought in macroeconomics; the different sets of economic problems they address and their significant differences in policy prescription.

  Quantitative Reasoning:
Ability to identify the behaviors of important macro variables using graphs. Distinguish between long-term trends, short-run business cycles. Analyze numerical problems.

  Mathematical Analysis:
Demonstrate an ability to use mathematical models, such as the long-run growth models. Distinguish between the mathematical formulation of endogenous and exogenous growth models. Understand the mathematical assumptions that differentiate the short and the long-run models.

  Effective Writing
Demonstrate in writing an ability to synthesize different perspectives, use information from a variety of sources and evaluate policy.

In addition to the reading assignments it is recommended that students attempt to keep abreast of current events by reading either The Wall street Journal, or another major daily newspaper, e.g., The Washington Post or The New York Times.

EXAMS:

There will be three exams given in this course. The last and final exam will be comprehensive. The exact date, time and place of the exams will be announced in class at least one week prior to their occurrence.

MAKE-UP EXAMS:

Make-up exams will be given ONLY under the MOST COMPELLING circumstances and I must be notified WELL BEFORE the scheduled date.

GRADES:

The student with the highest cumulative point total in the class is guaranteed to receive an "A" in the course. Although a grade of an "F" is unlikely, it is not impossible to attain.

REQUIRED TEXT

Macroeconomics: Theory, Performance and Policy, by Robert Hall and John Taylor. (W.W. Norton & Co., 4th Ed., plus handouts to be given in class.)

SEQUENCE OF READINGS:

CORE TOPICS

 

Chapter

 

The Macro economy:
  1. Introduction
  2. Recent Economic Performance
  3. Long Run Growth

1

Output and Income:
  1. Measurement of GNP
  2. Saving and Investment
  3. Balance of Payments Account

2

Inflation and Employment:
  1. Measurement of Inflation
  2. Measurement of Unemployment

3

The long Run Growth:
  1. Potential GNP
  2. The Growth Formula
  3. Policies to Stimulate Growth

4

Government Policies in a Full Employment Economy:
  1. Fiscal Policy
  2. Monetary Policy

5

Short-Run Fluctuations:
  1. Mathematical Preliminaries
  2. Labor Market
  3. The AD and Spending Balance

6

The IS-LM Model:
  1. The IS Curve
  2. The LM Curve
  3. The AD Curve

7

A Complete Macro Model:
  1. Price Adjustments
  2. Combining the AD Curve and Price Adjustment

8

Additional Topics:
Trade and The Exchange Rate:
  1. Net Exports
  2. Exchange Rate and Interest Rates

12

The Government's Budget:
  1. Government Budget
  2. Budget Deficits

13

The World Economy:
  1. The International Monetary ?
  2. International Policy Coordination
  3. Monetary and Economic Union

19

Macroeconomic Policy:
  1. Shocks and Disturbances
  2. Stabilization Policies
  3. Monetary versus Fiscal Policy

9

The Monetary System:
  1. How the Fed Controls the Money supply
  2. The Demand for Money

14

Selected Topics:
  1. Consumption and Investment
  2. New Classical Theory
  3. Current Issues

10, 11


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