Course Objectives: Macroeconomics deals with the aggregate behavior of a ...
After you read each assigned chapter of the Slavin text, you should complete the
...
UNIVERSITY OF VERMONT Department of Economics EC 11 Principles of Macroeconomics Spring 2010 Office hours: T/Th 10-11
Professor Stephanie Seguino Office: Old Mill 340 Phone: 656-0187 Email:
[email protected]
Syllabus Course Objectives: Macroeconomics deals with the aggregate behavior of a capitalist market economy. To better appreciate the workings of such an economy, this course will begin with a brief historical survey of the evolution of modern economic institutions and modern macroeconomic thought. We will study the theoretical frameworks that macroeconomists have developed to explain how contemporary capitalist economies function, the basic problems these economies face, and the policy solutions that macroeconomists have offered for these problems. The final part of the course takes up several contemporary policy issues. Throughout the semester, real world examples will be integrated into our discussions, with a special focus on the global economic crisis that began in 2008. Etiquette: • In email and in class, address me as "Professor Seguino." • In writing email, please just start off with "Dear Professor Seguino." Please note that substantive questions related to the course material should be brought to office hours. It is not possible to deal with them over email. Textbooks All of the below listed books are required reading and will be available for sale at the bookstore. You may also want to consider purchasing used copies at booksellers such as Amazon.com. 1. Slavin, Stephen. 2009. Macroeconomics. Ninth Edition. McGraw-Hill. ISBN 978-0-07-336246-8. 2. Heilbroner, Robert and William Milberg. 2008. The Making of Economic Society 12th ed. Upper Saddle River, N.J.: Prentice Hall. 3. Bernstein, Jared. 2008. Crunch: Why Do I Feel So Squeezed? (And Other Unsolved Economic Mysteries). Berrett-Koehler Publishers. ISBN 978-1-57675-477-1. 4. The New York Times: To subscribe, you can call 1-800-NYTCOLL or visit this web site: http://homedelivery.nytimes.com/HDS/StudentHome.do?mode=studHome Course Requirements 1.
Class attendance and in-class assignments
This course presents ideas in a "building block" fashion: basic economic concepts and tools taken up earlier in the course are used throughout the semester. Also, a great deal of the material covered in lectures is not taken up in the assigned texts. For these reasons, class attendance is required After you read each assigned chapter of the Slavin text, you should complete the problems at the end of the chapters. You may work on these with your teammates or others in the 1
class. Impromptu in-class writing and problem-solving assignments will assess your individual preparation or your understanding of class material. Some of these assignments will be collected and graded; others will be spot-checked and you will earn points based on whether or not you completed the task. There are no make-ups on these in-class assignments; they act as an informal check on attendance in addition to offering you an incentive to be prepared.
2. Exams
There will be three exams (February 18, April 1,and a comprehensive final in May during the scheduled time for this class). Please arrange your schedules and travel plans accordingly. For a student to be eligible for a make-up exam, medical documentation will be required, with no exceptions. Make-up exams are more difficult and longer than the regular exam. There are otherwise no make-up exams, and missed exams will unfortunately receive a grade of zero. Final exams likewise cannot be rescheduled; there will be no make-ups for finals. If you have received permission for exam accommodations, you must see me at least one week in advance of the exam to make arrangements.
Final course grades will be weighted as follows: In-class assignments First exam Second exam Final exam
10% 25% 30% 35%
Reading Assignments and Course Outline The following is a tentative schedule with the exception of the mid-term exam dates, which are fixed. Reading assignments should be completed by the day the topic is introduced. Date
Topic I. The History of Modern Economics
1/19
A. Introduction: Economics and Society Slavin, Chapters 1 and 3. Bernstein, Introduction. Heilbroner and Milberg, Chapter 1.
1/26
B. Origins of the Capitalist System and Some Basic Theoretics Slavin, Chapters 2 and 4. Heilbroner and Milberg, Chapter 3. I. Modern Approaches to Macroeconomic Analysis
2/4
A. Classical Economics: Say's Law Slavin, Chapter 3, pp. 49-63 and Chapter 11. pp. 251-253. 2
2/11
B. The Keynesian Revolution 1. The Great Depression: Unemployment and Poverty Slavin, Chapter 1, pp. 7-10, Chapter 10, pp. 215-228. Heilbroner and Milberg, Chapter 6.
2/18
First Mid-Term
2/23
2. National Income Accounting Slavin, Chapter 9 first, then Chapters 5-8. Bernstein, Chapter 2.
3/2
3. The Keynesian Model and Fiscal Policy Options Slavin, Chapter 11, Part III, and Chapter 12. Heilbroner and Milberg, Chapter 9
3/23
4. The Role of Money and Monetary Policy Slavin, Chapters 13 and 14.
3/30
C. Monetarism Slavin, Chapter 15, pp. 372, Chapter 10, pp. 229-242. Heilbroner and Milberg, Chapter 10.
4/1
Second Mid-Term
4/8
D. Supply-Side Economics and the 1980s Slavin, Chapter 15, pp. 372-379, p. 382.
III. Current Issues 4/15
A. Global Macro Slavin, Chapters 18 and 19. Heilbroner and Milberg, Chapter 12 and 13. Bernstein, Chapter 4.
4/22
B. Are There Macroeconomic Implications of Growing Income Inequality? Slavin, Chapter 17. Holzer, H., D.W. Schanzenback, G.J. Duncan, and Jens Ludwig. 2007. The Economic Costs of Poverty in the U.S.: Subsequent Effects on Children Growing up Poor. Center for American Progress. http://www.americanprogress.org/issues/2007/01/poverty_report.html. Bernstein, Chapter 1, pp. 6-28.
4/29
C. The Global Recession of 2008 to ? Film: Capitalism Hits the Fan: A Lecture on the Economic Meltdown Seguino, S. “The Global Economic Crisis, Its Gender and Ethnic Implications, and Policy Responses.” E-reserve. www.crisisofcredit.com Ball, L. Financial Crises. E-reserve. Final exam, May 3
Student responsibility I have tried to give you a good idea of what the course involves and the timetable on which we will work through the material. I reserve the right to change readings, times, and other aspects of the syllabus as needed, however. You are responsible for reading your syllabus to keep abreast of the schedule, and staying current on any other changes to the syllabus, which will be announced in class.
4
