Elements of Macroeconomics (180.101.01)

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THE JOHNS HOPKINS UNIVERSITY

Department of Economics


Elements of Macroeconomics (180.101.01)























Summer 2011











Michele Mazzoleni



I. Course Overview


This course introduces to macroeconomics and its applications. We will study
economic aggregates such
as the overall price level, the unemployment rate and the GDP and how they relate to each other.
Attention will be given to fiscal and monetary policies. We will also try to understand the recent
financial crisis and its impact on
the economic activity.

Given the
time constraints
, you should focus on the material presented in class. To

this end, I will
provide specific page references within the chapters referred to in the reading

guide. You should use
these references to reinforce
and/or clarify the material covered in class.


I
I. Course
Organization


We will meet every Monday, Wednesday and Thursday from 2:30pm till

5pm starting on
June 1

and
finishing on
June 30
.

The classroom has not been defined yet.

The lectures are the
centerpiece of the

course.

On each day the class will be broken into two parts of 65
minutes which will be split with a 20

minute break.
A class will be typically a lecture, but we will also
dedicate time to review the material and the exercises.

A weekly
problem set will be distributed and it will be subsequently discussed in class

in a review
session
.
The questions

should help you gauge your progress with the material and will be similar to the
type of

questions you can expect on the midterm and final.


III.
Contact details and office hours


Instructor:
Michele Mazzoleni

Email:

mmazzol1@jhu.edu

Office hour
: Thursday,
1:00
-
2:3
0
pm

or upon request


IV.
Grading


The course grade wil
l consist of the problem sets (1
0%), the mid
-
term (
4
0%) and the final

(5
0%).
Review
sessions

will give you a chance to both ask questions of material

you are uncertain about as well as
contribute to the discussion of the problems at hand. You are

also encouraged to ask questions during
lectures.

If you miss the midterm, 90% of

your grade will be placed on the final if your absence is due to a

University
-
approved excuse. A University
-
approved excuse related to sickness must be

accompanied by
a written medical excuse from a licensed medical practitioner. Other excuses

must be acc
ompanied by
verification from the Student Health and Wellness Centre, the

Counseling Centre or the Office of
Academic Advising. Students who miss the final exam due to

a University
-
approved excuse will take a
make
-
up exam.


V.
Textbook

and

reading guide


The assigned textbook for this course is the 11th edition of
Macroeconomics: Principles and

Policy
by
William Baumol and Alan Blind
er
. This will be

available in the bookshop. Finally, we will use various

online articles in our discussion of the financial c
risis. Links to these articles will be
provided or the
articles will be distributed in class.


V
I
.
Course calendar


Week

Topic
s

Reading

June 1
-

June 2

-

Questions in Macroeconomics

-

National Income Accounting

-

Income Determination

-

Problem Set 1

(due June 6)

Chaps. 1, 2 & 5

Chap. 8

&

6

Chap. 9

June 6
-

June 9

-

Income Determination
: The Multiplier

-

Aggregate Demand and Supply

-

Fiscal Policy

-

Problem Set 2

(due June 13)

Chap. 9

Chap. 10

Chap. 11

June 13
-

June 16

-

Money and Banking

-

Midterm Examination (June 15)

-

Investment and Monetary Policy

-

Problem Set 3

(due June 20)

Chap. 12


Chaps. 13 & 14

June 20
-

June 23

-

Budget Deficits and National Debt

-

Financial Crisis

-

Inflation and Unemployment

-

Problem Set 4

(due June 26)

Chap. 15

Chap. 20

Chap. 6, 10, & 16

June 26
-

June 30

-

Economics Growth and Productivity

-

Topics on International Macroeconomics

-

Final Examination (June 30)

Chap. 6 & 7

Chaps. 18 & 19