COURSE: Economics 203: Macroeconomics (Online) TERM ...


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COURSE: Economics 203: Macroeconomics (Online)
TERM: Economics 203 is an online course designed for self-paced progression
and instructor/student interaction via the Blackboard interface.
TEXT: Colander, D. (2004). Economics. New York: McGraw-Hill.
COURSE DESCRIPTION: This course is a study of the principles and aggregate forces
related to economics as a whole. Emphasis is placed on the problems resulting from the
business cycle, the components of the GNP, monetary and fiscal policy, and elements of
international trade.
• The student will have a better understanding of growth, business cycles,
unemployment, and inflation.
• The student will better recognize figures instrumental to the development of modern
• The student will have a better awareness of the role of the financial sector and
monetary policy in macroeconomic debates.
• The student will better understand the concepts of deficit and debt in governmental
• The student will have a better comprehension of international financial policy and
macroeconomic policies in developing nations.

By the end of the course, the economics student at Oakland City University will be able
• Construct research dealing with topics that are relevant to macroeconomics.
• Explain the difference between the long-run and the short-run framework.
• List four phases of the business cycle.
• Summarize some relevant statistics about growth, business cycles, unemployment and
• List five sources of growth.
• Work with peers in a collaborative effort to produce a “macroeconomic project”.
• Review a recent article dealing with macroeconomics from a periodical or relevant
academic journal.
• Distinguish classical growth theory from new growth theory.
• Discuss the limitations of the macro policy model.
• Explain how a financial panic can occur and the potential problem with government
guarantees to prevent such panics.
• Summarize the structure and the duties of the Federal Reserve Bank (the Fed).
• List the three tools of monetary policy and how they work.
• State some of the distributional effects of inflation.
• Define the terms deficit, surplus, and debt.
• Explain why economies at different stages of development have different institutional
• List four important fundamental determinants of exchange rates.
• Describe the balance of payments and the trade balance, and relate them to the supply
and demand for currencies.

INSTRUCTIONAL PROCEDURES: The instructor will use the following
instructional techniques during the course: class discussion, collaborative/cooperative
learning, lecture, research activities, and self-reflection.
COURSE REQUIREMENTS: It is expected that online students complete the ascribed
assignments as scheduled. Any questions or comments should be directed to the

Module One Read Chapter 22, Economic Growth, Business Cycles,
Unemployment and Inflation (Colander, pp. 490-512)
Read Chapter 24, Growth, Productivity, and the Wealth of Nations
(Colander, pp. 540-561)
Complete Assignment One (Discussion Board)
Select Article for Article Critique
Select Topic for Research Component
Complete Module One Exam
Module Two Notes/Discussion of Chapter 25, Aggregate Demand, Aggregate
Supply, and Modern Macroeconomics (Colander, pp. 566-588)
Notes/Discussion of Chapter 27, Money, Banking, and the
Financial Sector (Colander, pp. 621-639)
Complete Assignment Two (Discussion Board) Continue Work on
Article Critique Continue Work on Research Component
Complete Module Two Exam
Module Three Notes/Discussion of Chapter 28, Monetary Policy and the Debate
About Macro Policy (Colander, pp. 659-678)
Notes/Discussion of Chapter 29, Inflation and Its Relationship to
Unemployment and Growth (Colander, pp. 684-702)

Notes/Discussion of Chapter 30, Aggregate
Demand Policy in Perspective (Colander, pp. 706-
725) Complete Assignment Three (Discussion
Board) Complete and Submit Article Critique
Select Topic for Research Component Complete
Module Three Exam Module Four
Notes/Discussion of Chapter 31, Politics, Deficits,
and Debt
(Colander, pp. 726-744)
Notes/Discussion of Chapter 32, Macro Policy in Developing
Countries (Colander, pp. 748-768)

Complete Assignment Four (Discussion Board)
Continue Work on Research Component
Complete Module Four Exam
Module Five Notes/Discussion of Chapter 33, International Financial Policy
(Colander, pp. 771-796)
Notes/Discussion of Chapter 34, Monetary and Fiscal Policy in a
Global Setting (Colander, pp. 797-808)

Complete Assignment Five (Discussion Board)
Complete and Submit Research Component
Complete Module Five Exam
EVALUATION RATIONALE: Assessment in the form of discussion board
assignments, module examinations, one research paper, and one article critique will be
used throughout the course.
35% of Course Grade
Module Exams (5)
30% of Course Grade
Research Component
25% of Course Grade
Discussion Board Assignments - Blackboard (5)
10% of Course Grade
Article Critique

ECONOMICS STANDARDS (National Business Education Association,
I. Allocation of Resources
Achievement Standard: Assess opportunity costs and trade-offs involved in
making choices about how to use scarce economic resources.

II. Economic Systems
Achievement Standard: Explain why societies develop economic systems,
identify the basic features of different economic systems, and analyze the major
features of the U.S. economic system.

III. Economic Institutions and Incentives
Achievement Standard: Analyze the role of markets and prices in the U.S.

IV. Markets and Prices
Achievement Standard: Analyze the role of markets and prices in the U.S.

V. Market Structures
Achievement Standard: Analyze the different types of market structures and the
effect they have on the price and the quality of the goods and services produced.

VI. Productivity
Achievement Standard: Explain the importance of productivity and analyze how
specialization, division of labor, investment in physical and human capital, and
technological change affect productivity.

VII. The Role of Government
Achievement Standard: Analyze the role of government in economic systems,
especially the role of government in the U.S. economy.

VIII. International Economic Concepts
Achievement Standard: Examine the role of trade, protectionism, and monetary
markets in the global economy.

IX. Aggregate Supply and Aggregate Demand
Achievement Standard: Analyze how the U.S. economy functions as a whole and
describe selected macroeconomic measures of economic activity.

Oakland City University Mission
Oakland City University in Oakland City, Indiana is a learning community dedicated to:

 academic excellence, technical preparation, and life-long learning;
 the promotion of Christian ethical and moral values;
 the enhancement of each person’s intellectual, spiritual, and social development;
 community service through positive leadership; and
 the preparation for gainful employment through academic excellence.

Oakland City University School of Business Mission
The School of Business at Oakland City University is a learning community dedicated to:
 academic excellence, life-long learning, and the
enhancement of each person’s intellectual development;
 the promotion of Christian ethical and moral values,
especially in the business
community;  the promotion of community service through positive leadership;
 the preparation of graduates to successfully meet the needs of business and industry;
and  the development of skills for each
individual to enhance his/her own personal and
professional growth.

Oakland City University School of Arts and Sciences Mission
The School of Arts and Sciences at Oakland City University is a learning/teaching
community dedicated to:
 academic knowledge and excellence, application of academic discipline, technical
proficiency, and life-long learning;  presentation of Christian ethical and moral
values within a liberal arts environment;  the broadening of each person’s
intellectual, artistic, spiritual, and social
development; and  community service through positive leadership.

Why Study Economics?
Economics is an integral part of a well-rounded liberal arts education. Recent surveys of
liberal arts colleges and universities indicate that Economics continues to rank among the
most popular majors chosen by undergraduates, and the majority of students enroll in
introductory courses in economics during their undergraduate careers. Given the impact
of economic forces on our daily lives, the strong interest in economics is understandable.
Completion of introductory courses in Economics provides individuals with a logical and
consistent framework for understanding such basic concepts as inflation, the function of
money, and budget deficits. By providing an introduction to economic analysis, students
who take Economics courses are better able to think critically about policy proposals that
emerge from Washington and are debated in the mass media. In addition, students gain a
working knowledge of how the economy operates and adjusts to changing economic
Taking economics courses, however, provides more than mere insights into the
functioning of economies. Economics is a field of growing importance as preparation for
both a variety of careers and programs of advanced study. The discipline occupies a
strategic place among the social sciences, and is important to the study of the humanities
as well. An understanding of economics is relevant to advanced study in such fields as
History, Political Science, Sociology, Geography, and Anthropology. Since economic
institutions are an important element of any larger social or political system, and since
major social and political changes are often influenced by economic forces, an
understanding of economics is important for mastery of these related disciplines. In
addition, economics often provides a useful framework for clarifying interrelationships
among other social sciences. In the study of humanities such as Philosophy or English, a
knowledge of economics is useful in understanding the development and history of the
fields themselves.
Many careers which require the understanding and analysis of contemporary events will
also be enhanced by the study of economics. These include such professions as law,
journalism, public policy, diplomacy, education, environmental science, medical
administration, and international affairs. Economics provides a better understanding of
the economic and public policy environment in which virtually every profession will be
pursued. Hence, economics courses are an integral part of any undergraduate curriculum.
For all of the career possibilities available to the student of economics, well developed
analytical skills and written and oral communication skills will prove to be great assets.
Students are strongly encouraged to cultivate these skills in their undergraduate

An Introduction to Economics
The purpose of a liberal arts education is to provide students with a wealth of knowledge
in diverse areas of study. Economics is definitely a discipline that enhances one's
undergraduate education, as it focuses on issues that affect everyone on a daily basis.
Economists address the following questions in their work: What is the return an
individual can expect from attending college?; How will proposed health care reforms
affect U.S. economic performance?; How will NAFTA affect the Mexican and U.S.
economies?; What effects, if any, will the current budget deficits have on the future
growth of the American economy and the economic well-being of its citizens?
Clearly, these issues are of interest to everyone, not just economists. The introductory
courses in economics use the principles of economic analysis to provide students with a
better understanding of these and other "economic problems." Whether one is interested
in biochemistry, art history, or business, the introductory courses in economics provide
students with a level of economic literacy sufficient to understand how the economy
operates, as well as how government policies affect the performance of the economy.
Every student will benefit from the exposure to economic analysis provided in the
introductory courses. In addition to increasing one's understanding of how economies
function, many students find that training received in the introductory courses provides
insights into the study of other disciplines. Students studying the transition of Russia and
the republics from communism to democracy find economic analysis particularly useful
in understanding the difficulties experienced by the Russian people as they move from
state-controlled markets to "free markets." Individuals with an interest in environmental
studies apply economic analysis to problems such as optimal pollution control policies.
In fact, students in a wide variety of disciplines find the knowledge gained in the
introductory economics courses highly valuable, and frequently inquire about additional
course work in economics.
All students can benefit from exposure to economics. By taking economics courses,
students gain an understanding of the economy in which they participate, and are able to
draw upon the principles of economic analysis to develop a better understanding of
material in other disciplines. Finally, economics courses offer students the opportunity to
develop the analytical and quantitative skills that virtually all employers value.

References for Economics 203 – Macroeconomics
Ahiakpor, J. C. (2003). Classical Macroeconomics: Some Modern Variations and
Distortions. New York: Routledge.
Ayers, R. M. and R. A. Collinge. (2004). Economics: Explore and Apply. Upper Saddle
River, NJ: Prentice Hall.
Bagliano, F. C. (2004). Models for Dynamic Macroeconomics. Oxford: Oxford
University Press.
Barro, R. J. (1997) Macroeconomics. Cambridge, MA: The MIT Press.
Benassy, J. (2002). The Macroeconomics of Imperfect Competition and Nonclearing
Markets: A Dynamic Equilibrium Approach. Cambridge, MA: The MIT Press.
Gollier, C. (2001). The Economics of Risk and Time. Cambridge, MA: The MIT Press.
Handelman, H. (2003). The Challenge of Third World Development. Upper Saddle River,
New Jersey: Prentice-Hall.
Heijdra, B. J. and F. van der Ploeg. (2002). The Foundations of Modern
Macroeconomics. Oxford, NY: Oxford University Press.
Hairault, J. (2004). Exchange Rate Dynamics: A New Open Economy Macroeconomics
Perspective. New York: Routledge.
Jones, C. I. (2002). Introduction to Economic Growth. New York: W.W. Norton and Co.
LeRoy, S. and A. Warner. (2001). Principles of Financial Economics. Cambridge, UK:
Cambridge University Press.
Mankiw, G. N. (2004). Brief Principles of Macroeconomics. Mason, OH:
Mark, N. C. (2001). International Macroeconomics and Finance. New York: Blackwell
McConnel, C. R. and S. L. Brue. (2002). Macroeconomics: Principles, Problems, and
Policies. Boston: McGraw-Hill.
Miles, D. and A. Scott. (2002). Macroeconomics: Understanding the Wealth of Nations.
New York: John Wiley & Sons.
Montiel, P. (2004). Macroeconomics in Emerging Markets. Cambridge, NY: Cambridge
University Press.
Nelson, J. M. ed. (1990). Economic Crisis and Policy Choice: The Politics of
Adjustment in the Third World. Princeton, NJ: Princeton University Press.
Sargent, T. J. (1987). Dynamic Macroeconomic Theory. Cambridge, MA: Harvard
University Press.
Snowdon, B. and H. R. Vane. (2002). An Encyclopedia of Macroeconomics.
Tobin, J. (2002). Landmark Papers in Macroeconomics. Northhampton, MA: E.
Turnovsky, S. J. (2000). Methods of Macroeconomic Dynamics. Cambridge, MA: The
MIT Press.
Economics 202 – Microeconomics Research Component
Thirty percent of your grade in Economics 203 is derived from your efforts in
producing a research paper. The paper is expected to be from (no fewer than) five to (no
more than) seven pages (of text). It should deal with a topic appropriate for the content of
the course. Some examples of appropriate topics are listed below. The final product will
be twelve-font, Times New Roman script and double-spaced. Proper American
Psychological Association (APA) documentation standards should be adhered to. It
should be complete with a title page, reference page, page numbers (except for the first
page), in-text citations, and a running header. If you have any questions about
documentation, PLEASE CONTACT ME AND I WILL ASSIST YOU. At least six
sources should be documented. At least three of your sources should be scholarly in
nature (from professional journals, books, or related works) and no more than two should
be from websites. It is very important that you be able to complete a research paper
commensurate with college-level work. Again, I am available for assistance and will
help you in every way possible, provided you seek out help if you need it.

Some Potential Research Topics
A View of Economics through the Eyes of Malthus Cultural Implications of
Globalization Environmental Concerns and Economic Interdependence A History of
American Unemployment The Controversy Concerning Unemployment Statistics
Measuring Inflation: The Consumer Price Index American Budget Deficits in the
Twentieth Century Domestic Implications of Globalization Theories of Third World
Development The Effect of AIDS on the Economies of Afric Foreign Aid to the
Developing World Toward a Common Currency in the European Union The Impact of
Regional Trading Agreements The Bretton Woods System Controversies Surrounding the
Role of the World Trade Organization

These are just a few of the many topics that would be appropriate for the
paper. Remember to see me if you have any questions concerning the
possibility of a particular topic.
Article Critique Economics 203 – Macroeconomics Your Name Here
Students will, using this space, provide an APA-style reference of the article that is being
written about.
Summary of the Article
This portion of the critique is set aside for a brief summary of the article. The summary,
along with the evaluation, should be double-spaced using Times New Roman script and a
font of twelve. Students should make sure to state the purpose of the article. Design and
methodology should also be considered (if applicable) during this portion of the article
critique. This segment should consist of one to three well-formed and concise paragraphs.
The entire article critique should not exceed one page, so make sure to leave space for the
evaluation of the article.
Evaluation of the Article
The final portion of the critique should be composed of one to three well-formed and
concise paragraphs. The paragraph or paragraphs should answer the following questions:
Do the authors clearly state and present the purpose of the article? Are the authors
effective in their attempt to examine an issue or issues using valid resources? Who will
benefit from reading this article? What will the benefit be? How important and extensive
is the benefit?
Oakland City University School of Business

Student’s Name _____________________________________________________________
Course _________________________________ Date _________________________
Possible Points
Points Earned
The student provided
comprehensive and in-depth
coverage of the assigned topic.

The student’s paper was
organized, coherent, and well
planned. The student’s paper
flowed smoothly and naturally.
Transitions were logical and

The student used appropriate
grammar, sentence structure,
and spelling.

The format of the paper was
professional in appearance.
The student included an
acceptable title page and
references page. Margins, font,
and spacing were adequate for
the assignment.

The student cited professional,
scholarly sources in the paper
as references. The in-text
citations and references page
adhered to standard APA
documentation style.

Points are determined by the following rating scale:
Very Good
Below Average
_______/50 possible points
Letter Grade _______

Instructor’s Comments: