Syllabus Proposal Economics: Macroeconomics

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Oct 28, 2013 (3 years and 9 months ago)

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S
yllabus Proposal

Economics: Macroeconomics


Avi Ifergan

Contact Details:

ifergan@012.net.il

or

0523 58 40 18


I
welcome

you to contact me on my cell phone any day of the week (except Shabbat), no
later than 10p
m. The only thing that I ask is that you
don’t

say: “I apologize for contacting
you at home / on the weekend”


there is no apology necessary!

I am connected via e
-
mail 24 hours a day, six days a week at home and I will be glad to
answer your queries or
messages. Please do not hesitate to contact me
-

I welcome
your interest or questions regarding my class.


Attendance
: Three
-
strike policy
-

absence from more than 25 percent of the classes for
each semester results in automatic failure. If you arrive late

to the class, it is
your

responsibility to let me know at the end of class so that I can check off your name.


Participation:
Your quality participation and input in this class is both valued and
essential! I expect you to devote your full attention to th
e lecture and discussions in this
class, which means that reading other materials, playing on a palm pilot or conducting
private conversations during class is not acceptable. The open and free
-
flow of ideas
and debate is encouraged, in a respectful manner
(This means not interrupting one
another and listening to each other’s ideas). Finally, students are not to begin closing
books or making other preparations to leave class until the class is dismissed.


It is expected that each student will have prepared f
or each day's class by completing
the daily reading(s) and/or outside
-
class assignment(s).


Assessment:

Class Attendance


10 %

3 in
-
class Mini
-
exams


30 %

Exam




60 %


The course text is:


PRINCIPLES OF ECONOMICS, N. Gregory Mankiw. third edition

South
-
W
estern Publishers


WEEK 1


February 13, 2006




MEASURING A
NATION'S INCOME?


-

Defining Macroeconomics, and the difference between microeconomics

-

Understanding GDP, its components and how it is measured

-

Real and Nominal GDP and calculating the GDP deflator


Chapter 23


WEEK 2


February 20, 2006





MEASURING THE COST OF LIVING


-

Inflation, the Consumer Price Index and how they are calculated

-

Problems in measuring the Cost of Living

-

Substitution Bias, Introduction of new goods and unmeasured quality changes

-

Pr
oducer Price Index

-

Differences between the GDP Deflator and the CPI

-

Calculating Dollar amounts from different periods

-

Real and Nominal Interest Rates


Chapter 24



WEEK 3


February 27, 2006



UNEMPLOYMENT


-

Categories of Unemployment

-

Measuring Unemployment

-

Calculating the Unemployment Rate and Labor Force Participation Rate

-

Public Policy and Job Search

-

The Minimum Wage, Unions and Colelctive Bargaining

-

Theory of Efficiency Wages


Chapter 28



WEEK 4


March 6, 2006



THE MONETARY SYSTEM


-

The Meaning of Mon
ey and its functions

-

M1 & M2

-

The Federal Reserve System

-

Banks and the Money Supply

-

Reserve Ratios and the Money Multiplier

-

Tools of Monetary Control




Chapter 29



Mini
-
Exam#1 20 Multiple Choice Questions on Chapters 23,24,28 (10%)




WEEK 5

March 13, 2006




MONEY GROWTH AND INFLATION


-

The Classic Theory of Inflation

-

Hyperinflation and deflation

-

Money Supply, Demands and Equilibrium

-

The Quantity Theory of Money

-

The Velocity of Money

-

Inflation Tax

-

Fisher Effect

-

Shoeleather costs and Menu costs


Chapter 30


WEEK 6

March 20, 2006



OPEN ECONOMY MACROECONOMICS: BASIC CONCEPTS


-

The difference between Open and Closed Economies

-

Exports, Imports and Net Exports

-

Net Capital Outflow

-

Savings, Investments and the relationship to International Flows

-

Nominal & Real Excha
nge Rates

-

Purchasing Power Parity Theory and Arbitrage


Chapter 31


WEEK 7

March 27, 2006



MACROECONOMIC THEORY OF THE OPEN ECONOMY


-

The difference between Open and Closed Economies

-

The Market for Loanable Funds

-

Real Equilibrium in an Open Economy

-

The Eff
ect of Tariffs and Import Quotas on the Exchange rate

-

The Effects of Capital Flight


Chapter 32




Mini
-
Exam#2 20 Multiple Choice Questions on Chapters 29,30,31 (10%)


Pesach Break March 30


April 23


WEEK 8

April 24, 2006


AGGREGATE DEMAND & AGGREGATE SUPP
LY


-

Recessions, Depressions

-

The basic model of aggregate demand and aggregate supply

-

The Wealth Effect, The Interest Rate Effect, The Exchange Rate Effect

-

Misperceptions Theory, Sticky
-
Wage Theory, Sticky
-
Price Theory

-

Stagflation

-

Policy Responses to Recess
ion

Chapter 33

WEEK 9

May 1, 2006



THE INFLUENCE OF MONETARY AND FISCAL POLICY

ON AGGREGATE DEMAND


-

The Theory of Liquidity Preference

-

The Crowding and Multiplier Effect

-

Automatic Stabilizers


Chapter 34


WEEK 10

May 8, 2006



THE SHORT
-
TERM TRADEOFF BET
WEEN INFLATION & UNEMPLOYMENT


-

The Phillips Curve

-

Expectations and the Short
-
run Phillips Curve

-

Natural Rate Hypothesis

-

The role of supply shocks

-

The cost of reducing inflation and the Sacrifice Ration

-

The Volcker Disinflation and the Greenspan Era


Chapt
er 35


Mini
-
Exam#3
-

20 Multiple Choice Questions on Chapters 32,33,34 (10%)


May 15


No Classes


WEEK 11

May 22, 2006



PRODUCTION & GROWTH




-

The factors of production

-

The production function

-

Government policies that raise productivity and living standard
s

-

The Importance of savings and investments

-

Diminishing Returns and the Catch
-
Up Effect

-

Education and the Brain
-
Drain



Chapter 25


WEEK 12

May 29, 2006



CURRENT ISSUES IN MACROECONOMICS


1.

Should monetary and fiscal policymakers try to stabilize the ec
onomy?

2.

Should monetary policy be made by rule rather than by discretion?

3.

Should the central bank aim for zero inflation?

4.

Should the government balance its budget?

5.

Should the tax laws be reformed to encourage saving?


Chapter 36