Economics 312 Intermediate Macroeconomics: Advanced Treatment

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

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Econ 312



Spring 2013

E
conomics

31
2

Intermediate
Macroeconomics
: Advanced Treatment


Professor:

Noah Williams


Off
ice:
Social Science

7434
,
e
-
mail:
nmwilliams@wisc.edu


Office hours: 2:30
-
3:3
0 Thurs
day, or by appointment.


Course Sch
edule:

Lectures
:
Monday and Wednesday from 2:30
-
3:45, Social Science 6240

All course docum
ents and communication will
be o
n the class web page:


http://www.ssc.wisc.edu/~nwilliam/Econ312


Course Ob
jectives:

To develop a thorough understanding of how the economy works at aggregate level and
how total output, employment, prices, interest rates and exchange rates are determined.
To explore the factors underlying economic growth, business cycle
s, inflat
ion, and
unemployment.
To acquire the ability to assess rigorously the effects of various
government policies and outside shocks on these features of the economy.


We will use the tools developed to address issues such as: What leads to long run
economic

growth? What can account for the differences in wealth across countries?
What are the sources of business cycle fluctuations and what, if anything, should the
government do to alleviate business cycles? What are the effects of monetary policy on
the econ
omy? How do government budget deficits and surpluses affect the economy?


The course makes extensive use of mathematics, mainly differential calculus. This allows

both a deeper analysis of the
microeconomic foundations of macroeconomic theory, and
a more q
uantitative analysis of the models presented. Students who do not find a
quantitative approach to the material app
ealing should take Economics 302

instead,
which covers similar topics with
a
less math
ematical focus.



Textbook

and Materials
:



W
illiamson, Stephen D.
Macroeconomics.

4th

edition. 2011
. Pearson Addison
-
Wesley.

There will occasionally be supplemental materials
, such as pieces from
The Economist

and other sources,
posted on the class web page

f
or discussion
.


Grading:

Proble
m Sets (2
0%): There will be six

problem sets for the semester.
You will always
have one week to complete the problem sets
.
Students should do the
problem sets
individually. N
o late homework will be accepted. The lowest problem set score will be
dropped in calcula
ting the grade.


Class Problems (10%): Most Wednesdays we will work through example problems in
class. Participation in this exercise will include working in groups to complete the
problems, presenting, and discussing the solutions.


Econ 312



Spring 2013

Midterm Exam
s (35
%
, s
plit equally
): i
n class

on

February 25

and April
15
.


Fin
al Exam (35
%): The
final exam

will be on May 12
,
2:45
-
4:4
5 PM
, covering material
from the entire semester.


Schedule:

Additional material or changes in the schedule will be posted on the class web pa
ge
.


DATE

TOPICS

READINGS

HW/TEST

1
/
2
3

Overview

and Measurement

Ch. 1
-
2


1/28
-
3
0

Labor Demand, Labor Supply

Ch.
4
-
5


2/4
-
6

General Equilibrium

Applications of Static GE

Ch. 5

HW1/due 2/
11

2/11
-
13
-
1
8

Consumption, Saving,
Investment

Ch. 8
-
9
-
10

HW2/due 2/
1
8

2/20

Long
-
Run Economic Growth

Ch. 6

Midterm review

2/2
5

Midterm 1


Midterm 2/2
5

2/27

Long
-
Run Economic Growth

Ch. 6


3/
4

Convergence and
Endogenous
Growth

Ch. 7


3/6
-
11
-
13

Business Cycles

Real Business Cycles

Ch. 3,



Ch.12 (4
3
9
-
49
)

HW3/due 3/
18

3/18
-
20
-
4/1

Money

Money and Business Cycles


Ch 11
,
Ch 16 (571
-
4)


4/3
-
4/8

The Keynesian Model

Ch. 13,
17 (629
-
637)

HW4
/due 4/
8

4/10
-
17

Unemployment

Ch. 17 (rest)


4/15

M
idterm 2


Midterm 4/1
5

4/
22
-
24

Hyperinflations

Monetary Policy

Ch. 16 (577
-
87)

Ch. 18 (650
-
60)

HW5/due 4/2
9

4/29
-
5/1

International Trade
International Finance

Ch. 13



Ch. 15

HW6/due 5/
6

5/6
-
8

Financial Intermediation

and

Financ
ial Crises

Ch 16 (587
-
603)

Final review

FINAL EXAM, 5/1
2, 2:45
-
4:4
5


Econ 312



Spring 2013

Misconduct Statement


Academic Integrity is critical to maintaining fair and knowledge based learning at UW Madison.
Academic dishonesty is a serious violation: it undermines the bond
s of trust and honesty between
members of our academic community, degrades the value of your degree and defrauds those who may
eventually depend upon your knowledge and integrity.


Examples of academic misconduct include, but are not limited to: cheating
on an examination (copying
from another student's paper, referring to materials on the exam other than those explicitly permitted,
continuing to work on an exam after the time has expired, turning in an exam for regrading after making
changes to the exam),

copying the homework of someone else, submitting for credit work done by
someone else, stealing examinations or course materials, tampering with the grade records or with
another student's work, or knowingly and intentionally assisting another student in

any of the above.
Students are reminded that online sources, including anonymous or unattributed ones like Wikipedia, still
need to be cited like any other source; and copying from any source without attribution is considered
plagiarism.



The Dept. of Ec
onomics will deal with these offenses harshly following UWS14 procedures
(
http://students.wisc.edu/saja/misconduct/UWS14.html
):

1. The penalty for misconduct in most cases will be remova
l from the course and a failing grade,

2. The department will inform the Dean of Students as required and additional sanctions may be applied.

3. The department will keep an internal record of misconduct incidents. This information will be made
availab
le to teaching faculty writing recommendation letters and to admission offices of the School of
Business and Engineering.



If you think you see incidents of misconduct, you should tell your instructor about them, in which case
they will take appropriate a
ction and protect your identity. You could also choose to contact our
administrator (
Tammy Herbst
-
Koel,
therbst@wisc.edu
)
and your identity will be kept confidential.


Grievance Procedure


The Department of Economic
s has developed a grievance procedure through which you may
register comments or complaints about a course, an instructor, or a teaching assistant. The Department
continues to provide a course evaluation each semester in every class. If you wish to make
anonymous
complaints to an instructor or teaching assistant, the appropriate vehicle is the course evaluation. If you
have a disagreement with an instructor or a teaching assistant, we strongly encourage you to try to resolve
the dispute with him or her d
irectly. The grievance procedure is designed for situations where neither of
these channels is appropriate.

If you wish to file a grievance, you should go to room 7238 Social Science and request a Course
Comment Sheet. When completing the comment sheet,
you will need to provide a detailed statement that
describes what aspects of the course you find unsatisfactory. You will need to sign the sheet and provide
your student identification number, your address, and a phone where you can be reached. The
Depar
tment plans to investigate comments fully and will respond in writing to complaints.

Your name, address, phone number, and student ID number will not be revealed to the instructor
or teaching assistant involved and will be treated as confidential. The D
epartment needs this information,
because it may become necessary for a commenting student to have a meeting with the department chair
or a nominee to gather additional information. A name and address are necessary for providing a written
response
.