ECO 201 Macroeconomics Fall II 2007

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1

ECO

201

Macroeconomics

Fall II 2007



INSTRUCTOR
:


William F. Rauscher


PHONE
:

630.272.4554


EMAIL
:

billpeggy1@comcast.net


FAX
:





REQUIRED TEXTS
:



Title

Macroeconomics for today

Author(s)

Tucker.
I.

Copyright

(2007)

Publisher

Thomson Learning

ISBN

0
-
324
-
40799
-
8

Edition

(5
th

ed)






This Course Requires the Purchase of a Course Packet:

YES

NO

Page
2

Argosy University

COURSE SYLLABUS

ECO2
01

Macroeconomics


Fac
ulty Informati on

Faculty Name:
William F. Rauscher

Campus:

Chicago

Contact Information:


Email:
billpeggy1@comcast.net


Phone: 630.272.4554

Office Hours:

By appointment

Short Faculty Bio:

Fourteen years of man
agement experience in the banking and education industries
. Sole proprietor of an insurance and investment business
for ten years. Teaching economics as an adjunct faculty member since 1990, both graduate and undergraduate. Earned a
B.A.

in Business

and Economics from
Illinois College
; and an
M.A.
from
Marquette University

in
Ap
plied Economics, specializing

in financial economics.
Currently a
Ph.D.

c
andidate
at the
University of

Illinois at Chicago


Department of Economics
.


Course description:

Thi
s course provides a study of economic analysis of the factors at work in the marketplace. Emphasis is placed on the study of
macroeconomics. The study of the determination of income, output, employment, and prices in the economy are also examined.


Course
Pre
-
requisites:

None


Required Textbook:


Tucker. I.
(2007
).
Macroeconomic
s for t
oday.

(5
th

e
d).
Thomson Learning
.

ISBN
-
13:

0
-
324
-
40799
-
8


Course length:

7.5 Weeks


Contact Hours
: 45 Hours


Credit Value
: 3.0


Program Outcomes:


1.

Communication

Page
3

1.1

Communicate
business concepts effectively, both written and orally appropriate to the audience

2.

Team

2.1

Define the attributes of an effective team member and leader and the characteristics of an effective team in reaching specifi
c business goals

3.

Cognitive

3.1

Problem Solving



Given a business problem, select and defend a business solution chosen from specific alternatives

3.2

Information Literacy



Given a business research question, access information from a variety of sources, select appropriate sources to respond to a
busine
ss question

4.

Analysis/Application

4.1

Integration



Describe the interrelationship of the functional business areas of statistics, accounting, operations, finance, marketing, an
d strategy

5.

Ethics/Diversity

5.1

Diversity



Identify the issues and challenges related
to diversity in current business organizations

5.2

Ethics



Identify the issues and challenges related to ethics in current business organizations



Course
Objectives
:


1.

Define the term macroeconomics and the components of the economic system: demand, supply,
growth, and stability.

(Program Outcome(s): 1, & 4)

1.1.

Define macroeconomics

1.2.

Describe the components the economic system including of demand, supply, growth, and stability.

1.3.

Explain the role of demand and supply in the economic system and how they impact growt
h and stability

1.4.

Define the four main expenditure categories and how they sum up to GDP.

1.5.

Distinguish between the closed economy and the open economy

2.

Describe and discuss how government spending affects the national economy.

(Program Outcome(s): 1, & 4)

2.1.

Anal
yze the difference between two fiscal policy goals: annual budget balancing and active deficit spending

3.

Recognize and discuss the causes of problems such as inflation and unemployment.

(Program Outcome(s): 1, & 4)

3.1.

Discuss the trade
-
off between inflation an
d unemployment according to the Phillips Curve

3.2.

Explain how two different policy goals


low inflation and full employment


can be mutually exclusive over the short run

3.3.

Explain the difference between nominal GDP and real GDP

4.

Explain how money is created th
rough the medium of demand deposits, the

purpose and effect of the reserve requirement, and the multiplier effect.

(Program Outcome(s): 1, & 4)

4.1.

Explain the mechanism of the money multiplier

5.

Explain the Keynesian Model and the Keynesian Fiscal Policy.

(Prog
ram Outcome(s): 1, & 4)

5.1.

Identify the marginal propensity to consume

5.2.

Discuss the roles of the propensity to consume in the fiscal multiplier

5.3.

Perform a theoretical analysis of the causes and effects of a demand stimulus in the macroeconomic system using the
e
x
penditure categories and the
fiscal multiplier

6.

Discuss the world economy as it relates to international trade and finance.

(Program Outcome(s): 1, & 4)

Page
4

7.

Apply economic principles to a variety of organizational, governmental and market scenarios.

(Program
Outcome(s): 1, & 4)

8.

Identify, analyze, and discuss economic strategies and theories as they relate to government, industries, and markets.






Assignment Table


Module

Module

Topics

Readings

Assignments

Oct
.

29

Measures of macroeconomic
performance: GDP,

Unemployment, and
Inflation


Tucker

Chapter 5

Chapter 6

Chapter 7


Internet research
:



Ronald Reagan and Bill Clinton were the last Presidents to serve eight
years in office. Assess the performance of the U.S. economy under
each administration
. Submit a
written
report your findings on Nov
.

5
.



Choose any two countries of interest to you and compare their real
GDP growth rates and inflation rates with those of the U.S. from 1995
through 2005
. Try to explain any similarities and differences.

Submit
a writ
ten r
eport your findings on Nov
.

5
.


Course Paper
:


Select

a topic from the menu of topics provided (course paper guidelines and
su
gges t ed t opics will be made available

during our firs t clas s meet ing)
, or
prepare a
cours e paper
propos al for a t opic of
pers
onal
int eres t t o you.

Identify
at least five (5) references you plan to use. Submit a list of your references
,

along with your topic selection (or proposal)
,

on
Nov. 5
.



Nov
.

5

Aggregate Supply and Aggrega
te
Demand: a model to assess how

economic dist
urbances influence the
measures of economic performance


Tucker

Chapter 1 Appendix

Chapter 10

Chapter 10 Appendix


Case Study
:

The impact of higher energy prices on the measures of economic
performance.


Quiz
:

Prepare for Quiz
1

which will administered at

the beginning of class on Nov. 12


Nov
.

12

Money supply and Monetary Policy

Tucker

Chapter 14

Chapter 15

Chapter 16


Case Study
: The monetary policy response to the sub
-
prime lending problem.


Quiz 2
:

Prepare for Quiz 2 which will administered at the beg
inning of class on Nov. 19


Page
5

Nov
.

19

Exchange Rates and Foreign Trade


Tucker

Chapter
1
8

Internet research
:



Compare interest rate changes in the U.S. and United Kingdom from
2001 thro
ugh 2006, as well as changes in the dollar
-
pound excha
nge
rate over the s
ame period. Submit a written r
eport your findings on
Nov. 26
,

and comment as to whether or not they are consistent with
theoretical expectations.



Compare interest rate changes in the U.S.

and Japan

from 2001
through 2
006, as well as changes in the dollar
-
yen

exchange rate over
the same period.
Submit a written r
eport your findings on Nov. 26
,

and comment as to whether or not they are consistent with theoretical
expectations.


Case Study
: The North America
n Free Trade Agreement (NAFTA) and how
it
has
impac
ted Mexico
.


Course Paper
: Detailed Outline Due Nov. 26


Nov
.

26

Fiscal Policy and The Role of
Government



Tucker

Chapter9

Chapter 11

Chapter 12

Chapter 13


Case Study
:
Proposed consumption t
axes

and alternatives to income taxes in the
U.S.


Quiz 3
:

Prep
are for Quiz 3 which will administered at the beginning of class on Dec. 3


Course Paper
:

Finish writing


Due Dec. 3


Dec
.
3

Catch
-
up


Macroeconomics and the Business
Decision Maker
-

a course synthesis


Course Paper
Oral
Presentation


Review for Final E
xam


None

Prepare for Final Exam

Dec. 10

Final Examination


None






Page
6

Grading Criteria



Grading Scale





















A

100


93

A
-

92


90

B+

89


88

B

87


83

B
-

82


80

C+

79


78

C

77


73

C
-

72


70

D+

69


68

D

67


63

D
-

62


60

F

59 and b
elow

Quizzes

and Internet Research

25
%

Case Studies

20%

Course Paper

Oral

Presentation

5
%

Course Paper


Written Document

25
%

Final Exam

25
%


100%

Page
7

Library:


All resources in Argosy University’s online collection are available through the

Internet.


The campus librarian will provide students with links, user IDs, and
passwords.



Library Resources
: Argosy University’s core online collection features nearly 21,000 full
-
text journals and 23,000 electronic books and other content covering
al
l academic subject areas including Business & Economics, Career & General Education, Computers, Engineering & Applied Science
, Humanities, Science,
Medicine & Allied Health, and Social & Behavior Sciences.


Many titles are directly accessible through the O
nline Public Access Catalog at
http://library.argosyu.edu
.

Detailed descriptions of online resources are located at
http://library.argosyu.edu/misc/onlinedblist.html
.


In addition to online resources, Argosy University’s onsite collections contain a wealth of subject
-
specific research materials searchable in the Online Public
Access Cata
log.


Catalog searching is easily limited to individual campus collections.


Alternatively, students can search combined collections of all Argosy
University Libraries.


Students are encouraged to seek research and reference assistance from campus libraria
ns.


Information Literacy
: Argosy University’s Information Literacy Tutorial was developed to teach students fundamental and transferable research ski
lls. The
tutorial consists of five modules where students learn to select sources appropriate for academic
-
level research, search periodical indexes and search engines, and
evaluate and cite information. In the tutorial, students study concepts and practice them through interactions. At the conclu
sion of each module, they can test their
comprehension and recei
ve immediate feedback. Each module takes less than 20 minutes to complete. Please view the tutorial at
http://library.argosyu.edu/infolit/



Academic Policies


Academic Dishonesty/Plagiarism:

In an eff
ort to foster a spirit of honesty and integrity during the learning process, Argosy University requires that the
submission of all course assignments represent the original work produced by that student. All sources must be documented th
rough normal schol
arly
references/citations and all work must be submitted using the
Publication Manual of the American Psychological Association, 5
th

Edition (2001).
Washington
DC: American Psychological Association (APA) format. Please refer to Appendix A in the
Publicat
ion Manual of the American Psychological Association, 5
th

Edition

for thesis and paper format. Students are encouraged to purchase this manual (required in some courses) and become familiar
with its content as well as
consult the Argosy University catalo
g for further information regarding academic dishonesty and plagiarism.


Scholarly writing
: The faculty at Argosy University is dedicated to providing a learning environment that supports scholarly and ethical writ
ing, free from
academic dishonesty and
plagiarism. This includes the proper and appropriate referencing of all sources. You may be asked to submit your course assi
gnments
through “Turnitin,” (
www.turnitin.com
), an online resource established to help edu
cators develop writing/research skills and detect potential cases of academic
dishonesty. Turnitin compares submitted papers to billions of pages of content and provides a comparison report to your inst
ructor. This comparison detects
papers that share com
mon information and duplicative language.


Page
8


Americans with Disabilities Act Policy


It is the policy of Argosy University to make reasonable accommodations for qualified students with disabilities, in accordan
ce with the Americans with
Disabilities Act (A
DA). If a student with disabilities needs accommodations, the student must notify the Director of Student Services. Procedu
res for
documenting student disability and the development of reasonable accommodations will be provided to the student upon reques
t.


Students will be notified by the Director of Student Services when each request for accommodation is approved or denied in wr
iting via a designated form.


To
receive accommodation in class, it is the student’s responsibility to present the form (at h
is or her discretion) to the instructor.


In an effort to protect student
privacy, the Department of Student Services will not discuss the accommodation needs of any student with instructors. Faculty

may not make accommodations
for individuals who have not

been approved in this manner.



The Argosy University Statement Regarding Diversity


Argosy University prepares students to serve populations with diverse social, ethnic, economic, and educational experiences.
Both the academic and training
curricula are
designed to provide an environment in which students can develop the skills and attitudes essential to working with people fr
om a wide range of
backgrounds.