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Principles of Economics (Macro)
Emphasizes general principles of macroeconomics.
Topics include inflation, unemployment, economic growth, business
cycles, money, taxes, government spending, gross national product,
price indexes, technology, wages, fiscal and monetary policy,
interest rates, deficit and national debt, and international trade.
Prerequisites: E, M, R
Introduction to Macroeconomics:
Mastering the Global Economy
Introduction to Macroeconomics: Mastering the Global
Economy teaches the essentials of macroeconomic theory
and practice in 15 lessons. The lessons develop the concepts,
strategies, and models required for analyzing key issues.
Each of the 12 one-hour programs combines instruction
by Professor Robert Connolly (University of North Carolina,
Chapel Hill) with state-of-the-art graphics and real-life
documentary stories that make the big issues pertinent
and understandable.
The programs are illuminated by interviews with renowned
experts, and compelling case studies — as a look
at the economically developing African nation of Eritrea
and its efforts to establish an independent economy, and
an examination of the U.S. Great Depression — show
the relevance of macroeconomics to world events and everyday
life.
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TEXTBOOK
"Principles of Macroeconomics" Third Edition. by Mankiw,
N. Gregory, South-Western College Publishers, 2003. ISBN: 0-324-17189-7
STUDY GUIDE
"Introduction to Macroeconomics Student Guide," Third
Edition. South-Western College Publishers, 2003. ISBN: 0-324-26937-4
Lesson 1 The Macro View
Previews the course topics, introduces the types of macroeconomic
data, and provides a historical overview of that data. Covers
the distinction between real and nominal variables and the ways
of measuring changes in price levels.
Lesson 2 Long Run: Production & Growth
Introduces productivity and its impact on the standard of living
and long-run prosperity. Explores the determinants of productivity
and the factors behind economic growth.
Lesson 3 Long Run: Savings, Investment & Finance
Examines the role that financial markets, savings, and investments
play in economic growth. Offers a short, thorough primer on microeconomic
market analysis. Illustrates the loanable funds model.
Lesson 4 Long Run: Employment
Investigates unemployment, the labor force participation rate,
and the government's techniques for measuring unemployment. Explores
the impact of demography and the natural rate concept.
Lesson 5 Long Run: Money & Prices
Defines money, its historical forms and functions, and recent
technological innovations. Discusses the Federal Reserve System
and the difficulties of trying to maintain control of the money
supply. Shows impact of the money supply on the price level.
Lesson 6 No Video Program
Research Project 1
Develops research skills as students are asked to choose a country
that saw a severe economic fluctuation, analyze data on that nation's
Gross Domestic Product (GDP), unemployment, inflation, and growth
rate for that time period, and sum up the findings in a report.
Lesson 7 Long Run: Inflation
Analyzes inflation, emphasizing growth of the money supply as
its fundamental cause and examining several 20th-century hyperinflations.
Discusses the quantity theory of money, the link between inflation
and nominal interest rates, and the costs of inflation.
Lesson 8 Fundamentals of the Open Economy
Expands the scope of study from a single-nation, closed economy
model to a global, open economy approach. Analyzes the international
flow of goods and capital. Explores exchange rates and the Purchasing
Power Parity theory.
Lesson 9 Modeling the Open Economy
Diagrams the Market for Loanable Funds in an open economy, discusses
the Market for Foreign Currency Exchange, then combines these
two markets into one model to predict the impact of changes in
policy or in the behavior of consumers and firms.
Lesson 10 No Video Program
Research Project 2: Analysis
Engages students in researching the political and economic events
that led to the crisis they previously documented and has them
detail the government's response to the crisis. Asks students
to analyze cause and effect, work with arguments developed by
experts, and break down competing theories to identify the different
lines of reasoning.
Lesson 11 Short Run: Aggregate Supply & Demand
Shifts course emphasis from the long run to the short run, laying
the foundations for the analysis of economic stabilization policy.
Explores the business cycle, the Aggregate Supply, Aggregate Demand
(ASAD) model.
Lesson 12 Short Run: Monetary & Fiscal Policy
Shows students how to use the Aggregate Supply, Aggregate Demand
(ASAD) model to explain the causes and consequences of business
cycles and to evaluate monetary and fiscal policy. Explains how
a drop in aggregate demand or a shock to the supply side of the
economy can lead to a recession.
Lesson 13 Short Run: Inflation & Unemployment
Introduces students to the Phillips Curve, which expresses the
short-run trade-off between inflation and unemployment. Examines
the impact of supply shocks and inflationary expectations on the
trade-off it represents. Develops strategies for controlling inflation,
and examines their costs and the importance of policymakers' credibility.
Lesson 14 Short Run: The Policy Wars
Analyzes five actual policy debates: the choice between active
and passive stabilization policy; rules versus discretion in monetary
policy; the appropriate goals of monetary policy; balancing the
federal budget; the tax system as a tool that promotes specific
outcomes.
Lesson 15 No Video Program
Research Project 3: Synthesis and Evaluation
Culminates the previous two projects by having students evaluate
the material they have collected. They must assess the merits
of the arguments they found and formulate their own position,
using the models taught in the course. Also, asks students to
critique the policies that were used to deal with the crisis.
This page was last modified :
August 17, 2007
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