1 Principles of Macroeconomics Dr. Daniel Murgo ECO 2013 | Spring 2017 | Section 63 (Reference 3723) Course Overview This is an introductory course in economics. It is designed to present students to the basic facts about the macro economy; the methods of analysis used by economists; the fundamental theories of how the values of the main macroeconomic variables are determined; how the economy works in the short and the long run, and the basic controversies about the trade-offs involved in policy intervention. Meeting Times Class lectures will take place on Tuesday and Thursday from 12:40PM to 1:55PM in Room G215. Required Textbook Core Macroeconomics, Third Edition, by Eric P. Chiang and Gerald W. Stone, Worth Publishers, 2014, ISBN: 978-1-4292-7849-2. You can find a copy of this book in the Campus Bookstore. The book includes an access code to Sapling Learning to do homework online. You can find information about how to create and account and registering for courses in Sapling Learning in the last page of this Syllabus and here: http://www2.saplinglearning.com/help/creating-student-accounts-and-registering Office Hours, Website and Contact Information I will hold office hours on Monday and Wednesday from 11:00AM to 12:30PM and Tuesday and Thursday from 2:05PM to 5:35PM in B128. Phone: 305-237-5270 Fax: 305-237-5108 email: firstname.lastname@example.org Webpage: faculty.mdc.edu/dmurgo (bit.ly/dm_mdc) 2 This is my personal web page. Here I will post news, grades, practice tests and other material relevant to the class. Whenever you send me an email you have to indicate the course you are in, the section, meeting time and your name in the “Subject” field. For example: ECO 2013.0063, TR 12:40PM, John Doe. Messages that lack this information will not be read and will be deleted. Course Competencies: Students will demonstrate understanding of the following subjects: 1. The mechanisms of choice in a world of scarce resources: comparative economic systems. 2. Product markets: supply and demand in a market or price system. 3. The public sector: market failure and government failure. 4. National income accounting: the components of GNP and other national accounts. 5. Unemployment, economic instability, inflation, and the business cycle. 6. Fiscal policy: deficits, surpluses, and debt. 7. Monetary Policy: money, banking, and the Federal Reserve System. 8. The contrast between Classical, Keynesian, and Monetarist theories. 9. Supply-side theory: growth and productivity Learning Outcomes: At the end of this course, students will be able to: 1. Communicate effectively using listening, speaking, reading, and writing skills. 2. Use quantitative analytical skills to evaluate and process numerical data. 3. Solve problems using critical and creative thinking and scientific reasoning. 4. Formulate strategies to locate, evaluate, and apply information. Policy and Procedures Regular, on-time attendance is mandatory. I will take attendance at the beginning of each class. If you arrive after your name was called you will be counted as late. Two late arrivals will be counted as one absence. You can only justify your absence with written documentation from a third party. Verbal explanations are not sufficient. If you have to leave the class early you have to ask for permission first. You will be counted as late. If you leave without permission you will counted as absent. As per College policy, a student that misses two consecutive weeks will be dropped from the class. Additionally, if you have six unjustified absences in total you will be dropped as well. Reinstatement is at the sole discretion of the instructor. Reinstated students cannot miss any more classes. Changes of schedule, homework assignments and other events related to the course will be announced in class and posted in the web page. If you were absent when those announcements were made, you are responsible for learning about these in-class happenings. There are no late make-up tests. If you know in advance that you will not be able to take a scheduled exam, you can take it beforehand. But you have to let me know via email at least two week in advance. If some unanticipated event prevents you from taking an exam, proper documentation must be submitted to justify you absence so that it does not affect your grade. 3 Academic Dishonesty I have zero tolerance for cheating. If you are caught you will subjected to the penalties established by Miami Dade College regarding that behavior. You can learn about your rights and responsibilities here: http://www.mdc.edu/policy/student_rights_and_responsibilities.pdf Students with Disabilities By providing a variety of services that address a spectrum of disabilities, the ACCESS department works to ensure equal access and opportunity throughout the college experience. Students with a documented disability are encouraged to contact the campus ACCESS (Disability Services) Department in advance for information on appropriate policies and procedures for obtaining assistance. Retroactive auxiliary aids and services cannot be provided. The ACCESS department is located in Building A, Room A233, and can be reached at (305) 237-5046. Please note, it is the student’s responsibility to self-identify at each campus where they are taking courses and seeking services. Courtesy You MUST turn off your cell phone during classes and exams. If your phone rings during a class you will be asked to leave the classroom and be counted as absent. If you need to make calculations during an exam you will only be allowed to use a regular calculator (scientific or financial). You cellphone or smartphone calculator cannot be used. Tentative Content These are the chapter I intend to cover in class, time permitting. The specific chapters and their order are subject to change. Chapter 1 – Exploring Economics Chapter 2 – Production, Economic Growth and Trade Chapter 3 – Supply and Demand Chapter 4 – Markets and Government Chapter 5 – Introduction to Macroeconomics Chapter 6 – Measuring Inflation and Unemployment Chapter 7 – Economic Growth Chapter 8 – Aggregate Expenditure Chapter 9 – Aggregate Demand and Supply Chapter 10 – Fiscal Policy and Debt Chapter 11 – Saving, Investment, and the Financial System Chapter 12 – Money Creation and the Federal Reserve Chapter 13 – Monetary Policy Chapter 15 – International Trade 4 Homework Assignments In order to successfully complete all the homework on time please follow these rules: 1) Review the information in the “Student Knowledge Base” in Sapling Learning. 2) Make sure that your computer and web browser are compatible with Sapling Learning. 3) Review and follow the course calendar. 4) Make sure you have access to a second computer that also meets Sapling Learning technical requirements. 5) Give yourself enough time to start your assignment, so that if you have technical problems with your main computer you will have sufficient time to switch to your backup computer and complete your assignment on time. 6) If you experience technical problems contact Sapling Learning Customer Support immediately. You can send me a copy of the message, but keep in mind that I CANNOT solve computer-related problems. If, after the corresponding evaluation, Sapling Learning determines that the incident was not your fault, you may be granted an extension to complete the assignment. If the problem is your responsibility, no extension will be granted; no exceptions. 7) All the due dates are FINAL. NO EXCEPTIONS. 8) The Instructor reserves the right to provide more rules during the semester, if the need arises. The due dates are: Homework #1: Sunday, January 22, 2017 @ 11:55PM. Homework #2: Sunday, February 5, 2017 @ 11:55PM. Homework #3: Sunday, February 19, 2017 @ 11:55PM. Homework #4: Sunday, March 5, 2017 @ 11:55PM. Homework #5: Sunday, March 19, 2017 @ 11:55PM. Homework #6: Sunday, April 2, 2017 @ 11:55PM. Homework #7: Sunday, April 16, 2017 @ 11:55PM. Exams There will be two Midterm Exams and a Final Exam. The scheduled dates and times are: Midterm #1: Thursday, February 9, 2017, from 12:40PM to 1:55PM. Midterm #2: Thursday, March 23, 2017, from 12:40PM to 1:55PM. Final Exam: Tuesday, April 25, from 12:30PM to 2:00PM. The chapters covered in each exam will be announced in class beforehand and posted in the webpage. It will closely follow what was covered in class up to the lecture previous to the day of the exam. IMPORTANT: Exam attendance. You have to be on time for each exam. If you arrive 15 minutes after the starting time access to the room will be at the Instructor’s discretion. If you arrive after the first student has turned in his or her exam you will not be able to take the exam at all. 5 Gordon Rule Requirement To earn an average grade of C or higher and obtain course credits, each student is required to submit three written economics article reviews by set deadline dates. Failure to submit one or more of the three reviews or receiving less than a C for any of them, a final grade F will automatically be assigned for the course regardless of any passing score received for the tests and homework assignments. More information in page 5 of this Syllabus Grading The final grade of the course will result from the three exams, homework, and article reviews. Each component will have the following weight: Midterms: 20% each; Final Exam: 30%; Homework: 25%; Articles reviews: 5%. Although you will be assigned a grade for each exam or homework, the final grade will be curved taking into account the performance of the class as a whole. Chances are that your final grade will be better than the one resulting from the grading scale below. Grading Scale A: 90 - 100 B: 80 - 89 C: 70 - 79 D: 60 - 69 F: 59 and below Grade Postings After each exam or homework do-date I will post information about the grades in the web page. This information will contain individual grades and also statistics about the performance of the class as a whole (average, standard deviation, median, mode, maximum and minimum). This way you will have a clear picture of where you stand individually and relative to the class. If you have questions or concerns about your grade see me ASAP. It pays to be proactive in this matter. An Article Review: What It Is and How Is Written An article review is a written evaluation of a particular work. It takes the form of an essay. It is done after careful reading, note-taking and analysis of what the author is trying to say. Your review’s length may vary according to the article’s size. Generally four to six typed paragraphs per article will suffice. The review consists of four main parts that are placed in continuous narrative. A. Description of the work: A one or two paragraph description of the work’s physical structure and any information about the author you may have discovered. For example magazine title, number of pages, publisher, copyright, date, edition, whether it is part of a series. 6 B. Statements of author’s goals: The author will say that he or she is trying to accomplish somewhere at the outset either in the article’s preface or in its introduction. In your own words, or paraphrasing his or her own, state the person’s objectives for having writing the article (one or two paragraphs) C. Your verdict: Did the author achieve the goals set forth? Or were some achieved but not all? Were the conclusions valid, or can you show when he or she hedged the point? If the answer is “yes” show why and use examples from the text to bolster your praise. If the answer is “no,” do the same thing to back your claim. Remember, you cannot praise or condemn without proof. D. Your Opinion of the whole work: Did you like the article? Why or why not? Use examples to bolster your statements. Explanation of Gordon Rule Writing Assignment To obtain course credits and earn an average grade of C or higher, each student is required to submit three written economics article reviews by set deadline dates. The articles review may be related to any of topics covered in the course curriculum. Selected articles for review must be current (within one year of publication) and must be the equivalent of at least one page in length. This assignment will allow students to work with particular significant source of materials in depth on an individual basis outside of class. Students will be evaluated based on the following: Reading Skills: Comprehension ability to attain overview of material ability to evaluate strengths and weaknesses of a work Writing Skills: General writing skills, ability, and understanding to follow instructions, summarize body of material succinctly, and provide adequate support for an opinion of the overall work. A rubric is provided which will be used to grade each article review. Students receiving less than a C for any of the three writing assignments will be assigned a failing grade for the course regardless of exam average. This means that even if a student has a 100 (A) score on each exam and homework assignment, but does not have at least a C on each article review, the student will fail the course (College Policy). Demonstrates Emerging CollegeLevel Writing 1 Demonstrates Satisfactory CollegeLevel Writing 2 Demonstrates Proficient CollegeLevel Writing 3 Demonstrates Exemplary College-Level Writing 4 Addresses purpose and audience Wavers in purpose. Incompletely addresses assigned topic or directions. Shows need for more study of issues. Style uneven Adheres to purpose, fulfills assignment. Shows adequate understanding of key issues. Style generally appropriate to intended audience. Communicates purpose clearly. Shows full understanding of issues. Style consistently effective for intended audience. Communicates purpose with sophistication. Beyond understanding of issues, shows insight. Style engages audience, establishes writer’s credibility. 7 Demonstrates effective organization of content Loose focus on central idea. Contains some repetition and digression. Paragraph structure weak. Central ideas evident. Paragraph structure sometimes supports content. Consistency, logic and transitions show some weaknesses. Central idea clear. Paragraph structure uniformly supports content. Consistency, logic and transitions well managed. Central idea clear. Paragraph structure consistently and effectively supports content. Clear logic and effective transitions. Demonstrates effective development: thesis statement, main points, supporting information, conclusion Thesis evident but support very general and/or inconsistent. Several factual errors. Thesis evident but supported by a mixture of generalizations and specific detail. Some factual errors. Thesis is stated or implied. Presents a plan of development that is carried out. Effective supporting details. Consistent development. No factual errors Stated or implied thesis developed logically, coherently and extensively with convincing, specific supporting details. Strong evidence of critical thinking. No factual errors Employs effective language Frequent errors in word choice. Sentence structure and mechanics seriously affect clarity. Word choice correct but simple / without variety. Errors in mechanics and / or usage do not obscure content of assignment. Word choice accurate, varied. Occasional errors in sentence structure. Usage and mechanics do not hinder writer’s ability to communicate purpose. Choice or language consistently precise, purposeful. Nearly flawless sentence structure. Usage and mechanics contribute to writer’s ability to communicate purpose. Gordon Rule Writing Assignment Using the economic theory learned in class you must complete three reviews of recent economic articles chosen from newspapers, magazines or specialized publications including, but not limited to, The Economist, The Wall Street Journal, The Financial Times, or The Miami Herald. The writing review is not a summary of the article but a critical analysis of the author’s work. The article must be no older than a year. Writing Review Assignments First assignment: - Due date: Tuesday, February 21, 2017. - Article topic: Inflation. Second assignment: - Due date: Thursday, March 30, 2017. 8 - Article topic: Unemployment and/or job creation. Third assignment: - Due date: Thursday, April 20, 2017. - Article topic: Fiscal Policy and Debt. Writing Review Requirements - The article must be no older than a year. - The author’s name must be provided in the article (no anonymous authorship accepted). - Use your own words to criticize your article (do not plagiarize). - Your essay must have at least four paragraphs and between one and three pages in length. - You must include a copy of your article attached to the back of your review. A printed copy of an online article is acceptable. - Submit your article review at the beginning of class. - Article reviews will not be accepted after their due date. - Email submissions will not be accepted. - Failure to comply with any or all of these requirements will result in a lower grade. Article Selection - Do not choose your article and write your review until the corresponding topic has been discussed in class. - Make sure the topic of the article is consistent with the topic of the current assignment. - Choose an article where the author criticizes (not summarizes or describes) an issue. Writing Review Structure Writing review identification (at the upper right corner of the first page) - Number of the assignment (#1, #2 or #3) and date. - Student’s name. - Course ID and class period. - Article identification (first paragraph). - Title of the article and name of the author. - Name of the publisher and publication date (article must be not older than a year). - Brief description of the article and information about the author (if available). - Purpose of the article (at least one paragraph). - What the author wants to communicate to the reader. - Author’s position with respect to the issue discussed in the article. - Critical Analysis (at least one paragraph). - Evaluation of the consistency between the author’s proposition and the related economic theories learned in class. - Conclusion (last paragraph). - Sufficiency of information provided to back up the author’s proposition - Achievement of the article objectives. - Overall evaluation of the article. 9 1. Log in. 1. Go to SaplingLearning.com. Click US Higher Ed and create an account. You can use Facebook to create an account, or create a new account. 2. Now log in. 3. Look for the gray bar entitled Enroll in a new course. 4. Click on your subject to expand the menu. (See image above.) 5. Click on the term to expand the menu further. 6. Once the menus are fully expanded, you’ll see a link to a specific course. If this is indeed the course you’d like to register for, click the link. Otherwise, continue expanding the other menus until you locate the correct link and click it. 7. You may be asked to enter a Key code, which is not the same thing as an Access Card Code from a scratch-off card. The key code (if necessary) should have been provided to you by your instructor. 8. Enter your zip code and pay. Most courses require payment using a credit card, a PayPal account, or an Access Card Code (link) from a scratch-off card purchased at your bookstore. Improve your understanding of the content. Get engaged in the course. Prep for your tests and quizzes.