ECON102 | Principles of Macroeconomics (Spring 2024)
SECTION 4: Online
Tuesday, January 16th – Friday, May 10th
Important Information
This syllabus is a contract. Remaining in the course implies that you agree to all the rules and expectations outlined in this document. The information in this syllabus is subject to change in extenuating circumstances. Changes to the course syllabus will be provided in writing and announced via course-wide announcements.
All lectures and course materials, including PowerPoint presentations, tests, and assignments, are proprietary and maybe protected by copyright. It is strictly prohibited to share or sell any information or material provided in this course to online studying platforms or any other entities. Doing so is a violation of Iowa State University’s Student Disciplinary Regulations (Code of Conduct 4.2.25) and maybe subject to disciplinary action.
Prerequisites: There are no prerequisites for this course. However, Econ101 (Principles of Microeconomics) is recommended.
Course Catalog Description
Measurement of macro variables and general macro identities. Classical models of full employment.
Production and growth. Savings and investment. Employment and unemployment. Money, inflation, and price levels. Operation of the U.S. banking system. Fiscal and monetary policy. Elements of international finance. (3 credits)
Learning Outcomes
The overall objective of this course is to introduce the student to macroeconomics and the economist’s way of thinking. Specifically, by the end of the course, the student should be familiar with the basic terminology of macroeconomics, the central problems faced by economies at the macroeconomic level, and should understand how different government policies and household behavior affect macroeconomic outcomes. More specific learning outcomes areas follows:
1. Understand key macroeconomic concepts (including gross domestic product, nominal and real values, specific types of unemployment, measures of inflation, the Federal Reserve System, monetary and fiscal policy).
2. Critically think about and relate key macroeconomic concepts to the real world.
3. Understand the use of economic models as a tool in explaining the macro economy.
4. Understand how macroeconomic policies are used to achieve specific macroeconomic goals.
5. Recognize that there are shortcomings associated with traditional economic measures and models (no perfect measure or model).
Learning Objectives
1. Know the difference between microeconomics and macroeconomics and understand the key issues in macroeconomics.
2. Define and measure different macroeconomic variables including Nominal and Real GDP, measures of inflation (including the CPI and the GDP deflator), and types of unemployment, and analyze the relationships among them.
3. Know and understand the nature and determinants of economic growth and the main theories economists use to explain growth.
4. Identify the different types of money, describe their functions, and explain the money creation process, the money multiplier, and the determination of prices and interest rates.
5. Discuss the role of the central bank and its use of monetary policy.
6. Understand the foreign exchange market and how the exchange rate is determined.
7. Explain the business cycle and the concept of the multiplier.
8. Explain the role of the government and how it uses fiscal and monetary policy to influence macroeconomic variables.
Continuous Improvement Plans
Legislation requires Iowa State University to report on course-level continuous improvement plans annually for courses enrolling a designated number of students in a year. Based on the learning objectives outlined above, the following two specific learning objectives will be monitored.
Learning Objective 1
Students will learn the concept of “Gross Domestic Product” (GDP) and will be able to calculate the value of GDP by the expenditure approach, given values of GDP components.
Learning Objective 2
Students will learn the concept of “Employment,” “Unemployment,” “Labor Force,” and “Not in the Labor Force” and will be able to classify an individual with given characteristics as “employed,” “unemployed,” or “not in the labor force.” Furthermore, students will be able to calculate the rate of unemployment.
Course Procedures and Policies
Required Texts and Materials
1. Required textbook (ebook): Bade and Michael Parkin, Foundations of Macroeconomics, Nineth Edition, Pearson Education Inc., 2021. ISBN 9780136919100 INCLUDING access code for Pearson’sMyEconLab (online homework and learning tools)
This course is enrolled in the Iowa State University Immediate Access Program.
What is Immediate Access?
Immediate Access is a collaborative affordability initiative between the ISU Book Store, faculty, and publishers. Students that are enrolled in an Immediate Access course will receive access to all required digital course materials the first day of class and at a reduced cost compared to the national average.
What is the title and price of the required content for this course?
This information is posted in your student booklist through Access Plus, or it can be accessed by going to www.isubookstore.com/textbooksand searching by the course for which you are enrolled.
How is Immediate Access billed?
You will be automatically charged $68.90 on your U-bill for this digital content. The billing description on your u-bill will show the department and course number, followed by “IMMED ACCESS” and the last 4 digits of the billing ISBN. The following is an example of the billing description for a student enrolled in PSYCH 101: “PSYCH 101 IMMED ACCESS 2187”
What if I drop the course?
Students who drop the course within the first 10 days of class will receive arefund on their U-bill (5 days for courses 8 weeks or shorter). You do not have to notify the bookstore if you drop the course. This is an automated process.
Can I opt out of Immediate Access?
Students may choose to opt out of the program. Opting outdoes not mean you are dropping the course. It simply means you are choosing not to receive the digital content from the bookstore and you must find another way to acquire it in order to complete required homework assignments. Students have within the first 10 days of class to opt out and receive arefund to their u-bill (5 days for courses 8 weeks or shorter). Instructions on how to opt out will be emailed shortly before classes start.
How doI access the required digital content?
There is a tool on the navigation menu of your Canvas course called Immediate Access
Course Materials. You will receive an email shortly before classes start that will instruct you on how to access the required digital course materials. You may not be able to access the digital content until the first day of class.
For further questions about Immediate Access please emailimmediateaccess@iastate.edu.
To access the course material through Canvas:
Make sure to use Google Chrome for this platform. Safari is NOT compatible with Pearson homework platforms.
1. Click on the “Immediate Access Course Materials” tool on your Canvas course.
2. Click on “Launch Courseware”.
3. If this is your first Pearson Immediate access course, you will need to create a Pearson account or sign in you already have a Pearson account. Make sure to register with your Iowa State email address.
4. Follow the directions to access the digital content.
5. Click on “Read Now” to access the e-book.
For issues accessing these Pearson products goto
https://support.pearson.com/getsupport/s/contactsupport
LockDown Browser: This course will use LockDown Browser feature. The exams will be administered in Canvas using the LockDown Browser. Here is a link to student resources for technical assistance with LockDown Browser.https://www.celt.iastate.edu/learning-teaching-technology/respondus-lockdown- browser/. You can always try the ISU Solution Center ([email protected] or 515-294-4000).
Respect and Civility
If you have any concerns (or complaints), please feel free to let me know. However, please present your concerns in a polite and respectful manner. I do not respond to what I perceive to be rude emails even in cases where the concern is a legitimate one.
Preparation
This is a three-credit course. For face-to-face classes, each credit is normally earned by attending one (50- minute) hour of lecture per week for the entire 16-week semester. As a guideline, students typically are expected to spend two hours in preparation outside of class for each lecture hour. So, in total, students can plan to spend 9- 12 hours each week for this course. You must keep up with all the readings, assignments and quizzes each week so you do not fall behind. Time management and organization is essential to succeeding in the course. Not all the material will be covered in the lecture notes or videos, so you must also read the module chapter and any supplemental material I assign.
The (recorded) video lectures will focus on the major points introduced in the text, the more difficult concepts in each chapter, and on the specific issues/problems dealt within the material. A basic familiarity with the lecture topic will greatly assist your understanding of the lecture, so please read the chapter before class. The video lectures will also contain solving selected questions from the previous assignments and quizzes, to help the understanding and the application of the concepts in each chapter. The pace at which the course material is covered will depend in part upon how difficult the material in the course syllabus turns out to be for the majority of the class. While the goal is to cover the chapters listed below, this goal will be tempered by the belief that the material covered should be thoroughly understood.
In addition to attending class and reading the textbook/e-text, there are Powerpoint lecture notes, which can be accessed from MyEconLab (Select “Immediate Access Course Material” in Canvas, then “Launch Courseware”, Open MyLab and Mastering, then “MyEconLab Multimedia Library”, then Media type – PowerPoint). Additionally, there area series of short videos (also under “MyEconLab Multimedia Library”, then Media type – Video or Textbook Figures) reviewing the content and figures presented in the text, respectively. A basic familiarity with the lecture topic will greatly assist your understanding of the videos so please read the chapter before viewing the videos.
If you are having difficulty with the material or need help completing homework assignments, you are encouraged to ask for extra help. It is not advisable to let problems buildup. The teaching assistants assigned to this course are available to help during their office hours (in person or virtually). Their contact information and office hours are provided on Canvas. If you cannot make regular office hours, then feel free to email the teaching assistant to make an appointment to meet.
You can also use the Economics Help Room, which is staffed with teaching assistant willing to help with any questions you may have regarding material, homework assignments, and exam preparation. Economics Help Room: 178 Heady Hall
Help Room hours: Monday – Friday: 9:00 AM – 6:00 PM (starting from the second week of the semester)
Canvas and E-mail Communication
Please check Canvas regularly for announcements, homework assignments deadlines, exam dates, exam solutions, and grades for exams, homework and other assignments. Also, please make sure you check your Outlook email accounts on a regular basis fore-mail communications from me.
Late Work/Make-up Work Policy
Late homework assignments will not be accepted and there will be no make-up exams. Please submit your work by the deadline. The exam dates, including for the final exam, are listed below. Please plan accordingly. If you have a university-related event that conflicts with an exam, you must provide official documentation and take the exam before the scheduled exam date (usually the day before the scheduled date). You must also contact me well in advance to reschedule (at the beginning of the semester or at least two weeks in advance). I will not entertain any requests the same week of an exam.