ECON 304: Intermediate Macroeconomic Analysis
Course Overview
CATEGORY INFORMATION
Credits: 3
Prerequisites: ECON 104
Dates: See the Calendar tab in Canvas.
Description
This course zooms out and looks at the big picture such as the causes and consequences of business cycles. After acquiring many tools we enter into the world of general equilibrium, where we can formally model a variety of shocks that hit the system and the corresponding reactions in a variety markets. We study the production function, labor markets, and the supply side of the economy first, and then move onto aggregate demand that consists of points such that the good market and money markets clear simultaneously. After establishing a solid understanding of general equilibrium, we finish the semester by comparing and contrasting classical economic theory vs. Keynesian economic theory. We also consider the strengths and weaknesses of each theory relative to the business cycle facts.
Objectives
Upon successful completion of this course, you will be able to:
1. Exercise the tools to model the economy and to understand how these tools can be used on a continuous basis to understand real world economic events
2. Understand a rigorous and unbiased treatment of the two competing schools of economic thought: Classical vs. Keynesian
3. Explain the performance of the U. S. economy since the 1970s, focusing on various slices of history along the way
Organization
This course is made up of 11 lessons.
For each lesson, you will complete the following activities and assignments:
Explore online course content.
Read a few assigned readings.
Complete a set of homework questions.
In addition, you will participate in discussion forums with your classmates, complete six quantitative problem sets throughout the semester and complete three small projects. You will also take two midterm exams and one comprehensive final exam. The grade breakdown for these assignments is provided in the Assignments section of this syllabus.
Online Learning & Attendance
This course has been developed to promote asynchronous learning. The instructor and students do NOT meet on a designated day and time each week. For each lesson, there is a timeframe to complete all activities and assignments, and you may work at your own pace within that timeframe. However, you must adhere to the deadlines outlined on the calendar. (Click the Calendar tab in Canvas. Or check the Orientation page under the Modules tab.) You should loginto the course daily to check for updates, review lessons, and participate in activities.
Texts & Other Materials
There is one required text.
1. Andrew B. Abel, Ben S. Bernanke, and Dean Croushore. Macroeconomics [10th edition]. Pearson/Prentice Hall (ISBN: 978-0134896571)
You will need to have regular access to a scanner for homework assignments and exams. You will submit these by completing your work on paper (such as drawing graphs) and then scanning your papers to create an electronic file and submitting the electronic file to the appropriate dropbox on the course website. Please make sure to familiarize yourself with the submission procedure and the appropriate deadlines.
Library Services
Penn State Libraries provides a wide variety of services and resources. To learn how to take advantage, refer to the Online Student Library Guide (http://guides.libraries.psu.edu/onlinestudentlibraryguide)at http://guides.libraries.psu.edu/onlinestudentlibraryguide. This guide serves as your starting point for access to all that Penn State Libraries can offer you as an online student. Use this guide if you have questions on library services offered to you, how the library can help you, how to use the library, or what resources you can access via the library! The guide will connect you to important pages and resources within Penn State Libraries and save time from you searching for the information you need.
Grading
Final letter grades will be assigned based on the scale below.
Scale
GRADE PERCENT
A 93-100
A- 90-92.9
B+ 87-89.9
B 83-86.9
B- 80-82.9
C+ 77-79.9
C 70-76.9
D 60-69.9
F 0-59.9
Due Dates
Please be aware that Canvas follows the Eastern Time (EST) time zone. Assignment due dates adhere to this time zone, and it is your responsibility to submit them accordingly. If you are outside of the EST time zone, you can set your Canvas account to sync to it. Refer to the Set a Time Zone article in the Canvas Guide (https://community.canvaslms.com/docs/DOC-2891) at https://community.canvaslms.com/docs/DOC-2891 (https://community.canvaslms.com/docs/DOC- 2891) .
All assignments are due by 11:59 PM Eastern Time on the date indicated on the Calendar. (Due dates can be also be viewed under the Syllabus tab.) Assignments will be available for submission until 4:00 AM Eastern Time the following day, but any submissions made between 11:59 PM and 4:00 AM will be marked late and points may be deducted at the instructor's discretion, up to and including all points, resulting in a zero. As a general rule, you will NOT be able to go back and make up missed assignments. It is your responsibility to keep up with your assignments. Students with an excused absence (e.g., hospitalization, jury duty, family emergency, or military service) may be asked to produce proper documentation in order to make up graded work. All make-up work is at the discretion of the instructor.
Veterans and currently serving military personnel and/or spouses with unique circumstances (e.g., upcoming deployments, drill/duty requirements, disabilities, VA appointments, etc.) are welcome and encouraged to communicate these, in advance if possible, to the instructor in the case that special arrangements need to be made.
Notes
To Do List: Some assignments may not appear in the To Do list under the Home tab. Use the Calendar or Syllabus to ensure that you are fully aware of assignment due dates.
Valid Excuses
A major advantage of an online course is the flexibility it affords students for doing assignments. All assignments are intended to be accessed and completed within a window of several days duration, and can be done from anywhere in the world. (The necessary technology, even if you are not at home, will frequently be available at internet cafes, copy shops, or libraries.) The dates of these assignments have been provided to you well ahead of time in the course calendar. Given this flexibility, an unexpected event that makes it impossible for a student to complete an assignment on time should be very rare. It is expected that students plan ahead and allocate their time accordingly
In general, there will be no extensions given on the weekly lesson assignments (quizzes and homework). This is because the course is already set up to accommodate occasional extenuating circumstances by dropping the lowest single homework grade. Early access to exams or extensions on exams will only be given in the case of a valid conflict, and a student must inform the instructor as early as possible if they anticipate being unable to complete the exam within the assigned window. Valid conflicts are items that make it impossible for a student to complete the assignment at the scheduled time, primarily including illness,hospitalization, or family emergencies. Travel plans (except as required by university-sponsored activities) DO NOT constitute a valid conflict. Students should plan to be available online until they finish the assignment. Encountering technical problems at the last minute is not a valid conflict. For more information on valid excuses, please see the Department of Economics policy on valid excuses, which is available at the Department website (http://econ.la.psu.edu/undergraduate/valid-excuses) .
Assignments
Basic information about each assignment group is provided below. For detailed directions about an individual assignment, see the assignment information under the Modules tab. ASSIGNMENT Weight |
|
Homework |
25% |
Exams |
75% |
Total |
100% |
Homework (each assignment worth varied amounts) Value: 11 x various point values, 977 PTS total There are 11 homework assignments. The work covers material from that lesson, and is submitted to a dropbox in Canvas. The single lowest homework grade will be dropped. Exams (75% total) Value: Midterms ( 1 x 220 PTS + 1 x 237); Final ( 1 x 160 PTS), 617 PTS total There are two midterm exams made up of problems completed offline, on paper. The completed exams are to be scanned and submitted in Canvas. Each exam will be based on the previous lesson topics as shown in the calendar. At the end of the session, you will take a cumulative final exam completed offline, on paper. The completed exam is to be scanned and submitted in Canvas. The exam covers all lessons from the course. |
University Policies
Academic Integrity
According to Penn State policy G-9: Academic Integrity (https://undergrad.psu.edu/aappm/G-9- academic-integrity.html) , an academic integrity violation is “an intentional, unintentional, or attempted
violation of course or assessment policies to gain an academic advantage or to advantage or
disadvantage another student academically.” Unless your instructor tells you otherwise, you must
complete all course work entirely on your own, using only sources that have been permitted by your
instructor, and you may not assist other students with papers, quizzes, exams, or other assessments. If your instructor allows you to use ideas, images, or word phrases created by another person (e.g., from Course Hero or Chegg) or by generative technology, such as ChatGPT, you must identify their source. You may not submit false or fabricated information, use the same academic work for credit in multiple courses, or share instructional content. Students with questions about academic integrity should ask
their instructor before submitting work.
Students facing allegations of academic misconduct may not drop/withdraw from the affected
course unless they are cleared of wrongdoing (see G-9: Academic Integrity
(https://undergrad.psu.edu/aappm/G-9-academic-integrity.html)). Attempted drops will be prevented or reversed, and students will be expected to complete course work and meet course deadlines. Students
who are found responsible for academic integrity violations face academic sanctions, which can be severe, and put themselves at jeopardy for other outcomes (see G-9: Academic Integrity
(https://undergrad.psu.edu/aappm/G-9-academic-integrity.html)).
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In order to receive consideration for reasonable accommodations, you must contact the appropriate
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discuss the accommodations with them as early in your courses as possible. You must follow this process for every semester that you request accommodations.
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Penn State's Counseling and Psychological Services (CAPS) office offers residential and distance-based
Penn State students non-emergency mental health services in the form of case management, community resource referrals, supportive listening, care giver support, and much more.
Students may request assistance from CAPS regarding a variety of common mental health issues,
including anxiety, depression, relationship difficulties, and stress. CAPS services are designed to
enhance students'ability to fully benefit from the University environment and academic experience. Call CAPS at 814-863-0395 (8 am-5 pm, Monday-Friday EST) or submit an inquiry online
(https://studentaffairs.psu.edu/form/caps-contact-form)at https://studentaffairs.psu.edu/form/caps-contact- form to schedule an appointment with a mental health advocate, who can help you address mental
health concerns that may interfere with your academic progress or social development. This appointment will include a one-on-one session that can be conducted via telephone, teleconference (Skype,
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Reminder: These services are for non-emergencies only. If you or someone you know is experiencing a crisis situation, please call your local crisis center or 911.
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Penn State is committed to equal access to programs, facilities, admission and employment for all
persons. It is the policy of the University to maintain an environment free of harassment and free of
discrimination against any person because of age, race, color, ancestry, national origin, religion, creed, service in the uniformed services (as defined in state and federal law), veteran status, sex, sexual
orientation, marital or family status, pregnancy, pregnancy-related conditions, physical or mental
disability, gender, perceived gender, gender identity, genetic information or political ideas. Discriminatory conduct and harassment, as well as sexual misconduct and relationship violence, violates the dignity of individuals, impedes the realization of the University's educational mission, and will not be tolerated. For
further information, please visit the Affirmative Action Office website
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Reporting a Bias Incident
Penn State takes great pride to foster a diverse and inclusive environment for students, faculty, and staff. Acts of intolerance, discrimination, or harassment due to age, ancestry, color, disability, gender, gender identity, national origin, race, religious belief, sexual orientation, or veteran status are not tolerated and can be reported through Educational Equity via the Report Bias webpage
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TEACH Act
The materials on the course website are only for the use of students enrolled in this course for purposes associated with this course and may not be retained or further disseminated.
University Emergency Procedure
In the event of a University-wide emergency, the course may be subject to changes. Exigent
circumstances may require alternative delivery methods, class materials, and interactions with the
instructor and/or classmates. In addition, there may be revisions to grading policies and the Calendar, including assignments and their due dates.
In the event of a University-wide emergency, please refer to the Canvas website at
https://psu.instructure.com for specific information related to the course. For more general information about the emergency situation, please refer to the Penn State website (https://www.psu.edu) at
https://www.psu.edu or Penn State News website (https://news.psu.edu) at https://news.psu.edu.
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