Syllabus - DENNIS PLOTT Dennis C. Plott University ... and understand reporting on the aggregate...

ECON 121

Principles of Macroeconomics(CRN – 17902/21108)

Syllabus

Dennis C. Plott

University of Illinois at ChicagoDepartment of Economicswww.dennisplott.com

Summer 2015

http://www.dennisplott.com/

ECON 121 – Principles of Macroeconomics Syllabus – Summer 2015

Contents

1 Course Description and Objectives 21.1 University Course Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2 Course Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.3 Course Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

2 Responsibilities, Expectations, and Advice 22.1 Instructor’s Responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.2 Student’s Responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

2.2.1 Prerequisites . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.2.2 Academic Rigor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.2.3 A Few Words of Caution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

3 Course Materials 33.1 Textbook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.2 Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

3.2.1 Other Useful Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.3 Supplementary (Optional) Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

3.3.1 Books . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.3.2 Periodicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.3.3 Online . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

4 Course Requirements and Grading 44.1 Exams . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.2 Problem Sets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.3 Late Work and Extra Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.4 Basis for Final Grade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.5 Incompletes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

5 Course Policies and Common Sense 55.1 Email . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.2 Electronic Devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.3 Food and Drinks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.4 Punctuality, Attendance, and Talking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.5 Academic Integrity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.6 Course Flexibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.7 Grade Dissemination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.8 Recording of Lectures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

6 UIC Policies and Relevant Information 76.1 Students with Disabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.2 Academic Calendar (Important Dates) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

7 (Tentative) Schedule 7

8 Reading List 8

University of Illinois at Chicago i Dennis C. Plott


Please read the entire syllabus. I view this document as a contract between you and me. You shouldconsider the syllabus to be the ground rules. “I didn’t read the syllabus”, and the like, is not an acceptableexcuse for missing an exam, problem set, or being unaware of a class/University policy, etc. Any registeredstudent in the course will adhere to and abide by the syllabus without exception.

Instructor Dennis C. PlottInstructor Email [email protected]

Instructor Website www.dennisplott.com

Instructor Office Location University Hall (UH) 819Instructor Office Hours: Days Monday and WednesdayInstructor Office Hours: Times by appointmentLecture Location Stevenson Hall (SH) 319Lecture Meeting: Days Monday and WednesdayLecture Meeting: Time 12:00 p.m. – 2:30 p.m.Teaching Assistant Nam Nguyen Tam HoaiTeaching Assistant Email [email protected]

Teaching Assistant Jeff ClineTeaching Assistant Email [email protected]

Discussion Location Stevenson Hall (SH) 319Discussion Meeting: Day FridayDiscussion Meeting: Time 12:00 p.m. – 1:40 p.m.Official Course Website http://uic.blackboard.com

University of Illinois at Chicago 1 Dennis C. Plott

[email protected]

www.dennisplott.com

[email protected]

[email protected]


1 Course Description and Objectives

1.1 University Course Description

ECON 121. Principles of Macroeconomics. 0–4 hours. Determinants of the level of economic activity,inflation, unemployment, interest rates, the roles of fiscal and monetary policies, exchange rates, internationaltrade. Course Information: College of Business Administration undergraduate students will enroll for 3 hoursand all other students will enroll for 4 hours. ECON 121 may be taken before or after taking ECON 120[Principles of Microeconomics] - this is not a sequence. Class Schedule Information: To be properly registered,students must enroll in one Lecture and one Discussion. Individual and Society course, and US Society course.1

1.2 Course Description

Principles of Macroeconomics is an introduction to the study of the aggregate economy. The course will introducethe basics (fundamentals) of economic theory and reasoning. Moreover, this course will primarily focus onunderstanding, measuring, and analyzing macroeconomic activity and the role of fiscal and monetary policy inthe economy. The course coverage and material will emphasize historical and contemporary economic issuesfacing the U.S. economy, but other countries, most notably China, will also receive ample coverage. Topicsinclude major schools of economic thought; aggregate supply and demand; economic measures, fluctuations, andgrowth; money and banking; stabilization techniques; and international macroeconomics. If you do not knowany of the above, then you are in the right course.

1.3 Course Goals

An important goal of Principles of Macroeconomics is to provide students with a broad overview and solid graspof the aggregate economy (e.g., aggregate economic accounts and definitions), thereby enabling students to readand understand reporting on the aggregate economy from various media outlets. Additionally, students will beexposed to theories of economic growth (the “long-run”) and theories of the business cycle (the “short-run”).

A common criticism of undergraduate macroeconomic courses is that they feature very little actual economics.This course features a heavy emphasis on the role of economic policy: monetary and fiscal policies aimed atshort-run stabilization, policies concerning trade and international finance, and policies aimed at promotinglong-run growth. The course aims to clearly highlight the trade-offs involved in policy-making; e.g., short-runstabilization versus long-run growth.

Given the ubiquitous coverage of macroeconomics in the national and local media, the course features animportant “real world” component. In particular, recent periodicals, newspapers, and internet sources will beused to discuss the applications of the theories and ideas to the real world.

Upon completion, students should be able to evaluate national economic components, conditions, andalternatives for achieving socioeconomic goals. Further, successful completion of the course serves as a foundationfor future course work; e.g. Macroeconomics in the World Economy: Theory and Applications (ECON 221)

2 Responsibilities, Expectations, and Advice

2.1 Instructor’s Responsibilities

As the instructor, my responsibilities are to come to class prepared to teach; to organize and present thematerial in a manner that facilitates your learning; to respond to and encourage questions; to oversee grading ofassignments; to be available during office hours and for scheduled appointments; and to stimulate an enthusiasmfor economics and for learning.

2.2 Student’s Responsibilities

As a student, your responsibilities are to come to class prepared to learn and to participate in lectures; to completethe assigned readings before class (allowing time to re-read difficult material); to complete all assignments ontime; and to take all exams.

2.2.1 Prerequisites

I will assume that you are proficient in basic high school mathematics; i.e., algebra. That said, there will be ahealthy review of essential material in the early part of the course to help get your bearings.

1http://catalog.uic.edu/ucat/course-descriptions/econ/


http://catalog.uic.edu/ucat/course-descriptions/econ/


2.2.2 Academic Rigor

At the university level, average students are expected to devote at least two hours of problem solving and studytime outside of class for every hour that they are in class in order to earn a C grade.2 Do not expect to receive asatisfactory grade unless you are willing to make the necessary commitment. Also note that you will be gradedon your productivity, competency, and proficiency, not your effort, nor your intentions, nor any factor otherthan your performance on assigned work (i.e., problem sets and exams).

2.2.3 A Few Words of Caution

I know many of you work, have families, commute, take other courses, have social lives, watch Simpsonsmarathons, etc. However, experience has shown that economics is not a subject that you can put off until thelast minute. An economics course is similar to a math class in that much of the material is cumulative, with eachlesson depending on comprehension of the material that has come before. Therefore, I urge you to attend classon a regular basis and actively participate. Experience has shown that students whose attendance is irregularusually do quite poorly. I also urge you to keep up to date on the reading and assignments and to ask questionsin class and come see me during my office hours if you are having difficulty. I am here to help you. WhileI realize that it is often unpleasant and sometimes even painful to deal with difficult material, ignoring yourdifficulties is a guaranteed way to make your problems worse. Forming study groups is also a good way to learnthe material. Even if you are the best student in the group, you will still learn through your efforts to explainthe material to others.3 If at any point during the semester you are having difficulty, please come see me soonerrather than later. If you do keep up with the material, all of you can do relatively well in the course. Fallingbehind is, however, the surest way to make this class a difficult and unpleasant experience.

3 Course Materials

3.1 Textbook

Gwartney, et al. 2014. Macroeconomics: Private and Public Choice. Cengage Learning. ISBN: 978–1285453545.

3.2 Software

No software is required for the course.

3.2.1 Other Useful Software

Although not necessary for this class, it is highly recommended that you use an online storage service such as:

• Dropbox

• Google Drive

• Box

3.3 Supplementary (Optional) Resources

3.3.1 Books

• Buchholz, Todd G., 2007. New Ideas from Dead Economists: An Introduction to Modern EconomicThought, Revised ed. Plume.

• Heilbroner, Robert L., 1999. The Worldly Philosophers: The Lives, Times and Ideas of the Great EconomicThinkers, 7th Revised ed. Touchstone.

3.3.2 Periodicals

• The Economist

– A British weekly English-language magazine focusing on international politics and business news andopinion.

2“For each course hour you take you should study at least two hours per week outside of class.” For more information see thefollowing link: http://www.uic.edu/depts/ace/time_mgmt.shtml

3Docendo discimus (“by teaching, we learn”) – Seneca the Younger


https://www.dropbox.com/home

https://drive.google.com/

https://www.box.com/

http://www.uic.edu/depts/ace/time_mgmt.shtml


• Financial Times

– A British English-language international daily newspaper with a special emphasis on business andeconomic news internationally.

• The Wall Street Journal

– An American English-language international daily newspaper with a special emphasis on businessand economic news.

• Journal of Economic Perspectives (JEP)

– A quarterly journal published by the American Economic Association (AEA).

– http://www.aeaweb.org/jep/index.php

3.3.3 Online

• Greg Mankiw’s Blog: Random Observations for Students of Economics

– http://gregmankiw.blogspot.com/

4 Course Requirements and Grading

4.1 Exams

Two in-class exams and a final exam will be given during the semester. All exams are closed book/notes. Examsmay include true/false/uncertain with explanation, graphing, short-answer (economic rationale), and problemsolving (calculation) questions. There will not be any multiple-choice questions. No exams are dropped orreplaced. No make-up exams will be given for any reason.

Any missed exam’s percentage toward your final grade will be added to the final exam’s weight. Forexample, if you miss the second exam, then your final exam counts for 55% (30% + 25%) of your final grade.Caveat: no student may miss more than one exam. More than one exam missed, without verifiable appropriatedocumentation per Undergraduate Catalog handbook, will be recorded as a zero. All exams will be returnedand complete solutions will be given in a timely manner. The final exam must be taken to receive credit in thecourse. The final exam is cumulative.

Since everyone has a bad day: if, and only if, a student takes both exams, then 10% of the lowest examgrade’s weight will be added to the final; i.e., the lowest exam will be worth 15% and the final exam will beworth 40% of your final grade. This is an alternative final grade measure that is automatically calculated. Themaximum of the two calculated final grades is given.

4.2 Problem Sets

There will be four problems sets; each worth three percent of your final grade. No problem sets are dropped orreplaced. The problem sets are composed of multiple choice, calculation, graphical, true/false/uncertain withexplanation, and conceptual questions; thereby mimicking the exams to a large degree. Note: questions frompast exams will be made available to you through the problem sets.

4.3 Late Work and Extra Credit

Late work of any sort will not be accepted under any circumstance. Bonus questions may be asked on exams.However, that said, there will be no extra credit given in this course for any reason.


http://www.aeaweb.org/jep/index.php

http://gregmankiw.blogspot.com/


4.4 Basis for Final Grade

AssessmentPercentage ofFinal Grade

Due Date(Tentative)

Problem Set 1 4% Monday 22 June (Due by 2:30 p.m.)Problem Set 2 4% Monday 29 June (Due by 2:30 p.m.)

Exam I 25% Friday 3 July (12:00 p.m.–1:40 p.m.)Problem Set 3 4% Friday 10 July (Due by 2:30 p.m.)Problem Set 4 4% Monday 20 July (Due by 2:30 p.m.)

Question 1 2% Monday 20 July (Due by 2:30 p.m.)Exam II 25% Friday 24 July (12:00 p.m.–1:40 p.m.)

Question 2 2% Monday 3 August (Due by 2:30 p.m.)Final Exam 30% Friday 7 August (1:45 p.m.–3:45 p.m.)

Total 100%

Grading Scale Letter GPAPercentage (%) Grade Value

90–100 A 4.00080–89 B 3.00070–79 C 2.00060–69 D 1.0000–59 F 0.000

4.5 Incompletes4

A grade of “I” may be assigned in lieu of a failing grade only when all of the following conditions are met:

1. The student has been making satisfactory progress in the course.

2. The student is unable to complete all course work due to unusual circumstances that are beyond personalcontrol.

3. The student presents these reasons prior to the time that the final grade roster is due.

4. The reasons are acceptable to the instructor.

5 Course Policies and Common Sense5

5.1 Email

The best way to contact me outside of class and office hours is via email. For any email correspondence, please,type “ECON 121” in the subject line. This is for your benefit. If you do not, then your email will likely notgo to the proper mailbox and I may not see it. Also, an email to me is not a text message to one of yourfriends; please adhere to standard grammar, punctuation, spelling, etc. For questions regarding the material, itis strongly recommended that you see me in person.

5.2 Electronic Devices

Laptops and iPad type devices are permitted for note-taking and course related material only. If I discoverlaptops (iPads, etc.) are being used for non-classroom activities, I will not allow them in the class. Non-classroomactivities include, but are not limited to, checking your Facebook page, emailing, looking at Reddit, onlinebanking, bidding on cigars, playing Tetris, looking at Brad Paisley’s website, and watching anime. No, I did notsimply list asinine examples, but have actually witnessed all of these activities during a class.

Calculators may be permitted on some exams. However, only basic calculators up to scientific calculators.All that is “needed” are basic addition, subtraction, multiplication, division, square root functions and the like.Fancy-pants gadgets such as graphing calculators, cell phones, iPads, or anything that can store or referenceinformation are absolutely not allowed at any time during an exam.

4http://tigger.uic.edu/depts/oar/uic_faculty_staff/grades/grading_manual.html#incomplete5“Common sense is not so common.” – Voltaire, A Pocket Philosophical Dictionary, 1764


http://tigger.uic.edu/depts/oar/uic_faculty_staff/grades/grading_manual.html#incomplete


Cell phones, noise makers, and anything that may disturb the class are to be turned off or silenced. Please,use common sense and be respectful to your fellow classmates. If these devices become a problem in class therewill be a draconian policy implemented; any student’s noise maker that goes off in class automatically losesone-percentage point of their final grade for each infraction. If you are caught texting in class, then the entireclass will be given a quiz on the most recent material covered. Contrary to popular belief, your cell phone is nota breathing apparatus; you can survive without it.

5.3 Food and Drinks

Please, do not eat food in class. It is distracting to me and your fellow students. Bottled water, coffee, tea, softdrinks, etc. are fine, but please be considerate and do not leave trash. If you spill something clean it up.

5.4 Punctuality, Attendance, and Talking

Try to arrive to class on time. I understand you may be late from time to time. If this occurs please enter theroom quietly so as not to disturb the class. The same consideration applies if you must leave early.

If you miss class it is solely your responsibility to obtain the notes and/or materials given from a classmate.Office hours are not a substitute for class time, but you are encouraged to utilize office hours to clarify conceptsafter you have put forth effort on the material covered.

It is your responsibility to check the class website on a regular basis.Actions that have negative effects on others will not be tolerated in the classroom. In consideration of your

fellow students and the instructor, please refrain from talking with your neighbors during class. If you havequestions, ask me, not the student sitting next to you. Talking in class is rude and distracting, both to me andto other students.

5.5 Academic Integrity

Academic honesty is expected. In fairness to the many students who work hard and put in an honest effort,those who in any way engage in acts of academic dishonesty or cheating will be treated most harshly as to dootherwise would devalue all honest student’s education. I encourage students to discuss economics and the classmaterial together (outside of class) and to help each other in solving problems and in coming to understand thematerial. In fact, you will find this class much easier if you do form study groups. Nevertheless, work submittedfor a grade must ultimately be the work of the individual student – not copied from another student or from anyother source. It is my policy to, at a minimum, assign a grade of zero for any problem set on which cheatingoccurs. In the event of any cheating on an exam my policy is to assign a grade of F in the course. Furthermore,I will pursue all appropriate disciplinary measures provided by University policy; including expulsion.

5.6 Course Flexibility

If it becomes necessary to add to, delete from, or otherwise alter this syllabus, then I reserve the right to do soas I deem fit. However, I will clearly communicate any and all changes made to the class in a timely manner.

5.7 Grade Dissemination

All grades will be posted on Blackboard. Due to privacy concerns grades will only be given through Blackboardor in person. Phone, email, and other postings of student’s grades will not occur per University policy. No oneelse other than the student in question is able to collect graded material for someone else.

Unfortunately, due to a recent experience, I must point out I will not, nor do I have any desire to, discussyour academic performance in anyway with your parents/guardians. Please, do not have anyone, other thanyourself, contact me about your grades. I take your privacy seriously.

5.8 Recording of Lectures

Audio and/or any kind of video recording of lectures is prohibited and is a violation of federal copyright lawsunless you have a learning disability that requires such recording (see below). In the event you do have alearning disability requiring recording, all recordings must be used only by the person making them and mustbe destroyed at the end of the semester.



6 UIC Policies and Relevant Information

6.1 Students with Disabilities

Students with disabilities, access needs, and/or questions regarding these topics may contact the DisabilityResource Center at (312) 413-2183 (voice) or (312) 413-0123 (TYY only). More information can be found athttp://www.uic.edu/depts/oaa/disability_resources/index.html

6.2 Academic Calendar6 (Important Dates)

Month Date Day Event

June 15 Monday Instruction begins.

June 19 Friday

Last day to complete late registration for Summer Session 2;last day to add a course(s) or make section changes; last day

to drop individual Summer Session 2 courses via StudentSelf-Service without receiving W (Withdrawn) grade on

academic record. Last day to submit Withdraw from Termrequest via Student Self-Service and receive 100% cancellationof tuition and fees if registered only for Summer Session 2.

July 3 Friday Independence Day holiday. No classes.

July 17 FridayLast day for undergraduate students to use optional late dropfor a Summer Session 2 course in college office and receive

grade of W on academic record.August 5 Wednesday Instruction ends for Summer Session 2.August 6–7 Thursday – Friday Final examinations for Summer Session 2.

7 (Tentative7) Schedule

Month Date Day Topic† Due

June 15 Monday Syllabus/Introduction –June 17 Wednesday Introduction –June 19 Friday Discussion –June 22 Monday Foundations PS 1June 24 Wednesday Foundations/Macroeconomic Markets –June 26 Friday Discussion –June 29 Monday Macroeconomic Markets PS 2July 1 Wednesday Macroeconomic Markets/Exam I ReviewJuly 3 Friday Exam I –July 6 Monday Government & Fiscal Policy –July 8 Wednesday Government & Fiscal Policy –July 10 Friday Discussion PS 3July 13 Monday Money, Banking, and Monetary Policy –July 15 Wednesday Money, Banking, and Monetary Policy –July 17 Friday DiscussionJuly 20 Monday International Economics PS 4July 22 Wednesday International Economics –July 24 Friday Exam II –July 27 Monday International Economics –July 29 Wednesday International Economics –July 31 Friday Discussion

August 3 Monday Special Topic: The Financial Crisis PS 5August 5 Wednesday Final Exam ReviewAugust 7 Friday Final Exam –

† Note: See the Reading List (next section) for the associated readings.

6http://catalog.uic.edu/ucat/the-university/academic-calendar/7“The best laid schemes o’ mice an’ men Gang aft a-gley” [often go awry] – Robert Burns, To a Mouse, 1786


http://www.uic.edu/depts/oaa/disability_resources/index.html

http://catalog.uic.edu/ucat/the-university/academic-calendar/


8 Reading List8

Introduction

Chapter 1 – The Economic Approach

What Is Economics About?

The Economic Way of Thinking

Positive and Normative Economics

Pitfalls to Avoid in Economic Thinking

Foundations

Chapter 7 – Taking the Nation’s Economic Pulse

GDP – A Measure of Output

GDP as a Measure of Both Output and Income

Problems with GDP as a Measuring Rod

Differences in GDP over Time

The Great Contribution of GDP

Adjusting for Price Changes and Deriving Real GDP

Chapter 8 – Economic Fluctuations, Unemployment, and Inflation

The Effects of Inflation

Economic Fluctuations and the Labor Market

Three Types of Unemployment

Employment Fluctuations – The Historical Record

Swings in the Economic Pendulum

Actual and Potential GDP

Chapter 15 – Stabilization Policy, Output, and Employment

Economic Fluctuations – The Historical Record

Forecasting Tools and Macro Policy

Macroeconomic Markets

Chapter 9 – An Introduction to Basic Macroeconomic Markets

Understanding Macroeconomics: Our Game

Four Key Markets: Resources, Goods and Services, Loanable Funds, and Foreign Exchange

Aggregate Demand for Goods and Services

8Note: Only major sections are listed; Conclusions and similar sections should also be read.



Aggregate Supply of Goods and Services

Equilibrium in the Goods and Services Market

Resource Market

Loanable Funds Market

Foreign Exchange Market

Long-Run Equilibrium

Chapter 10 – Dynamic Change, Economic Fluctuations, and the AD-AD Model

Anticipated and Unanticipated Changes

Factors That Shift Aggregate Demand

Shifts in Aggregate Supply

Steady Economic Growth and Anticipated Changes in Long-Run Aggregate Supply

Unanticipated Changes and Market Adjustments

The Price Level, Inflation, and the AD-AS Model

Unanticipated Changes, Recessions, and Booms

Government & Fiscal Policy

Chapter 11 – Fiscal Policy: The Keynesian View and Historical Perspective

The Great Depression and the Macroadjustment Process

The Keynesian View of Fiscal Policy

Fiscal Policy and the Good News of Keynesian Economics

Chapter 12 – Fiscal Policy: Incentives, and Secondary Effects

Fiscal Policy, Borrowing, and the Crowding-Out Effect

Fiscal Policy, Future Taxes, and the New Classical Model

Political Incentives and the Effective Use of Discretionary Fiscal Policy

Is Discretionary Fiscal Policy and Effective Stabilization Tool?

The Supply-Side Effects of Fiscal Policy

Great Debates in Fiscal Policy

U.S. Fiscal Policy and the Great Debate

Money, Banking, and Monetary Policy

Chapter 13 – Money and the Banking System

What Is Money?



How the Supply of Money Affects Its Value

How Is the Money Supply Measured?

The Business of Banking

How Banks Create Money by Extending Loans

Ambiguities in the Meaning and Measurement of the Money Supply

The Federal Reserve System

Chapter 14 – Modern Macroeconomics and Monetary Policy

The Impact of Monetary Policy: A Brief Historical Background

The Demand and Supply of Money

How Does Monetary Policy Affect the Economy?

Monetary Policy in the Long Run

The Potential and Limitations of Monetary Policy

Recent Monetary Policy of the United States

International Macroeconomics

Chapter 18 – Gaining from International Trade

The Trade Sector of the United States

Gains from Specialization and Trade

Supply, Demand, and International Trade

The Economics of Trade Restrictions

Why Do Nations Adopt Trade Restrictions?

Trade Barriers and Popular Trade Fallacies

The Changing Nature of Global Trade

Chapter 19 – International Finance and the Foreign Exchange Market

Foreign Exchange Market

Determinants of the Exchange Rate

Why Do Exchange Rates Change?

International Finance and Alternative Exchange Rate Regimes

Balance of Payments

Exchange Rates, Current Account Balance, and Capital Inflow


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