Macroeconomic
Theory
Fall
2009
LAST UPDATED: Tuesday, November 24, 2009
Classes
Tuesdays and Thursdays, 3:00 - 4:15 PM
Location: Carney 106
Professor Matteo Iacoviello
21 Campanella Way, Room 470
Tel: 552-3689
E-mail: iacoviel@bc.edu
Web page: matteoiacoviello.com
Office
Hours:
Wednesdays, 2.00 3.00 pm and by appointment
Teaching Assistant: Taesu Kang [kangta@bc.edu ]
Discussion classes location and time: Thursday 5
PM, Room Carney 303
Course email: ec20203f@bc.edu
Course Description, Textbook,
Grading, Course Schedule,
Additional Information
This course covers the theory
and practice of macroeconomics. Among the questions that we will answer: why
are some nations rich and some other poor? What determines the inflation and
the unemployment rate? How can we devise policies to improve economic performance?
Macroeconomics, Seventh edition, by Gregory N.Mankiw, Worth
Publishers, 2009 (Chapters 1
to 13 and 15 to 18 inclusive)
Grading will be based on:
-
Mid-term exam [ 40% ] : Thursday, October 29, 2009
-
Final exam [ 60% ] : TBA
Grading
policy and related stuff:
The mid-term
counts for 40% of the final mark, and will contain questions on the material
that we cover until the week before the Mid-Term. If you get a grade you like,
you will sit the remaining 60% of the exam in the Final exam (that is, you will
not have to answer questions on the material covered in the Mid-Term). The
final mark will be a weighted average of the two marks.
In borderline
cases, class participation and homework will determine your grade. For
instance, if your grade is A-/B+, I will consider quality of your homework
and/or your class participation to decide whether you get A- or B+.
If you get a
grade you do not like or you do not take the mid-term, you can sit the entire
exam in December. In case you do, the grade will be just the one you get in the
final exam.
The exam format is similar to the
examples given below.
The 2003 Mid-Term with sketch answers is
available here
The 2003 Final with sketch answers is
available here
The 2007 Mid-Term with sketch answers is here
The 2007 Final with sketch answers is here
The schedule is tentative. I will
update and amend it as we move on.
In general, the links to my class notes
and to the solutions for the problem sets will be active after each class.
|
|
DAY |
CLASS |
HOMEWORK DUE AND DISCUSSIONS (I refer to Problems
and applications in Mankiws textbook) |
CLASS NOTES |
|
|
1 |
Tue |
8-Sep |
THE SCIENCE OF
MACROECONOMICS (M1) |
|
|
|
2 |
Thu |
10-Sep |
THE DATA OF
MACROECONOMICS (M2) |
|
|
|
3 |
Tue |
15-Sep |
|
|
|
|
4 |
Thu |
17-Sep |
NATIONAL INCOME (M3) |
|
|
|
5 |
Tue |
22-Sep |
|
|
|
|
6 |
Thu |
24-Sep |
MONEY AND INFLATION (M4) |
CHAPTER 1: P3 CHAPTER 2: P4, P5, P8 CH.3: P1, P3, P4, P6, P8, P9 |
|
|
7 |
Tue |
29-Sep |
|
|
|
|
8 |
Thu |
1-Oct |
OPEN ECONOMY (M5) |
|
|
|
9 |
Tue |
6-Oct |
UNEMPLOYMENT (M6) |
|
|
|
10 |
Thu |
8-Oct |
GROWTH (M7, M8) |
CH.4: P2, P6, P10 CH.5:
P2, P3 |
|
|
11 |
Tue |
13-Oct |
|
|
|
|
12 |
Thu |
15-Oct |
|
|
|
|
13 |
Tue |
20-Oct |
|
|
|
|
14 |
Thu |
22-Oct |
INTRO TO ECONOMIC
FLUCTUATIONS (M9) |
CH.6: P1, P2, P3 CH7: P1, P2, P3, P6 CH8: P2, P5 |
|
|
15 |
Tue |
27-Oct |
AGGREGATE DEMAND
(M10-M11) |
|
|
|
16 |
Thu |
29-Oct |
MID-TERM
|
|
|
|
17 |
Tue |
3-Nov |
|
|
|
|
18 |
Thu |
5-Nov |
|
|
|
|
19 |
Tue |
10-Nov |
AGGREGATE DEMAND IN OPEN
ECONOMY (M12) |
|
|
|
20 |
Thu |
12-Nov |
AGGREGATE SUPPLY (M13) |
CH9: P1, P2, P3 CH10: P1, P2, P3, P4, P5 CH 11: P1, P2, P3, P4, P6, P7, P8 |
|
|
21 |
Tue |
17-Nov |
|
|
|
|
22 |
Thu |
19-Nov |
STABILIZATION POLICY
(M15) |
|
|
|
23 |
Tue |
24-Nov |
GOVERNMENT DEBT (M16) |
CH 12: P2, P4, P5 CH 13: P2, P6, P7 CH 15: P1 |
|
|
24 |
Tue |
1-Dec |
CONSUMPTION (M17) |
|
|
|
25 |
Thu |
3-Dec |
|
|
|
|
26 |
Tue |
8 Dec |
INVESTMENT (M18) |
|
|
|
27 |
Thu |
10 Dec |
|
CH 16 : P3 CH 17 : P2, P3 CH 18 : P2, P3 |
|
Below is a
sparse and random collection of economics websites that I often look at.
1) The Economist news magazine has an
excellent coverage of world economic (and political) events.
2) Some
useful macro blogs that I read contain lots of detailed information and
informed comments on current economic events. They are worthwhile reading if
you want to have an idea of how good economists read and interpret economic
events using macroeconomics.
http://www.econbrowser.com/ by Jim
Hamilton and Menzie Chinn
http://macroblog.typepad.com/macroblog/ by David
Altig
Brad De Longs website is a useful
source of information on a variety of economic events in the news.
3) The Economic Report of the President includes; 1) current and
foreseeable trends and annual numerical goals concerning topics such as
employment, production, real income and Federal budget outlays; 2) employment
objectives for significant groups of the labor force; 3) annual numeric goals;
and 4) a program for carrying out program objectives
4) The OECD
collects a comprehensive set of international economic
stastitics on its member countries
Most
up-to-date economic data for the