Macroeconomics
Happenings
SYLLABUS
TEXTBOOK
By Michael Parkin
14th Edition ... the 13th Edition is OK also
Available at the Bookstore and Amazon.com
The textbook is Recommended, but not Required.
Most students will benefit significantly from reading the textbook.
*** Additional reading will be assigned during the semester ***
ZOOM
https://loyola.zoom.us/my/thomaslyons
... this is the link if we need to have a zoom meeting... the password is on moodle.CLASSROOM TECHNOLOGY
Students may not use computers, tablets, phones, earphones during class.
If you would like to use a computer or tablet for the purpose of taking notes you must get written permission from the professor.
The A to Z of Economics Explained
LECTURES, READINGS and RESOURCES
Introduction
HOW TO PREPARE
CLASS LECTURE
Economic Output
HOW TO PREPARE
READ Parkin Chapter 4: "Monitoring the Value of Production: Gross Domestic Product (GDP)" (recommended)
CLASS LECTURE
ASSIGNMENTS
The homework assignments below are to be completed and turned in. The due dates will be announced in class.
GDP Assignment #1c
Macroeconomics GDP Homework #1c GDP Assignment #1d
GDP Assignment #1dGDP Assignment #1E
GDP Homework Assignment 1EEmployment
HOW TO PREPARE
READ Parkin Chapter 5: "Monitoring Jobs and Inflation" (recommended)
CLASS LECTURE
ASSIGNMENTS
The homework assignments below are to be completed and turned in. The due dates will be announced in class.
Prices and Inflation
HOW TO PREPARE
READ Parkin Chapter 5: "Monitoring Jobs and Inflation" (recommended)
CLASS LECTURE
ASSIGNMENTS
The homework assignments below are to be completed and turned in. The due dates will be announced in class.
TEST 1
Economic Aggregates: GDP, Unemployment, Price Indexes
Section 4, 7: Wednesday February 15, 2023
Section 03G, 14: Thursday February 16, 2023
Economic Growth
HOW TO PREPARE
READ Parkin Chapter 6: "Economic Growth" (recommended)
CLASS LECTURE
Keynes General Theory
John Maynard Keynes (1883-1946) was an English economist.
His 1936 book The General Theory of Employment, Interest and Money, written during the Great Depression, is the basis for modern Macroeconomic theory.
CLASS LECTURE
Multipliers
HOW TO PREPARE
READ Parkin Chapter 11: "Expenditure Multipliers" (recommended)
CLASS LECTURE
The AS-AD Model
HOW TO PREPARE
READ Parkin Chapter 10: "Aggregate Supply and Demand" (recommended)
CLASS LECTURE
Fiscal Policy
HOW TO PREPARE
READ Parkin Chapter 13: "Fiscal Policy" (recommended)
READ: How Does the Federal Government Spend its Money, Tax Policy Center, Urban Institute and Brookings Institute
READ: What are the Sources of Revenue for the Federal Government?, Tax Policy Center, Urban Institute and Brookings Institute
READ: So... just how concerned should we be about America’s $28 trillion debt? , WLBT
CLASS LECTURES
TEST 2
Economic Aggregates, Keynes, AD/AS, Economic Growth, Fiscal Policy
Section 4, 7: Monday March 27, 2023
Section 03G, 14: Tuesday March 28, 2023
Money
HOW TO PREPARE
READ Parkin Chapter 7: "Finance, Saving, and Investment" (recommended)
READ Parkin Chapter 8: "Money, the Price Level, and Inflation" (recommended)
Carl Menger (1840-1921) was an Austrian economist and a founder of the Austrian School of Economics. He made significant contributions to the theories of subjective value and marginal utility.
His evolutionary theory of money was outlined in his book Principles of Economics (1871).
CLASS LECTURE
Banking
HOW TO PREPARE
READ Parkin Chapter 8: "Money, the Price Level, and Inflation" (recommended)
CLASS LECTURE
Monetary Policy
HOW TO PREPARE
READ Parkin Chapter 14: "Monetary Policy" (recommended)
CLASS LECTURE
Business Cycle Theory
HOW TO PREPARE
READ Parkin Chapter 12: "The Business Cycle, Inflation, and Deflation" (recommended)
CLASS LECTURE
TEST 3
MONEY, BANKING, MONETARY POLICY, INFLATION, BUSINESS CYCLES
International Trade
HOW TO PREPARE
READ Parkin Chapter 15 : "International Trade Policy" (recommended)
Keynes proposes that Britain suspend it's use of gold to back its currency as a way to help the country expand exports. Suspending "gold backing" will allow Britain to devalue its currency, making its exports cheaper to people in other countries. He also suggests that it should have little to no effect on prices.
Some predicted that an increase in tariffs would create shortages and significant inflation in the US economy.
CLASS LECTURE
Exchange Rates
HOW TO PREPARE
READ Parkin Chapter 9: "The Exchange Rate and the Balance of Payments" (recommended)
If one country keeps the exchange rate for its currency low, it will make it's products cheaper to people in other countries, which will increase the demand for its exports.