Macroeconomics

SYLLABUS

EC103 Macroeconomics Syllabus Lyons 2022

TEXTBOOK

PRINCIPLES of MACROECONOMICS

Ed 3e ; by openstax.org

The textbook is available as a free download from openstax.org

[You must use your loyola.edu email for the free download]

A print copy of the textbook is available for sale at the bookstore, amazon.com, etc.

OFFICE HOURS

Monday 6-7pm Sellinger Hall 419

ZOOM

https://loyola.zoom.us/my/thomaslyons

password is on moodle

CLASSROOM TECHNOLOGY

Students may NOT use computers, tablets, phones, earphones during class.

LECTURES, READINGS, RESOURCES

Introduction 0

HOW TO PREPARE

READ: the Class Syllabus

CLASS LECTURE

Macroeconomics 0 - Opening Lecture

Production 1

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 6, “The Macroeconomic Perspective"

CLASS LECTURE

Macroeconomics 1 - Gross Domestic Product and Growth

ASSIGNMENTS

The assignments below are to be completed. The dates are announced in class.

GDP Assignment #1a

GDP Assignment #1b

GDP Homework Assignment 1E

GDP Assignment #1x

GDP Assignment #1b

GDP #1a Solution

GDP #1b Solution

GDP #1x Solution

Unemployment 2

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 8, “Unemployment"

CLASS LECTURE

Macroeconomics 2 - Jobs and Unemployment

ASSIGNMENTS

The assignments below are to be completed. The dates are announced in class.

Unemployment Assignment #2a

Macroeconomics - Jobs and Employment Homework/Quiz #1

Unemployment Assignment #2b

Macroeconomics - Jobs and Employment Homework/Quiz #2

Unemployment Assignment #2x

Unemployment #2a Solution

Unemployment #2b Solution

Unemployment #2x Solution

Inflation 3

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 9, “Inflation"

WATCH: Milton Friedman Explains Inflation

READ "Assessing and Improving the Accuracy of the CPI", BLS, 2024 [optional]

CLASS LECTURE

Macroeconomics 3 - Price Indexes and Inflation

ASSIGNMENTS

The assignments below are to be completed. The dates are announced in class.

Price Indexes Assignment #3a

Macroeconomics - Price Indexes and Inflation Homework/Quiz #1

Price Indexes Assignment #3b

Macroeconomics - Price Indexes and Inflation Homework/Quiz #2

Price Index Assignment 3x

Price Indexes and Inflation Assignment #3x

Price Indexes #3a Solution

Price Indexes #3b Solution

Price Indexes #3x Solution

TEST 1

GDP, Unemployment, Price Indexes

Economic Growth 4

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 7, “Economic Growth"

CLASS LECTURE

Macroeconomics 4 - Economic Growth

Keynes General Theory 5

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 9, “The Keynesian Perspective"

READ Keynes General Theory of Employment, Interest and Money, Chapter 3 : "The Principle of Effective Demand"

John Maynard Keynes (1883-1946)

The General Theory of Employment, Interest and Money (1936)

is the basis for modern Macroeconomics theory.

CLASS LECTURE

Macroeconomics - The Keynesian System

Multipliers 6

CLASS LECTURE

Macroeconomics 7 - Expenditure Multipliers

The AS-AD Model 7

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 11, “The Aggregate Demand/Aggregate Supply Model"

CLASS LECTURE

Macroeconomics 6x - Aggregate Supply and Demand

ADAS model (5x7)

OTHER AGGREGATE MACROECONOMIC MODELS : Keynesian Cross, IS LM, IS MP, IS MP PC

These models will not be discussed in this class, ec103.

Fiscal Policy 8

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 17, “Government Budgets and Fiscal Policy"

READ Principles of Macroeconomics, Chapter 18, “The Impacts of Government Borrowing"

EXPLORE: The United States Debt Clock , usdebtclock.org

WATCH: Art Laffer Explains the "Laffer Curve"

CLASS LECTURES

Macroeconomics 8 - Fiscal Policy

Macroeconomics 8 - Fiscal Policy 2 - Economic Stimulus

TEST 2

Economic Growth, Keynes, Multipliers, AD/AS Model, Fiscal Policy

Money 9

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 14, “Money and Banking" pages 337-343

READ "The Theory of Money" Pages: 257-286, by Carl Menger, from Principles of Economics, 1871

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

Macroeconomics 9 - Money

Banking 10

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 14, “Money and Banking" pages 344-354

CLASS LECTURE

Macroeconomics 10 - Banking

Central Banks 11

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 15, “Monetary Policy and Bank Regulation" p357-367

CLASS LECTURE

Macroeconomics 10 - Central Banking

Quantity Theory of Money 12a

HOW TO PREPARE

READ: The Role of Monetary Policy, Milton Friedman, AER, March 1968 [optional]

Macroeconomics 11 - Quantity Theory of Money

Monetary Policy 12b

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 15, “Monetary Policy and Bank Regulation" p367-381

READ: "The 57 Year Old Chart that is Dividing the Fed", New York Times

CLASS LECTURE

Macroeconomics 11 - Monetary Policy 1 - Theory

Macroeconomics 12 - Monetary Policy

Guest Speaker

Kevin Clyne

TEST 3

MONEY, BANKING, CENTRAL BANKS, QUANTITY THEORY of MONEY, MONETARY POLICY

International Trade 14

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 20, “International Trade"

READ Principles of Macroeconomics, Chapter 21, “Globalization and Protectionism"

WATCH: Benefits of International Trade, PolicyEd.org

CLASS LECTURE

Macroeconomics 14 - International Trade

Exchange Rates 15

HOW TO PREPARE

READ Principles of Macroeconomics, Chapter 16, “Exchange Rates and International Capital Flows"

CLASS LECTURE

Macroeconomics - Exchange Rates and Balance of Payments

Summary 16

CLASS LECTURE

Macroeconomics 18 - Summary Lecture

ADDITIONAL RESOURCES

Summary of Macroeconomics

Course Evaluations ks

Available the last two weeks of the semester

FINAL EXAM

https://www.loyola.edu/_media/department/registrar/documents/faculty/ug.exam.schedule.26sp.faculty.final.pdf

An open notes, open book test

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