Macroeconomics

SYLLABUS

EC103 Macroeconomics Syllabus Lyons 2022

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.

STA

LECTURES, READINGS and RESOURCES

Introduction

HOW TO PREPARE

READ: the Class Syllabus

CLASS LECTURE

Macroeconomics 0 - Opening Lecture

Economic Output

HOW TO PREPARE

READ Parkin Chapter 4: "Monitoring the Value of Production: Gross Domestic Product (GDP)" (recommended)

CLASS LECTURE

Macroeconomics 1 - Gross Domestic Product and Growth

ASSIGNMENTS

The homework assignments below are to be completed and turned in. The due dates will be announced in class.


GDP Homework #1c

Macroeconomics GDP Homework #1c

GDP Homework #1d

GDP Assignment #1d

GDP 1d Solution

Employment

HOW TO PREPARE

READ Parkin Chapter 5: "Monitoring Jobs and Inflation" (recommended)

CLASS LECTURE

Macroeconomics 2 - Jobs and Unemployment

ASSIGNMENTS

The homework assignments below are to be completed and turned in. The due dates will be announced in class.


Unemployment Assignment #2a

Macroeconomics - Jobs and Employment Homework/Quiz #1

Unemployment Assignment #2b

Macroeconomics - Jobs and Employment Homework/Quiz #2

Unemployment 2a Soluton

Unemployment 2b Solution

Prices and Inflation

HOW TO PREPARE

READ Parkin Chapter 5: "Monitoring Jobs and Inflation" (recommended)

READ "U.S. Inflation: How Much Have Prices Increased?", Visual Capitalist, 12/30/22

CLASS LECTURE

Macroeconomics 3 - Price Indexes and Inflation

ASSIGNMENTS

The homework assignments below are to be completed and turned in. The due dates will be announced in class.


Price Index Homework #3c

Macroeconomics - Price Indexes and Inflation Homework/Quiz #1

Price Index Homework #3d

Macroeconomics - Price Indexes and Inflation Homework/Quiz #2

Price Indexes 3c Solution

Price Indexes 3d Solution

TEST 1

Economic Aggregates: GDP, Unemployment, Price Indexes

Economic Growth

HOW TO PREPARE

READ Parkin Chapter 6: "Economic Growth" (recommended)

CLASS LECTURE

Macroeconomics 4 - Economic Growth

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

Macroeconomics - The Keynesian System

The AS-AD Model

HOW TO PREPARE

READ Parkin Chapter 10: "Aggregate Supply and Demand" (recommended)

CLASS LECTURE

Macroeconomics 6x - Aggregate Supply and Demand

Multipliers

HOW TO PREPARE

READ Parkin Chapter 11: "Expenditure Multipliers" (recommended)

CLASS LECTURE

Macroeconomics 7 - Expenditure Multipliers

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

EXPLORE: The United States Debt Clock , usdebtclock.org

READ: So... just how concerned should we be about America’s $28 trillion debt? , WLBT

CLASS LECTURES

Macroeconomics 8 - Fiscal Policy
Macroeconomics 8 - Fiscal Policy 2 - Economic Stimulus

TEST 2

Economic Aggregates, Keynes, AD/AS, Economic Growth, Fiscal Policy

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

Macroeconomics 9 - Money

Banking

HOW TO PREPARE

READ Parkin Chapter 8: "Money, the Price Level, and Inflation" (recommended)


CLASS LECTURE

Macroeconomics 10 - Banking

Monetary Policy

CLASS LECTURE

Macroeconomics 12 - Monetary Policy

Business Cycle Theory

HOW TO PREPARE

READ Parkin Chapter 12: "The Business Cycle, Inflation, and Deflation" (recommended)

CLASS LECTURE

Macroeconomics 13 - Inflation and Business Cycles

TEST 3

MONEY, BANKING, MONETARY POLICY, INFLATION, BUSINESS CYCLES

International Trade

HOW TO PREPARE

READ Parkin Chapter 15 : "International Trade Policy" (recommended)

WATCH: Benefits of International Trade, PolicyEd.org

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

Macroeconomics 14 - International Trade

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.

CLASS LECTURE

Macroeconomics - Exchange Rates and Balance of Payments

Summary

CLASS LECTURE

Macroeconomics 18 - Summary Lecture

ADDITIONAL RESOURCES

Summary of Macroeconomics

FINAL EXAM