Economics 300 Spring 2004 Intermediate Macroeconomics Course website: http://www2.hawaii.edu/~noy MWF 11:30-12:20 (Webster 113) Ilan Noy - pronounced ee-lan Saunders Hall 516 [e-mail] Tel: [phone] Fax: [phone] Office hours: Monday 3:00-4:30pm, Wednesday 1:00-2:30pm, or by appointment. Email is by far the best way to contact me for appointments, emergencies, or clarifications. Course Description This class is an in-depth exploration of how macroeconomic models help us explain and predict the behavior of the aggregate economy in the short and long run. We begin by examining measures of the macro-economy and their determination in the short-run (when prices do not change). We study the Keynesian IS-LM model and show how the market for goods and services interacts with the market for bonds and money balances to jointly determine output and interest rates. We follow that with study of the labor market, its connections with the goods and money markets and the determination of output and inflation in the medium run (the AS-AD model). Following the neoclassical approach, we then examine and critique the long-run Solow Growth Model. Text: Macroeconomics, by <a href="/keyword/olivier-blanchard/" >olivier blanchard</a> . <a href="/keyword/prentice-hall/" >prentice hall</a> , 3rd edition Grading Final Midterm <a href="/keyword/problem-set/" >problem set</a> s Attendance and participation 30% 30% 32% (8% each) 8% Exams Exams will cover material from lectures, <a href="/keyword/problem-set/" >problem set</a> s and the textbook. Exams are not cumulative. MIDTERM: in class Friday, February 27th FINAL EXAM: See schedule of classes <a href="/keyword/problem-set/" >problem set</a> s <a href="/keyword/problem-set/" >problem set</a> s have to be handed in not later than the beginning of lecture the day they are due. No late <a href="/keyword/problem-set/" >problem set</a> s will be accepted but for very unusual circumstances (and only once). An answer key will be posted on the web for each <a href="/keyword/problem-set/" >problem set</a> after its due date. <a href="/keyword/problem-set/" >problem set</a> s will be due on Fridays. Due dates will be announced in class and online. Tentative Schedule of Readings in Blanchard: Precise reading assignments will be announced ahead of time in class and online: Chapters 1-2 3-5 6-7 18 19-21 10-12 25-26 Introduction to (closed) macroeconomics The Short Run: The IS-LM Model The Medium Run: The AS-AD Model Introduction to (open) macroeconomics The open-economy IS-LM-IP model The Long Run: The Solow Growth Model Fiscal and Monetary Policy Suggestions This course will not be difficult if you read the assigned readings, attend lectures, and do the <a href="/keyword/problem-set/" >problem set</a> s. Make use of my office hours. I will always respond to emails containing specific questions about the material discussed or the <a href="/keyword/problem-set/" >problem set</a> s. Attempting to study just before exams is likely to result in failure. You will receive practice exams before both the midterm and the final and should use those as your study-guides.