Macroeconomics

Course Contents

Course Contents at a Glance
Learning Outcomes

Faculty Resources

Pacing
PowerPoints
Assignments
Problem Sets

1 Economic Thinking

Why It Matters: Economic Thinking
Understanding Economics and Scarcity
The Concept of Opportunity Cost
Labor, Markets, and Trade
Microeconomics and Macroeconomics
Economic Models
Purpose of Functions
Solving Simple Equations
Interpreting Slope
Types of Graphs
Putting It Together: Economic Thinking
Discussion: Is Economics a Science?
Assignment: Problem Set — Economic Thinking

2 Choice in a World of Scarcity

Why It Matters: Choice in a World of Scarcity
Budget Constraints and Choices
Calculating Opportunity Cost
The Production Possibilities Frontier
Productive Efficiency and Allocative Efficiency
Rationality and Self-Interest
Marginal Analysis
Positive and Normative Statements
Putting It Together: Choice in a World of Scarcity
Discussion: Making Irrational Choices
Assignment: Guns or Butter?
Assignment: Problem Set — Choice in a World of Scarcity

3 Supply and Demand

Why It Matters: Supply and Demand
Economic Systems
What Is Demand?
Factors Affecting Demand
What is Supply?
Factors Affecting Supply
Equilibrium, Surplus, and Shortage
Changes in Equilibrium
Finding Equilibrium
Changes in Supply and Demand
Putting It Together: Supply and Demand
Discussion: Supply and Demand
Assignment: Supply and Demand of Coffee
Assignment: Problem Set — Supply and Demand

4 Applications of Supply and Demand

Why It Matters: Applications of Supply and Demand
Price Ceilings
Price Floors
A Closer Look at Price Controls
Trade and Efficiency
Consumer & Producer Surplus
Inefficiency of Price Floors and Price Ceilings
Labor and Financial Markets
Creating and Interpreting Graphs
Putting It Together: Applications of Supply and Demand
Discussion: Price Controls
Assignment: Price Controls After a Storm
Assignment: Problem Set — Applications of Supply and Demand

5 Elasticity

Why It Matters: Elasticity
Elasticity of Demand
Examples of Elastic and Inelastic Demand
Calculating Elasticity and Percentage Changes
Calculating Price Elasticities Using the Midpoint Formula
Categories of Elasticity
Price Elasticity of Supply
Income Elasticity, Cross-Price Elasticity & Other Types of Elasticities
Elasticity and Total Revenue
Elasticity, Costs, and Customers
Tax Incidence
Putting It Together: Elasticity
Discussion: Junk Food and Elasticity
Assignment: Elasticity and Tuition
Assignment: Problem Set — Elasticity

6 Macroeconomic Measures: GDP and Economic Growth

Why It Matters: GDP and Economic Growth
The Macroeconomic Perspective
What is Gross Domestic Product?
Calculating GDP
Alternative Ways to Measure the Economy
The Difference Between Nominal and Real Measurements
Comparing Nominal and Real GDP
Converting Nominal to Real GDP
Business Cycles
GDP and Standard of Living
Labor Productivity and Economic Growth
Measuring Productivity and Growth Rates
The Power of Sustained Economic Growth
Relatively Recent Economic Growth
A Healthy Climate for Economic Growth
Putting It Together: GDP and Economic Growth
Discussion: GDP and Economic Growth
Assignment: Data Project Part 1
Assignment: Problem Set — GDP and Economic Growth

7 Macroeconomic Measures: Unemployment and Inflation

Why It Matters: Unemployment and Inflation
Who Counts in Unemployment?
Calculating the Unemployment Rate
Patterns of Unemployment
Cyclical Unemployment
Frictional and Structural Unemployment
The Natural Rate of Unemployment
Inflation
Calculating Inflation with Index Numbers
The Consumer Price Index
Shortcomings of the Consumer Price Index as a Measure of the Cost of Living
The GDP Deflator and Other Major Price Indices
Problems with Inflation
Benefits of Low Inflation
Putting It Together: Inflation and Unemployment
Discussion: How is the Economy?
Assignment: The State of the Macro Economy
Assignment: Data Project Part 2
Assignment: Problem Set — Unemployment and Inflation

8 The Aggregate Demand-Aggregate Supply Model

Why It Matters: The Aggregate Demand-Aggregate Supply Model
The Aggregate Demand-Aggregate Supply Model
Building a Model of Aggregate Supply and Aggregate Demand
Interpreting the AD-AS Model
Shifts in Aggregate Demand
Shifts in Aggregate Supply
Business Cycles and Growth in the AD-AS Model
Putting It Together: The Aggregate Demand-Aggregate Supply Model
Discussion: The Business Cycle and the AD-AS Model
Assignment: Analysis of a Demand/Supply Shock using the AD-AS Model
Assignment: Problem Set — The Aggregate Demand-Aggregate Supply Model

9 Keynesian and Neoclassical Economics

Why It Matters: Keynesian and Neoclassical Economics
Aggregate Demand in Keynesian Analysis
The Core of Keynesian Analysis
The Expenditure Multiplier Effect
Keynesian Economic Policy
The Neoclassical Perspective
The Neoclassical Perspective and Potential GDP
Flexible Prices and Graphing in the Neoclassical Model
Speed of Macroeconomic Adjustment
Policy Implications of the Neoclassical Perspective
Say's Law versus Keynes' Law
Neoclassical and Keynesian Perspectives in the AD-AS Model
Balancing Keynesian and Neoclassical Models
Putting It Together: Keynesian and Neoclassical Economics
Discussion: Keynesian vs. Neoclassical Economics
Assignment: Keynesian and Neoclassical Economics
Assignment: Problem Set — Keynesian and Neoclassical Economics

10 The Income-Expenditure Model

Why It Matters: The Income-Expenditure Model
The Key Role of Aggregate Expenditure
Aggregate Expenditure: Consumption
Aggregate Expenditure: Investment, Government Spending, and Net Exports
Equilibrium in the Income-Expenditure Model
Finding Equilibrium Using Algebra
Recessionary and Inflationary Gaps in the Income-Expenditure Model
Real Aggregate Supply in the Income-Expenditure Model
The Spending Multiplier in the Income-Expenditure Model
The Spending Multiplier and Changes in Government Spending
Putting It Together: The Income-Expenditure Model
Discussion: The Income-Expenditure Model
Assignment: The Income-Expenditure Model
Assignment: Problem Set — The Income-Expenditure Model

11 Fiscal Policy

Why It Matters: Fiscal Policy
Fiscal Policy and the Federal Budget
Government Spending
State and Local Government Spending
Taxation
Federal Budgets and National Debt
The Question of a Balanced Budget
Automatic Stabilizers
Expansionary and Contractionary Fiscal Policy
Neoclassical Fiscal Policy and Supply-Side Economics
Fiscal Policy, Investment, and Crowding Out
Discussion: Fiscal Policy
Putting It Together: Fiscal Policy
Assignment: Economic Impact of Lower Corporate Tax Rate
Assignment: Problem Set — Fiscal Policy

12 Money and Banking

Why It Matters: Money and Banking
Defining Money by Its Functions
Measuring Money: Currency, M1, and M2
Credit
Financial Markets and Assets
Financial Markets, Supply and Demand, and Interest
The Commercial Banking System
Banking Assets and Liabilities
How Banks Create Money
Discussion: Money and Banking
Putting It Together: Money and Banking
Assignment: Baby Boomers
Assignment: Problem Set — Money and Banking

13 Monetary Policy

Why It Matters: Monetary Policy
Banks, Loan Finance, and the Payments System
The Federal Reserve System and Central Banks
Bank Regulation
Monetary Policy and Open Market Operations
Monetary Policy
Monetary Policy and Interest Rates
Monetary Policy and Aggregate Demand
Federal Reserve Actions and Quantitative Easing
Putting It Together: Monetary Policy
Discussion: Impact of Low Interest Rates on Monetary Policy
Assignment: Chair the Fed
Assignment: Problem Set — Monetary Policy

14 Policy Applications

Why It Matters: Policy Applications
Viewpoints on Government Policy
The Phillips Curve
Policy Implications: No Phillips Curve Tradeoff in the Long Run
Rational Expectations
Ricardian Equivalence
Practical Problems with Discretionary Fiscal and Monetary Policy
Policy Implications: Dampening Business Cycles vs. Laissez-Faire
Policy Implications: Supply Shocks and Economic Growth
Putting It Together: Policy Application
Discussion: Macropolicy
Assignment: Policy Response to a Macro Shock
Assignment: Problem Set — Policy Applications

15 Globalization and Trade

Why It Matters: Globalization and International Trade
Absolute and Comparative Advantage
Comparative Advantage and the Gains from Trade
Intra-Industry Trade
Demand and Supply Analysis of International Trade
Protectionism
The Tradeoffs of International Trade
The Role of the GATT in Reducing Barriers to Trade
Trade Policy: Organizations and Agreements
Putting It Together: Globalization and International Trade
Discussion: Absolute and Comparative Advantage
Assignment: Absolute and Comparative Advantage
Assignment: Problem Set — Globalization and Trade

16 Exchange Rates and International Finance

Why It Matters: Exchange Rates and International Finance
The Foreign Exchange Market
Strengthening and Weakening Currency
Demand and Supply Shifts in Foreign Exchange Markets
Macroeconomic Effects of Exchange Rates
Exchange-Rate Policies
Putting It Together: Exchange Rates and International Finance
Discussion: Global Currencies
Assignment: Exchange Rates and International Finance
Assignment: Problem Set — Exchange Rates and International Finance

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