1. Basic information

Course description: Consideration of various theoretical approaches to the analysis of aggregate economic behavior, including models of income determination and growth.

Prerequisites: Econ 1 and 2, and Math 28 (or another course in calculus).

Lecture hours: 12:30-1:45 in Aliber 101.

How to contact instructor:

• Office: 345 Aliber Hall
• Telephone and voice mail: 271-3129
• Electronic mail: william.boal@drake.edu
• U.S. mail: Department of Economics, Finance, and Insurance
  College of Business and Public Administration
  Drake University, 2507 University Avenue, Des Moines, Iowa 50311-4505

Office hours: Office hours are a time when you can ask questions about course material, grades, or anything related to this course or economics in general. No appointment is necessary during office hours--just drop by. Office hours this semester are Monday and Wednesday, 8:30 to 10:30, and 1:30-2:30.

Required textbook: N. Gregory Mankiw, Macroeconomics, 4th edition, New York: Worth Publishers. Available for purchase at University Bookstore.

Tutoring resources:

1. Your instructor should be your first resource for questions and help.
2. The Economics Tutoring Lab provides free tutoring for students by students in Aliber Hall. Bring your textbook, lecture notes, and questions to the Lab. The more specific you can make your questions, the more useful will be the answers you get. The Lab will begin operation about the third week of the semester. Hours and location will be announced at the Economics web site (http://www.drake.edu/cbpa/econ/tutor.html).
3. The Math Tutoring Lab ( http://www.drake.edu/mathcs/ ) can be a useful resource for purely mathematical questions.

2. Requirements and grading

Course grade: Your course grade is calculated using the following formula:

• Examinations are closed-book, closed-notes, with calculators permitted. The nature of the course material is cumulative, so midterm exams may contain material from previous sections of the course. There will be three midterm exams, but your lowest midterm score will automatically be dropped. The final exam is comprehensive, with slight emphasis on the last part of the course. The final exam is required--students who do not take the final will not pass the course.
• Homework will be assigned irregularly, with clearly specified due dates.

Excused absences:

• Emergencies: If your own medical emergency, or a serious illness or death in your family causes you to miss class the date a homework exercise is due or an exam is given, you may be given an extension on a homework exercise or a makeup exam. However, you must inform me of the emergency before class (e.g., by phone) and soon afterward submit a written explanation (including date of absence and documentation).
• Certain other circumstances are acceptable reasons for missing class the date an exam is given. These include religious observance, medical appointment, interview trip, and athletic team trip. Because these circumstances can be predicted, a written explanation (including date of absence) must be submitted before the date of absence. No extensions for any homework exercises are given in these circumstances--hand exercises in early, if necessary.

Special circumstances: If you need course adaptations or accommodations because of a disability, if you have emergency medical information to share with me, or if you need special arrangements in case the building must be evacuated, please make an appointment to discuss this with me as soon as possible.

3. Internet resources

Electronic mail: Every student must have a Drake email account. Course announcements will occasionally be sent by electronic mail, so all students should check their email accounts regularly. An archive of announcements will be posted at the course web site.

Course web page: Important course materials, including this syllabus, are posted at the course home page (www.drake.edu/cbpa/econ/boal/174).

Data sources: Three U.S. government agencies calculate and publish most macroeconomic data for the United States. Many other web sites offer macroeconomic data, but these three agencies are the original sources.

• The Bureau of Economic Analysis (http://www.bea.doc.gov/), in the Department of Commerce, publishes the National Income and Product Accounts (GDP and its components).
• The Bureau of Labor Statistics (http://stats.bls.gov), in the Department of Labor, publishes data on unemployment and inflation. Its summary page "U.S. Economy at a Glance" ( http://stats.bls.gov/eag/eag.us.htm) is an excellent starting place to look for data.
• The Federal Reserve Board of Governors ( http://www.federalreserve.gov/), an independent agency, publishes data on interest rates and the money supply. Its Federal Open Market Committee ( http://www.federalreserve.gov/policy.htm), which sets monetary policy for the United States, publishes its meeting calendar, decisions, and a pre-meeting briefing book on current economic conditions called the "Beige Book".

4. Schedule of lectures, readings, and exams

Textbook readings in Mankiw should be read before lecture.

Part 1: Introduction and data

• Chapter 1: The science of macroeconomics
• Chapter 2: The data of macroeconomics
• First midterm exam: Tuesday, February 5

Part 2: The economy in the long run

• Chapter 3: National income
• Chapter 4: Economic growth I
• Chapter 5: Economic growth II
• Chapter 6: Unemployment
• Chapter 7: Money and inflation
• Chapter 8: The open economy
• Second midterm exam: Thursday, March 7

Parts 3 and 4: The economy in the short run, and macroeconomic policy debates

Note: No class Thursday March 14--instructor at conference.

• Chapter 9: Introduction to economic fluctuations
• Chapter 10: Aggregate demand I
• Chapter 11: Aggregate demand II
• Chapter 12: Aggregate demand in the open economy
• Chapter 13: Aggregate supply
• Chapter 14: Stabilization policy
• Chapter 15: Government debt and budget deficits
• Third midterm exam: Thursday, April 25.

Part 5: The microeconomics behind the macroeconomics

• Chapter 16: Consumption
• Chapter 17: Investment
• Chapter 18: Money supply and money demand
• Chapter 19: Advances in the theory of economic fluctuations

Final Exam

According to the Registrar's Schedule of Classes, the final exam is scheduled for Friday, May 17, 7:30-9:20.

[end of syllabus]