Economics: Macroeconomic Theory

Keynesian and other theories of the macroeconomy. Government policies in relation to the problems of employment, price stability, and growth. Prerequisites: ECON 1400, ECON 1450; MATH 1212 or MATH 1234.

Prereqs enforced by the system: ECON 1400, ECON 1450; MATH 1212 or MATH 1234 PACE students by permission and override

ourse Description ____________________ This macroeconomic theory course offers a comprehensive study of contemporary macroeconomic issues and theories, presenting broadly both classical and Keynesian perspectives. The course covers key topics such as long-term economic growth, real business-cycle theory, labor market dynamics, monetary and fiscal policies, and the analysis of economic models. It emphasizes real-world applications, providing students with the tools to understand and analyze current economic events, such as financial crises, productivity trends, and global economic integration. Throughout the course, students will analyze macroeconomic data, developing the skills to interpret and apply data in real-time economic analysis. Course Objectives ___________________ By the end of this course, students will be able to: • Understand and Apply Core Macroeconomic Theories: Demonstrate a thorough understanding of classical and Keynesian macroeconomic theories and apply these theories to analyze long-run and short-run economic fluctuations. • Analyze Real-World Economic Issues: Utilize macroeconomic models to evaluate and interpret key economic events, such as financial crises, unemployment trends, and the impact of monetary and fiscal policies. • Engage with Macroeconomic Data: Develop proficiency in accessing, interpreting, and manipulating macroeconomic data from primary sources such as the Bureau of Labor Statistics (BLS) and the Federal Reserve Economic Data (FRED). • Evaluate Economic Growth and Business Cycles: Analyze the determinants of long-term economic growth and the cyclical nature of real output fluctuations. • Assess Policy Impacts: Assess the effects of various macroeconomic policies on the economy, including the trade-offs associated with different policy approaches and the implications of policy decisions. • Develop Analytical and Problem-Solving Skills: Solve complex macroeconomic problems through the application of graphical models and empirical data, enhancing their ability to think critically and make informed economic decisions.

Students should expect to spend 6-8 hours a week on coursework outside of class, with additional time for working on homework assignment. Class Exercise and Attendance: Class exercises and attendance are essential components of this course. During each class period, students will either be given a simple exercise to complete, or attendance will be taken. Late arrival, early departure, non-submission of exercises, or absence will result in a loss of points. Active participation and punctuality are crucial for success in this course. On some days, you will be allowed to use textbooks and/or internet sources, while on other days, no sources will be permitted for class exercises. It is important to listen carefully to the instructions to understand what resources are allowed or not allowed on a given day. Makeup Policy UVM policy requires instructors to inform students of the policy for handling absences and tardiness, including any potential consequences. Makeup for Exam 1 and 2 will be offered only if verifiable documentation is provided. Missing Exam 3 may result in receiving an “incomplete” grade if the student requests it and provides verifiable documentation. Acceptable reasons for makeup exams include serious health issues, bereavement, religious holidays, or required legal appearances (e.g., jury duty, citizenship hearings). Makeup opportunities for other assessments, such as class quizzes and data analysis exercises, will not be offered. However, missed activity points may be waived for the same valid reasons mentioned above. Classroom Etiquette: To maintain a productive and respectful learning environment, it is important for all students to adhere to proper classroom etiquette. Please arrive on time and stay for the full duration of the class. Conversations unrelated to the course content should be avoided during class to minimize distractions for both the instructor and fellow students. Respectful engagement with peers and the instructor is expected at all times, especially during discussions and group activities. Any disruptive behavior that hinders the learning experience of others will not be acceptable, and a warning will be given. Repeated disruptions may result in penalties as outlined by university policy. Common instances of classroom disruption include arriving late, leaving early, eating loudly, or sleeping and snoring during class. Remember that our classroom is a space for open dialogue, so differing opinions should be expressed thoughtfully and respectfully. It is important to note that alcohol and cannabis have no place in an academic environment, as they can seriously impair your ability to learn and retain information, not only at the moment of use but for up to 48 hours or more afterward. These substances can cause issues with attention, memory, and concentration, negatively impact how information is processed and stored, and affect sleep patterns, which interferes with long-term memory formation. Therefore, it is my expectation that you will do everything you can to optimize your learning and fully participate in this course. Academic Integrity The University of Vermont (UVM) Code of Academic Integrity aims to foster an intellectual climate that upholds the academic integrity of the University. All members of the UVM community—faculty, staff, and students—are expected to conduct themselves ethically and adhere to the standards outlined in the University's principles, known as Our Common Ground. Violations of academic integrity, which include any actions that unfairly boost one’s academic standing, are considered serious offenses and will be reported to the Center for Student Conduct. UVM strives to maintain an environment where students can responsibly learn, create, and share knowledge. Upholding academic integrity is essential to the University's mission and its commitment to honorable studies and pursuits. Misrepresentation or dishonesty undermines the University’s credibility and the fair evaluation of student work. Classroom Environment I am committed to ensuring that this classroom is a space where every individual is treated with respect. I welcome students of all ages, backgrounds, beliefs, ethnicities, genders, gender identities, gender expressions, national origins, religious affiliations, sexual orientations, abilities, and other visible and non-visible differences. It is expected that all members of this class contribute to creating a respectful, welcoming, and inclusive environment for everyone. All students are expected to uphold UVM’s commitment to the Classroom Code of Conduct. I anticipate that each of you will work collaboratively to foster an inclusive and respectful learning community. As part of this community, we will strive to encourage and appreciate the expression of diverse ideas, opinions, and beliefs in alignment with Our Common Ground. Meaningful and constructive dialogue is encouraged, which necessitates mutual respect, a willingness to listen, and open-mindedness toward differing points of view. In this class, respect for individual differences and alternative perspectives will be always upheld.

Grading Scheme: A : 95-100%, A- : 90-95%, B+ : 85-90%, B : 80-85%, B- : 75%-80%, C+ : 70%-75%, C : 65%-70%, F : 0-64% Assessment modes: in-class quiz, exams, data exercises. Students will complete three exams. Assessments and Credits Exam 1 20% Exam 2 20% Exam 3 (comprehensive) 20% Data Exercises 20% Class Quiz and Attendance 20% Total 100%