Course Syllabus
ECO202Y5Y-LEC 0101 - Macroeconomic Theory and Policy
Department of Economics
2024-2025
Course Objectives and Learning Outcomes
The goal of this course is to provide a comprehensive introduction to the subjects and methodologies of modern macroeconomics. The covered topics include the measurement of macroeconomic indicators, long-term economic expansion, inflation, recent labor market trends, factors behind the business cycle, and the efficiency of fiscal and monetary policies in addressing them, along with international trade and currency exchange rates. In addition to the theories and case studies covered in lectures, students should expect to learn how to navigate FRED database, which is a popular source for macroeconomic data.
Course Materials
Required: The required textbook for this course is Macroeconomics, by Charles I. Jones, 6th edition.
Suggested: Other recommended readings may be announced and posted throughout the course
Course Outline
General Outline of Topics Covered:
First Half:
Chapter 1: Introduction to Macroeconomics
Chapter 2: Measuring the Macroeconomy
Chapter 3: An Overview of Long-Run Economic Growth
Chapter 4: A Model of Production
Chapter 5: The Solow Growth Model
Chapter 16: Consumption
Chapter 17: Investment
Chapter 6: Growth and Ideas
Chapter 7: The Labor Market, Wages, and Unemployment
Chapter 8: Inflation
Second Half:
Chapter 9: An Introduction to the Short Run
Chapter 10: The Great Recession and the Covid-19 Pandemic: A First Look
Chapter 11: The IS Curve
Chapter 12: Monetary Policy and the Phillips Curve
Chapter 13: Stabilization Policy and the AS/AD Framework
Chapter 14: Financial Crises and the Short-Run Model
Chapter 15: DSGE Models: The Frontier of Business Cycle Re-search
Chapter 18: The Government and the Macroeconomy
Other topic if time permits
Evaluation
The course grade consists of term work worth 75% and a final exam worth 25%. Term work includes three term tests, two written assignments and quizzes.
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Assignment
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Weight
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Due date
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Online Quizzes
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15%
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Every Sunday after each lecture (starting 2nd week)
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Mid-term
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51% (17% each)
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MT1: November 9, 2024
MT2: January 25, 2025
MT3: March 15, 2025
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Final Exam:
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34%
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Spring final exam period
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Online Quizzes: There will be an online quiz on Quercus after each lecture (excluding those following a midterm). The quizzes will be available one day after the lecture and will be due on Sunday. Students must complete the quiz in one sitting, with a time limit of about an hour. These quizzes are designed to reinforce your understanding of the material. All quizzes will consist of multiple-choice questions, unlike the short-answer questions on the midterm. The best 20 out of 22 quizzes will count toward your final grade. There will be no extensions for quizzes, and late submissions will receive zero points.
Mid-term and Exam: Midterms are scheduled to take place on Saturday. The final exam will cover cumulative material, making it longer than the midterm exams. All exams will be close book. Additional specifics for each exam will be provided closer to the respective dates. Each mid-term will worth 15% each of your total grade.