Course Description
Macroeconomics has evolved in the context of problems, fluctuations and contradictions in modern capitalist economies.  Its main goals focus on trying to remedy problems such as recession, unemployment, and inflation through appropriate government fiscal and monetary policies. This course is a survey of contemporary macroeconomic theory.  It will examine the evolution of different schools of thought and will address current conflicts and debates among various theoretical perspectives.

Text

Richard T. Froyen, Macroeconomics: Theories & Policies. 7th ed. Prentice Hall. 2002

It is highly recommended that students follow current economic events by reading The Wall Street Journal, The New York Times or The Economist.  Useful websites for economics students can be found by clicking here.

Course Requirements

2 midterm exams@30%....................60%
Final exam.........................................30%
attendence and participation...............10%

Regular attendence is expected and class participation is encouraged.  I assume that students will have completed the assigned readings before class and are prepared to raise questions for discussion.  There is also a possibility that I will assign short take-home projects or in-class exercises.

Academic Dishonesty

It is the policy of the instructor that any student caught cheating or committing plagiarism will receive a failing grade for the course and my be subject to further disciplinary action.

online essays: The following articles are available online. The course schedule indicates the dates when they are assigned.

Papadimitriou & Wray, "Are We All Keynesians (Again)?"
Joseph Stiglitz, "Don't Bet on A Quick U.S. Recovery"
Jeffrey Sachs, "The IMF is Bleeding Argentina to Death"
Doug Henwood, "Argentina Collapses"
Paul Krugman, "Vulgar Keynesians"
James Galbraith, "The Surrender of Economic Policy"
 

Course Outline and Schedule
 

Week	Topic	Readings
1	Introduction & Measurement of Macroeconomic Variables	Ch. 1; online articles: Stiglitz, Sachs, Henwood, Papadimitriou & Wray;  Ch. 2
2	Classical Theory of Employment & Output	Ch. 3
3	Classical Theory of Money and Prices	Ch. 4
4	Keynes and The Aggregate Demand Model	Ch. 5
5	EXAM #1	Study Questions
5	The IS-LM Model	Ch. 6
6	IS-LM Policy Effects	Ch. 7
7	Aggregate Supply & Demand	Ch. 8
8	Open Economy Macroeconomics	Ch. 14, 15
9	FALL BREAK	-
10	The Monetarist Counterrevolution	Ch. 9; M. Friedman, "The Role of Monetary Policy"
11	Keynesians vs. Monetarists	Ch. 10
*	EXAM #2	-
12	New Classical Economics	Ch. 11
13	Real Busines Cycles & New Keynesians	Ch. 12, 13
14	Long Run Growth & Supply-Side Economics	Ch. 19
15	Monetary Policy	Ch. 16, 17 online article: Krugman
16	Fiscal Policy and Deficits	Ch. 18; online article: Galbraith
17	FINAL EXAM	-