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Dr. Harry Hillman Chartrand, PhD

Cultural Economist & Publisher

Compiler Press

©

h.h.chartrand@compilerpress.ca

215 Lake Crescent

Saskatoon, Saskatchewan

Canada, S7H 3A1
 

Curriculum Vitae

 

Launched  1998

 

 

INTRODUCTION TO MACROECONOMICS

Summary & Detailed Course Syllabus

Econ 114.02 & Econ 114.04

Winter 2016-17

Instructor: Dr. Harry Hillman Chartrand, PhD

Class Time & Location:

Econ 114.02 Arts 241 TR 8:30-9:50 AM

Econ 114.04 Arts 141, MWF 2:30-3:20 PM

Phone: na

Email: hac308@mail.usask.ca

Website: http://www.compilerpress.ca/ElementalEconomics/

Office Hours: By Appointment

Tutorial: TR 5-6 PM Arts 200 beginning January 10

Course Description: Shows the student how to understand the collective problems in economic policy, and the choices which face a modern economy.  Social accounting, national income, consumption, saving, government spending, taxation, investment, interest rates, money and banking, foreign trade, and balance of payments are analyzed.

Required Text: principles of macroeconomics, Mankiw, Kneebone & McKenzie (MKM), 6th, Canadian Edition, 2014, Nelson Education

Lecture Notes are cross-referenced to chapter, page and graphic in MKM

Notices

All Emails MUST include, Student Name & #, Course & Section #. 

Students are expected to review the Text before each Class and be prepared for questions.

 

Summary Syllabus

1.0 Introduction

Ch. 1: Ten Principles of Economics

Ch. 2: Thinking like an Economist

2.0 National Accounts

Ch. 5: Measuring a Nation’s Income

Ch. 6: Measuring the Cost of Living

First Midterm

3.0 Aggregate Demand/4.0 Aggregate Supply & Equilibrium

Ch. 4: The Market Forces of Supply and Demand

Ch. 14: Aggregate Demand & Supply

5.0 Fiscal & Monetary Policy

Ch. 10: The Monetary System

Ch. 15: The Influence of Monetary and Fiscal Policy on Aggregate Demand

Second Midterm

6.0 The Global Economy

Ch. 3: Interdependence and the Gains from Trade

Ch. 12: Open Economy Macroeconomics: Basic Concepts

Third Midterm

Final Examination

 

Evaluation

3 Online Assignments - 15%

3 Midterms - 45%

1 Final Exam 40%

Online Tests, Midterms & Final Examination

For midterms and the final exam op scan sheets are used. Read the instructions carefully.  Each Student must use a lead pencil 'to fill in the dots' and code their Student NSID correctly.  Each Student is responsible for the legibility of their op scan sheet.  Fresh sheets will be issued any time during an exam.  No additional time will be allowed to copy a sheet or make corrections after the testing period.  Failure to correctly code a Student's NSID will result in delay of results.  Scheduling will be announced in class.

The weight of a missed midterm may be transferred to the Final Examination on condition documentation is provided for acceptable cause such as sickness, family emergency, jury duty, etc.

Three Online Tests (OTs) will be posted on Blackboard: (1) Introduction &; National Income Accounting; (2) Aggregate Demand & Supply; Money and Fiscal & Monetary Policy; and, (3) The Global Economy.  They are 45 minutes long consisting of 30 multiple choice questions.  They can be done anywhere with Internet connexion.

Ensure, however, that you set aside sufficient time for the Test. There is no pause. Once started they must be completed. Students will have five attempts for each Test with the highest mark counting towards the Final Grade. The five attempts are intended to negate any technical disruptions.  Please, do not wait until the last minute! Scheduling will be announced in class.

The three hour (180 minute) Final Examination will include 100 multiple choice questions comprehensive of the entire Course.

INTRODUCTION TO MACROECONOMICS

DETAILED COURSE SYLLABUS

ECONOMICS 114

USASK Fall/Winter 2016-17

Instructor: Dr. Harry Hillman Chartrand, PhD    

Class Time & Location:

Expectations: 

Students are expected to review the Text and Lecture Notes before each Class and prepare Learning Journal entries before, during and after Class. 

Evaluation *

 

Phone: na

Email: hac308@mail.usask.ca

Website : http://www.compilerpress.ca/ElementalEconomics/

Office Hours: By Appointment

Tutorial:

 

All Emails MUST include

Student Name & #

Course & Section #. 

Please!

Course News 

THEME: The National Economy including broad aggregates such as employment, fiscal policy (tax & spend), foreign trade, growth, monetary policy  and

 technological change.

REQUIRED TEXT: principles of macro economics, Mankiw, Kneebone & McKenzie (MKM), 6th Canadian Edition, Nelson Education

Lecture Notes are cross-referenced to chapter, page and graphic in MKM 

Topic

Component

MKM

Chapter #/Page

1.0

Introduction

Learning Outcome

Knowing key concepts

1.1  Concepts

1. Scarcity, Choice & Opportunity Cost

2. Expectations/Futurity/Time  

3. Big 'M' & Constrained Maximization

i - Marginal

ii - Constrained Maximization

4. Geometry, Calculus & Symbolic Equations

5. Demand, Supply & Markets

6. The 10 'Top Es' of Economics

i - Efficiency

ii - Effectiveness

iii - Elasticity

iv – Employment

v –Endogenous/Exogenous

vi - Equilibrium

vii -  Equity

viii – Ethics/Moral Sentiments

ix  - Excludability

x – Externalities

 7. Is Economics a Science?

i- Sciences of the Natural & Artificial

ii – Induction & Deduction

iii -  “Let Us Assume" & Ceteris Paribus

iv - Positive & Normative

v - Observation & Measurement

v i– Modelling & Testing

vii - Conclusion

1.2 Intro Links

Lecture

C1/4 - 6

C4/73 & 78

Lecture

C1/7-8

Lecture

C2/39-47

-

C4/67-88

Lecture

C2/26-7

Lecture

Lecture

Lecture

Lecture

C4/79-85

C1/5 & 12; C8/170

Lecture

Lecture

C7/152

Lecture

C2/22-9

Lecture

Ch2/22-4

C2/30

Ch2/22-4

Ch2/24-9

Lecture

-

2.0

NATIONAL ACCOUNTS

Learning Outcome

Knowing how to measure the economy

2.0 The System of National Accounts

1. Gross Domestic Product (GDP)

i – Concepts: Stocks & Flows

ii -  Measuring GDP

iii - Price Level & Inflation

2. Nominal vs. Real GDP

3. Purchasing Power Parity, Happiness & the Digital Economy

4. National Accounts Links

C5/99-135

C5/102-8

Lecture

C5/108-111

C6/123-135

C5/108-111

Lecture

-

-

3.0

AGGREGATE DEMAND

Learning Outcome

Knowing what determines aggregate national demand

3.0 Aggregate Demand

1. Introduction

i - Households

ii - Business Enterprise/Firms

iii - Government

iv - Expectations/Futurity

2. Aggregate Expenditure

i – Consumption & Savings

a) Consumption Function

b) Savings Function

ii –Investment & Government

a). Investment

b) Government

3. Open Economy

i - Exports

ii - Imports

iii – Net Exports

iv – Tangibles, Intangibles & Intra-

          Corporate Transfer Pricing

4. Aggregate Demand

i – Shifts in Aggregate Demand

a) Price Level

b) Expectations

c) Population

d) Fiscal and Monetary Policy

e) World Economy

5. The Multiplier

i - Concept

ii – Size

iii - Marginal Propensity to Import

iv- Real GDP

v - Additional  Multipliers

6. Aggregate Demand Links

Ch. 14/340-44

Lecture

Lecture

Lecture

Lecture

Lecture

Lecture

C5/105-6;C8/177

Lecture

Lecture

C15/393-4

C5/106

C5/106

C12/274-5

C5/106

C5/106

C5/106-7

Lecture

-

C14/340-7

C14/343-7

Lecture

Lecture

Lecture

Lecture

Lecture

C15/391-5

Lecture

Lecture

C15/394-5

Lecture

Lecture

Lecture

4.0

AGGREGATE SUPPLY & EQUILIBRIUM

Learning Outcome

Knowing what determines aggregate national supply and equilibrium in a national economy

4.0 Aggregate Supply & Equilibrium

4.1 The Production Function

i - Capital

ii - Labour

iii - Natural Resources

iv -Technological Change

4.2 Short Run Aggregate Supply (SAS)

4.3 Long Run/Potential Aggregate Supply         (LAS)

i – Shifts in LAS

a).Labour

b) Capital

c) Natural Resources

d) Technology

4.4 Equilibrium

i –  Full Employment

ii – Recessionary Gap

iii – Inflationary Gap

iv – Factors affecting Equilibrium

C14/347-50

C7/144-7

Lecture

C14/349

C14/349-50

C14/350

C14/352-6

C14/347-50

-

C14/348-50

C14/349

C14/349

C14/349

C14/350

C14/358-61

-

Lecture

Lecture

C13/343-4; 349-50

C14/356-60; 365-7

1st Midterm Test

Learning Outcome

Knowing what determines aggregate demand & supply equilibrium in a national economy

5.0

FISCAL & MONETARY POLICY

Learning Outcome

Knowing how Government & the Central Bank manage a national economy

5.0 Fiscal & Monetary Policy

5.1 Fiscal Policy

i – Assets, Liabilities, Revenue & Expenditure

ii - Fiscal Multipliers

a) Government Expenditure Multiplier

b) Autonomous Tax Multiplier

c) Balanced Budget Multiplier

d) Marginal Propensity to Import

e) Automatic Stabilizers vs. Discretionary Policy

iii - Short & Long Run Fiscal Policy

a) Aggregate Demand

b) At or Below Potential GDP

c) Aggregate Supply

d) Deficits & Debt

5.2 Monetary Policy

i – Money

a). Uses

b) Forms

ii - Demand

 

a) Types

b) Factors

c) Curve

iii -  Supply

a) Central Bank

Tools

Reserve Ratio

Bank Rate

Open Market Operations

Government Deposit Shifting

Moral Suasion

Quantitative Easing

b) Supply Curve

c) Loanable Funds

iv - Money Market Equilibrium

5.3 Fiscal/Monetary Interactions

 

C15/391-413

Lecture

-

Lecture

C15/391

Lecture

Lecture

Lecture

C15/406-8

 

Lecture

Lecture

Lecture

Lecture

Lecture

-

Lecture

C10/222-3

C10/223-5

C11/247-9; C15/377-9

Lecture

C11/248-9

C11/247-9

C15/377-8

C17/453-9

C10/235-40

-

-

-

-

-

-

C15/377-9

Lecture

C15/379-82

C15/401-3; 410-13

-

2nd Midterm Test

Learning Outcome

Knowing how Government & the Central Bank manage a national economy?

6.0

THE GLOBAL ECONOMY

Learning Outcome

Knowing how the global economy affects the domestic economy

6.0 The Global Economy

6.1. Comparative Advantage, Competitiveness

           & Fitness

6.2. Trade Policy

i - Exports, Imports, Deficit & Surplus

ii – Trade Restrictions

iii. WTO  & the Global Knowledge-Based Economy

6.3 Balance of Payments & Foreign Exchange

i - Balance of Payments

ii -Exchange Rate

C2/26-9; C3/50-7

Lecture

C3/53-6

C13/318-21

C12/274-5

C318

Lecture

-

C13/308-10

Lecture

C12/286-97; C15/397-401

3rd Midterm

Learning Outcome

Knowing how the global economy affects the domestic economy

Final Examination

Learning Outcome

knowing introductory macroeconomics

EVALUATION

3 Online Assignments: 15%

3 Midterms: 45%

1 Final Exam: 40%

Online Tests, Midterms & Final Examination

For midterms and the final exam op scan sheets are used.  Read the instructions carefully.  Each Student must use a lead pencil 'to fill in the dots' and code their Student NSID correctly.  Each Student is responsible for the legibility of their op scan sheet.  Fresh sheets will be issued any time during an exam.  No additional time will be allowed to copy a sheet or make corrections after the testing period.  Failure to correctly code a Student's NSID will result in delay of results and possible demerit.  Scheduling will be announced in class.

The weight of a missed midterm (A -15%; B - 10%) may be transferred to the Final Examination on condition documentation is provided for acceptable cause such as sickness, family emergency, jury duty, etc.

Three Online Tests (OTs) will be posted on Blackboard: (1) Introduction &; National Income Accounting; (2) Aggregate Demand & Supply; Money and Fiscal & Monetary Policy; and, (3) The Global Economy.  They are 45 minutes long consisting of 30 multiple choice questions.  They can be done anywhere with Internet connexion.

Ensure, however, that you set aside sufficient time for the Test.  There is no pause.  Once started they must be completed.  Students will have five attempts for each Test with the highest mark counting towards the Final Grade.  The five attempts are intended to negate any technical disruptions.  Please, do not wait until the last minute!  Scheduling will be announced in class.

The three hour (180 minute) Final Examination will include 100 multiple choice questions comprehensive of the entire Course.

Approximately 75% of testable material is taken from MKM and posted Lecture Notes; 25% will be identified in class.

 

Grade Scheme

Please see: http://students.usask.ca/academics/grading/grading-system.php#GradingSystem

USASK Policy on Academic Dishonesty

Please take note that plagiarism and other forms of academic dishonesty is subject to severe penalty at the University of Saskatchewan.  “Student Academic Dishonesty Rules of the University of Saskatchewan Council" (September 2000) are posted at http://www.usask.ca/university_council/reports/09-27-99.shtml

Grade Scheme

Please see: http://students.usask.ca/academics/grading/grading-  system.php#GradingSystem

Please take note that plagiarism and other forms of academic dishonesty is subject to severe penalty at the University of Saskatchewan.  “Student Academic Dishonesty Rules of the University of Saskatchewan Council" (September 2000) are posted at http://www.usask.ca/university_council/reports/09-27-  99.shtml