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College of Business Administration

Depart= ment of Economics

Aggreg= ate Economic Condition Analysis

Lectur= er: O. Mikhail

ECO 3203-0001

Fall 2= 005

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Course Outline

Time = &nb= sp; : &= nbsp; Monday, Wednesday 7:30 a.m. – 8:50 a.m.

Location&nb= sp; : &= nbsp; BA I - 122.

Office &n= bsp; : &= nbsp; BA II - 302.

Office Hours : &= nbsp; Monday and Wednesday 10:00 a.m. R= 11; 11:30 a.m.

= ; &n= bsp; = ; Tuesday 11:00 a.m. – 1:00 p.m.

= ; &n= bsp; = ; Or by Appointment

Class Web Page: http://www.b= us.ucf.edu/omikhail/Eco3203/Eco-3203.htm

E-Mail = ; = : &= nbsp; omikhail@hotmail.com

= ; &n= bsp; = ; omikhail@bus.ucf.e= du

Phone = : &= nbsp; 407-823-4258

Fax &n= bsp; = ; : &= nbsp; 407-823-3269

Course Objective

Macroe= conomics is the most interesting and core part of economics. This course is an intermediate level of macroeconomics. We explore the short-run [business cy= cle] and the long-run [growth] behavior of the economy. The course presents rece= nt macroeconomic theories and models based on microeconomic principles. Applications to current and historical economic problems are emphasized. By= the end of the course, students should be able to apply the material to underst= and current discussions about the national economy. The course presents a solid ground in modern theoretical macroeconomics with a “Theory Confronts Data” approach. The course is designed to prepare the student to undertake advanced macroeconomics, pursue graduate studies and/or to become= a policy analyst. The approach is even-handed and not biased toward a particu= lar school of thought. The focus is on the market-clearing approach, but with a more central treatment of Keynesian analysis.

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To sol= ve the problems, basic knowledge of calculus and algebra are required. Students are responsible for all materials covered in class that is presented in = the textbook, in the study guide and in the lecture notes.

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Attend= ance at lectures is not mandatory but is recommended. If you are experiencing any difficulty in this class = (or any other), please arrange a meeting with me to discuss it.

E-mail Policy, Lecture Notes and Class Web = Page

The lectu= re notes are not substitutes for the textbook; they are a complement to the textbook.

Office Hours

If my office hours (stated above) conflict = with your schedule and you need to meet with me, please let me know so I can arr= ange a mutually acceptable time to meet.

Required Book

Stephen D. Williamson. (2005) Macroecono= mics. Second Edition, Pearson Education, Addison-Wesley. ISBN: 0-321-24093-6.

Visit the book Web site for the Study Guide= , http://www.aw-bc.com/williamson Each chapter of the textbook includes a set of Conference Board Problems th= at make use of the on-line database. The book offers an on-line tutorial he= lp with live chat.

Evaluation (Preliminary)

Quiz I&nbs= p; (September 5, 2005) = ; 25 %

Quiz II&nb= sp; (October 12, 2005) = 25 %

Quiz III (November 9, 2005) &= nbsp; 25 %

Final Exam (December 5, 2005) = 50 % NOTE: The FINAL EXAM is held at 7:00 a.m.

I expect you to uphold the guidelines of the Golden Rules, http://www.ucf.edu/= goldenrule

Only, your best two quizzes will count towa= rds your final grade. No extra-credit assignment is given. No early or make-up exams will be given. The Final Exam is held on Monday, December 5, 2005 fro= m 7:00 a.m. to 9:50 a.m.

Assignments

On the class web page, I will regularly pos= t a set of voluntary assignments. If you undertake these assignments, I will correct them and hand them back to you, but no grade will be allocated to t= hese assignments. The solution is meant to guide you to answer the question. The purpose of these assignments is to prepare the student for the quizzes.

Class Structu= re

The class will be held in an active-discussion framework. = Due to the class size and the limited class time, I suggest that students form study groups outside of class to work through the study guide and end-of-ch= apter problems.

Reading List

Weeks 1 – 2 &= nbsp; Introduction, Measurement and Business Cycle Measurement.

= ; &n= bsp; = ; Chapters 1, 2 and 3.

Week 3 = ; &n= bsp; September 5, 2005 = <= b>Labor Day

Week 3 = ; &n= bsp; September 7, 2005 = <= b>QUIZ I – Chapters 1, 2 and 3.

= ; &n= bsp; = ; =

Weeks 4&nb= sp; – 5 – 6 – 7 = Consumer and Firm Behavior: The work-leisure decision and profit max. &= nbsp; &nbs= p; &= nbsp; A Closed-Economy One-Period Macroeconomic Model.

= ; &n= bsp; = ; Chapters 4 and 5.

Week 8 = ; &n= bsp; October 12, 2005 &nbs= p; = QUIZ II – Chapters 4 and 5.

Weeks 9 &#= 8211; 10 – 11 – 12 = A Two-Period Model:

The consumption-savings decisio= n and Ricardian Equivalence.

A Real Intertemporal Model with Investment.

&n= bsp; Cha= pters 8 and 9.

Week 12&nbs= p; &= nbsp; November 9, 2005 = ; QUIZ III – Chapters 6 and 7.

Week 12&nbs= p; &= nbsp; November 11, 2005 = ; Veteran&#= 8217;s Day

Week 13&nbs= p; &= nbsp; Economic Growth: Malthus and Solow

= ; &n= bsp; = ; Chapter 6.

Week 14 &= nbsp; &nbs= p; A Monetary Intertemporal Model: The Neutrality of Money, Long-Run Inflation, = and Money Demand.

= ; &n= bsp; = ; Chapter 10.

Week 14&nbs= p; &= nbsp; November 24-26, 2005 &n= bsp; Thanksgiving

Weeks 14 – 15 Keynesian Business Cycle Theory: The Sticky Wage Model.

= ; &n= bsp; = ; Chapter 12.

Academic Dates – Fall 2005=

Academic Dates and Deadlines
Classes Be= gin	August 22<= span style=3D'color:black'>
Late Regis= tration and Add/Drop	August 22-= 26
Grade Forg= iveness Deadline (ends at 5:00 p.m.)	August 26<= span style=3D'color:black'>
Academic A= dvising Weeks	October 10= -21
Withdrawal Deadline	October 14=
Classes En= d; Last Day to Remove Incomplete	December 3=
Final Exam= ination Period	December 5= - 10
Commenceme= nt	December 1= 2-13
Grades will be processed as available and will be final at 9 a.m. through MyUCF<= /span>	December 1= 6

Fall 2005 Holidays
Labor Day =	September = 5
Veteran's = Day	November 1= 1
Thanksgivi= ng	November 2= 4 - 26
Fall 2005 Special Events
Homecoming= Week (classes still held)=	October 31= - November 5

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THE UCF CREED

Integrity, scholarship, community, creativity, and excellence are the core values
that guide our conduct, performance, and decisions.

Integrity

I will practice and defend academic and perso= nal honesty.

Scholarship

I will cherish and honor learning as a fundam= ental purpose
of my membership in the UCF community.

Community

I will promote an open and supportive campus environment by
respecting the rights and contributions of every individual. <= /p>

Creativity

I will use my talents to enrich the human experience.

Excellence

I will strive toward the highest standards of performance in any endeavor I undertake.

http://pegasus.cc.ucf.edu/~admissio/creed= .htm