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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= 006

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Course Outline

Time = &nb= sp; : &= nbsp; Monday, Wednesday 3:00 p.m. – 4:15 p.m.

Location&nb= sp; : &= nbsp; BA II - 208.

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

Office Hours : &= nbsp; Monday and Wednesday 1:00 p.m. – 2:00 p.m.

= ; &n= bsp; = ; Thursday 2:00 p.m. – 4:00 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, omikhail@bus.ucf.edu

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. We present the modern theoretical model and then we ask how can t= his model explain a specific current event in the U.S. economy? 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-ha= nded and not biased toward a particular 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 at the end of each chapter, basic knowledge of calculus and algebr= a 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 no= tes.

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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 lecture 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 13, 2006) &nbs= p; &= nbsp; 25 %

Quiz II&nb= sp; (October 18, 2006) = 25 %

Quiz III (November 22, 2006) &= nbsp; &nbs= p; 25 %

Final Exam (December 6, 2006) = 50 % NOTE: The FINAL EXAM is held at 1:00 p.m.

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

Only, your best two quizzes will count toward your final grade.

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 – 3 &nb= sp; Introduction, Measurement and Business Cycle Measurement.

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

Week 3 = ; &n= bsp; September 4, 2006 = <= b>Labor Day

Week 4 = ; &= nbsp; September 13, 2006 = ; QUIZ I – Chapters 1, 2 and 3.

= ; &n= bsp; = ; =

Weeks 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; Economic Growth

= ; &n= bsp; = ; Chapter 6

Week 9 = ; &= nbsp; October 18, 2006 &nbs= p; = QUIZ II – Chapters 4, 5 and 6.

Weeks 10 &= #8211; 11 – 12 – 13 = 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 10-11, 2006 &n= bsp; Veteran’s Day

Week 14&nbs= p; &= nbsp; November 22, 2006 &nbs= p; QUIZ III – Chapters 8 and 9.

Week 14&nbs= p; &= nbsp; November 23-25, 2006 &n= bsp; Thanksgiving

Week 15 &nb= sp; = Keynesian Business Cycle Theory: The Sticky Wage Model.

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

FALL 2006=
Academic Dates and Deadlines
Classes Begin	August 21
Academic Advising Weeks	October 9 - 20
Withdrawal Deadline	October 13
Graduate Thesis Dissertation Format Review Deadline (Doctoral)	October 13
Graduate Thesis Dissertation Format Review Deadline (Master's)	October 27
Graduate Thesis/Dissertation Defense Deadline	November 10
Graduate Thesis/Dissertation Submission Deadline=	November 27
Classes End; Last Day to Remove Incomplete=	December 2
Final Examination Period	December 4 - 9
Commencement	December 11 - 12
Grades available and will be final at 9 a.m. through = MyUCF	December 15
Fall 2006 Holidays
Labor Day	September 4
Veteran's Day	November 10 - 11
Thanksgiving	November 23 - 25

<= /o:p>

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://www.sdes.ucf.edu/Creed/