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College of Business Administration

Depart= ment of Economics

Aggreg= ate Economic Condition Analysis

Lectur= er: O. Mikhail

ECO 3203-0001

Summer= 2005

Course Outline

Time = &nb= sp; : &= nbsp; M, T, W, Th 2:00 p.m. – 3:= 50 p.m.

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

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

Office Hours : &= nbsp; M, T, W, Th 1:00 p.m. – 2:= 00 p.m.

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

E-Mail = ; <= /span>: &= nbsp; omikhail@hotmail.com

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

Phone = &nb= sp; : &= 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 and the long= -run behavior of the economy. The course presents recent macroeconomic theories = and models based on microeconomic principles. Applications to current and historical economic problems are emphasized. By the end of the course, stud= ents should be able to apply the material to understand current discussions about the national economy. The course presents a solid ground in modern theoreti= cal macroeconomics with a “Theory Confronts Data” approach. The cou= rse is designed to prepare the student to undertake advanced macroeconomics, pu= rsue 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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Basic knowledge of calculus and algebra are required. Students are responsible fo= r 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 see me, please let me know so I can arrange 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; = (May 26, 2005) &nbs= p; 25%

Quiz II&nbs= p; = (June 9, 2005) = ; 25%

Final Exam&= nbsp; (June 23, 2005) &nbs= p; 50 %

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

No early or make-up exams will be given.

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 these 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-chapter problems.

Reading List

Week 1 &nbs= p; Introductio= n, Measurement and Business Cycle Measurement.

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

= ; &n= bsp; = ; =

Weeks 2&nb= sp; – 3 Consumer and Firm Behavior: The work-leis= ure decision and profit max. &= nbsp; &nbs= p; &= nbsp; &nbs= p; A &= nbsp; &nbs= p; Closed-Economy One-Period Macroeconomic Model.

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

Week 2 = ; Thursday, May 26, 2005 QUIZ I – Chapters 1, 2 and 3.

Week 3 = ; Monday, May 30, 2005 Memorial Day

Weeks 4 &#= 8211; 5 A Two-Period Model

&= nbsp; &nbs= p; The consumption-savings decision and Ricardian Equivalence.

&= nbsp; &nbs= p; A Real Intertemporal Model with Investment.

= Chapters: 8, 9 and beginning of Chapter 11.

Week 4 = ; Thursday, June 9, 2005 QUIZ II – Chapters 4 and 5.

Week 6 = ; Market-Clearing Models of the Business Cycle

= ; &n= bsp; Keynesian Business Cycle Theory: The Sticky Wage Model.

= ; &n= bsp; Chapters: 11 and 12.

Week 6 = ; Thursday, June 23, 2005 FINAL EXAM.

Academic Dates – Summer 2005

Academic Dates and Deadli= nes	<= /p>
Classes Begin<= /span>	May 16 =
Late Registration and Add= /Drop	May 16 – May 20
Withdrawal Deadline<= /o:p>	June 3 =
Graduate Thesis/Dissertat= ion Defense Deadline	July 11=
Graduate Thesis/Dissertat= ion Submission Deadline	July 29
Classes End; Last Day to = Remove Incomplete	June 24=
Final Examination Period<= o:p>	June 24=
Grades Available on MyUCF (begins at 9 a.m.)	June 30
Commencement	August 6

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<= /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://pegasus.cc.uc= f.edu/~admissio/creed.htm