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College of Business Administration

Depart= ment of Economics

Aggreg= ate Economic Condition Analysis

Lectur= er: O. Mikhail

ECO 3203-0001

Spring= 2005

Course Outline

Time = &nb= sp; : &= nbsp; Monday, Wednesday 1:30 p.m. – 2:45 p.m.

Location&nb= sp; : &= nbsp; BA II - 210.

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

Office Hours : &= nbsp; Monday, Wednesday, Thursday 11:00 a.m. – 12:30 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 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 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 Confere= nce Board Problems that make use of the on-line database. The book offers an on-line tutorial help with live chat.

Evaluation (Preliminary)

Quiz I&nbs= p; (January 26, 2005) = 25 %

Quiz II&nb= sp; (February 28, 2005) = ; 25 %

Quiz III (March 30, 2005) 25 %=

Final Exam (May 2^nd, 2005) 50 % The FINAL EXAM is from 1:00 p.m. to 3:50 p.m.<= /span>

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

Only, your best two quizzes will count towa= rd 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, May 2^nd, = 2005 from 1:00 p.m. to 3:= 50 p.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-chapter problems.

Reading List

Weeks 1 – 2 – 3 = Introduction, Measurement and Business Cycle Measurement.

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

Week 2 = ; &n= bsp; Monday, January 17, 2005 &nb= sp; = Martin Luther King Jr. Day<= /span>

Week 3 = ; &n= bsp; Wednesday, January 26, 2005 &nb= sp; QUIZ I – Chapters 1, 2 and 3.

= ; &n= bsp; = ; =

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

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

Week 8 = ; &n= bsp; Monday, February 28, 2005 &n= bsp; QUIZ II – Chapters 4 and 5.

Weeks 8 &#= 8211; 9 – 11 – 12 A Two-Period Model:

The consumption-savings decisio= n and Ricardian Equivalence.

A Real Int= ertemporal Model with Investment.

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

Week 10&nbs= p; &= nbsp; March 14, 2005 – March 19, 2005 = ; SPRING BREAK

Week 12 &= nbsp; &nbs= p; Wednesday, March 30, 2005 = ; QUIZ III – Chapters 8 and 9.

Week 13&nbs= p; &= nbsp; Economic Growth.

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

Weeks 14-15= &nb= sp; Market-Clearing Models of the Business Cycle

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

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

Academic Dates – Spring 2005

Academic Dates and Deadli= nes	<= /p>
Classes Begin<= /span>	January 10
Late Registration and Add= /Drop	January 10-14 =
Withdrawal Deadline<= /o:p>	March 4
Class Schedule and Appoin= tments for Summer 2005/Fall 2005/Spring 2006 Available on M= yUCF	March 7
Registration for Summer 2005/Fall 2005/Spring 2006 begins	March 28
Graduate Thesis/Dissertat= ion Defense Deadline	April 4
Founder's Day Honors Convocation	April 13
Graduate Thesis/Dissertat= ion Submission Deadline	April 25
Classes End; Last Day to = Remove Incomplete	April 25
Final Examination Period<= o:p>	April 26 - May 2
Grades Available on MyUCF (begins at 9 a.m.)	May 7 <= /p>
Commencement	May 5-7

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Spring 2005 Holidays	<= /p>
Martin Luther King Jr. Da= y	January 17
Spring Break	March 14-19
Spring 2005 Special Event= s	<= /p>
Founder's Day Honors Convocation (Classes still held)	April 13

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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