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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= 2006

Course Outline

Time = &nb= sp; : &= nbsp; Monday, Wednesday 9:00 a.m. – 10:15 a.m.

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

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.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 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; (February 1^st, 2006) = ; 25 %

Quiz II&nb= sp; (March 8, 2006) &nb= sp; 25 %

Quiz III (April 17, 2006) 25 %=

Final Exam (April 26, 2006) 50 % The FINAL EXAM is from 7:00 a.m. to 9:50 a.m. &= nbsp;

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. Extra-credit assignment(s) are announced in class. No early or make-up exams will be giv= en, unless for a valid reason. The Final Exam is held on Wednesday, April 26, 2= 006 from 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-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 16, 2006 &nb= sp; Martin Luther King Jr. Day<= /span>

Week 4 = ; &n= bsp; Wednesday, February 1^st, 2006 &n= bsp; QUIZ I – Chapters 1, 2 and 3.

= ; &n= bsp; = ; =

Weeks 5 – 6 – 7 – 8 &n= bsp; Consumer and Firm Behavior: The work-leisure decision and profit max. &= nbsp; &nbs= p; &= nbsp; &nbs= p; &= nbsp; A Closed-Economy One-Period Macroeconomic Model.

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

Week 9 = ; &n= bsp; Wednesday, March 8, 2006 &= nbsp; QUIZ II – Chapters 4 and 5.

Week 10&nbs= p; &= nbsp; March 13, 2005 – March 17, 2006 = ; SPRING BREAK

= ;

Weeks 9 &#= 8211; 11 – 12 – 13 = Market-Clearing Models of the Business Cycle

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 14&nbs= p; &= nbsp; Economic Growth.

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

Week 15&nbs= p; &= nbsp; Wednesday, April 17, 2006 = ; QUIZ III – Chapters 8 and 9.

Week 15&nbs= p; &= nbsp; Keynesian Business Cycle Theory: The Sticky Wage Model.

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

Week 16&nbs= p; &= nbsp; Monday, April 24, 2006 = ; &n= bsp; REVIEW

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Week 16&nbs= p; &= nbsp; Wednesday, April 26, 2006 = ; FINAL EXAM

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Academic Dates – Spring 2006

Academic Dates and Deadlines
Classes Be= gin	January 9 =
Late Regis= tration and Add/Drop	January 9 = - 13
Last Day f= or Full Refund	January 13=
Grade Forg= iveness Deadline (ends at 5:00 p.m.)	January 13=
Withdrawal Deadline	March 3
Class Sche= dule and Appointments for Summer 2006/Fall 2006/Spring 2007 Available on MyUCF	March 6
Registrati= on for Summer 2006/Fall 2006/Spring 2007 begins=	March 27
Founder's = Day Honors Convocation	April 5
Fall and S= ummer Textbook Orders Due<= /p>	April 7
Classes En= d; Last Day to Remove Incomplete	April 24
Final Exam= ination Period	April 25 -= May 1
Grades Due= in Registrar's Office (noon)	May 4
Commenceme= nt	May 4 - 6<= span style=3D'color:black'>

Spring 20= 06 Holidays
Martin Lut= her King Jr. Day	January 16=
Spring Bre= ak	March 13 -= 18
Spring 2006 Special Events
Founder's = Day Honors Convocation (Classes still held)<= /o:p>	April 5, 2= 006

<= /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.