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ECO 3320 Macroeconomic Theory
Instructor: Gábor Antal
Contact information: antal.gabor@krtk.mta.hu
Availability: After class, or by appointment
Course description
In this course we learn the basic concepts of macroeconomics and try to understand the functioning of an economy as a whole and in an international context. The topics we discuss include national income, economic growth, unemployment, inflation, government policy and its impact, as well as the nature of money and its role in our economy. Our discussion should enable you to interpret economic statistics and the news you hear and read more easily and more critically. For this purpose, we will have a group project in which you give a broad picture of the macroeconomic developments in a specific country, up to the most current times.
Required texts and materials
Required: R. Dornbusch, S. Fischer and R. Startz, Macroeconomics, 11th ed. (DFS)
Supplementary:
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Olivier Blanchard, Macroeconomics, 2nd ed (OB)
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David C. Colander, Macroeconomics, 4th ed. (C)
Additional readings will be handed out during some of the classes, and it is your responsibility to get them if you miss a class.
Assignments & grading
Your grade will be based on the midterm test, the group project (written essay and presentation), your participation, and the final exam:
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Midterm (20%)
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Group project on a country (40%): 20% essay, 20% presentation
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Participation (10%)
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Final Exam (30%)
Honor code
Students should be familiar with the McDaniel College Honor Code, and they are expected to adhere to it in all respects.
Course policies
Class attendance is compulsory, unexcused absence from more than three classes will lower your final grade, so please inform me of any absences via email as soon as possible. The standard McDaniel College policy imposes a penalty of a drop of one letter grade per absence following three unexcused absences.
Preliminary semester schedule/Topics covered
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Topic
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Readings
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1.
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Introduction to Macroeconomics: Brief History, Basic Issues
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DFS 1 (OB 28; C 6)
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2.
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National Income Accounting
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DFS 2 (OB 2; C 7)
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3.
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Aggregate Supply and Demand
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DFS 5 (OB 7; C 9)
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4.
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Inflation, Unemployment and Business Cycles
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DFS 6-7 (OB 8, 9; C 6, 15)
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5.
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Policy
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DFS 8 (OB 26; C 14)
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6.
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The Multiplier Model
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DFS 9 (OB 3; C 10)
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7.
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The Demand for Money
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DFS 15 (OB 4; C 13)
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8.
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The IS-LM Model
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DFS 10 (OB 5)
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9.
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Policy Implications of the IS-LM Model
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DFS 11
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10.
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Growth Theory and Policy
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DFS 3-4 (OB 10-12; C 6, 8)
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11.
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International Linkages
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DFS 12, 20 (OB 18; C 16-17)
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12.
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The Fed, Money, and Credit
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DFS 16-17 (OB 26; C 14)
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13.
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Big Events: Depression, Hyperinflation, and Deficits
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DFS 19 (OB 27; C 11-12)
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14.
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Group Reports/Summary/Review
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Topics and readings printed in bold are compulsory course material. Topics printed in italic will only be covered if time permits. Readings printed in italic are supplementary material to the main textbook, or required readings for optionally covered topics.
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