ECON 0110 (10813): INTRODUCTORY MACROECONOMICS

T H 1:00 TO 1:50: DAVID LAWRENCE 121

FALL 2017: SECTION 1150 TERM 2181
AUGUST 2017 – DECEMBER 2017

INSTRUCTOR: DR. JAMES L. KENKEL 4709 WWPH

412-563-4128 kenkel@pitt.edu
Office Hours: TU & TH: 8:00 AM to 9:15 AM and Noon to 12:45 PM

TEXT: Macroeconomics, A Contemporary Introduction, William A. McEachern,

11th Edition, Thompson – Southwestern.

Only the textbook is required. None of the extra products associated with the
book are required. To save money, you can also use the 10 th edition.

GRADING SYSTEM: Mid-term exam 1: 300 points

Mid-term exam 2: 300 points
Final exam: 350 points
Recitation attendance 50 points
__________
Total 1,000 points

GRADE SCALE:
A+: 975 TO 1000 A: 925 TO 974 A-: 900 TO 924
B+: 875 TO 899 B: 825 TO 874 B-: 800 TO 824
C+: 775 TO 799 C: 725 TO 774 C-: 700 TO 724
D+: 675 TO 699 D: 625 TO 674 D-: 600 TO 624

EXTRA CREDIT: There is no extra credit available in this course.

GRADING SYSTEM
Mid-term Test 1: Multiple choice and true-false questions worth 300 total points. You will
need a calculator and must use a pencil and know your Peoplesoft number.

Mid-term Test 2: Multiple choice and true-false questions worth 300 total points. You will
need a calculator and must use a pencil and know your Peoplesoft number.

Final exam: Multiple choice and true-false questions worth 350 total points. You will need a
calculator and must use a pencil and know your Peoplesoft number.

RECITATION ATTENDANCE: 5 points per recitation up to a maximum of 50 points.

There will be no quizzes or tests in recitations. Attendance will be taken at each recitation
class. At the end of the semester, you will receive 5 points for each recitation class attended
up to a maximum of 50 points.
NO RECITATIONS UNTIL SEPTEMBER 8, 2017

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Your test and exam grades will be posted on Courseweb. After your grades have been
posted, you have 10 days to request a correction. Otherwise, your grade will remain
unchanged.

TEACHING ASSISTANTS:
MR. ERIK ANDERSON 4519 WWPH eda29@pitt.edu
Office Hours:

MS. MARLI DUNIETZ 4916 WWPH mcw45@pitt.edu

Office Hours:

MR. YING KAI HUANG 4515 WWPH yih49@pitt.edu

Office Hours:

MR. NATHAN KLIEWER 4910 WWPH nmk52@pitt.edu

Office Hours:

MR. SIQIANG YANG 4519 WWPH siy10@pitt.edu

Office Hours:

RECITATIONS:
1. (11476) F 9:00 5400 WWPH YANG
2. (11209) F 10:00 5400WWPH YANG
3. (11211) F 1:00 CL 230 KLIEWER
4. (10893) F 2:00 CL 230 KLIEWER
5. (10892) F 9:00 CL 253 KLIEWER
6. (10815) F 10:00 CL 253 KLIEWER
7. (10814) F 1:00 CL 363 ANDERSON
8. (11210) F 2:00 CL 363 ANDERSON
9. (28903) F 9:00 CL 139 ANDERSON
10. (28904) F 10:00 CL 139 ANDERSON

CL = CATHEDRAL OF LEARNING
WWPH = POSVAR HALL
DL = DAVID LAWRENCE HALL

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SYLLABUS AND LECTURE NOTES ARE ON COURSEWEB

All class material is available on Courseweb. To get access to the material, proceed as
follows:

1. Log onto Courseweb at courseweb.pitt.edu

2. Click on the appropriate course.
3. Click on "Course Documents"
4. Under "1. All course documents" you should see all the course materials listed.
5. Click on any item and print out the material.

If you wish, you might want to reformat the lecture notes to condense them to save paper.

PEOPLESOFT NUMBER:
Your tests will be multiple choice and your answers will be recorded on scantrons. In order for
the computer to record your scores, you must fill in your PEOPLESOFT NUMBER on the
scantron. The following instructions show how to access your PEOPLESOFT NUMBER.

HOW TO ACCESS YOUR PEOPLESOFT NUMBER

1. Login to my.pitt.edu
2. Login with your user name and password
3. Click on the link “PittPAY Login” at the right of the screen
4. Your seven-digit Peoplesoft ID number will appear directly next to your name at the top left of
the page (below the Pitt seal) in the gold band

If you cannot find your number, let me know because I have access to the numbers for all
students enrolled in the class.

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WHAT IS MACROECONOMICS?
The course helps explain how the US economy works. Topics covered include factors which
influence the level of output and our standard of living in the economy; determinants of the
inflation rate & unemployment rate; the stock market, the bond market, the behavior of interest
rates, the social security system, the US tax system, theories which explain the consumption
and saving behavior of households, the behavior of business firms, how the Federal
government influences the economy, the deficit and national debt, the money supply, the
banking system, the Federal Reserve System, and how fiscal policy and monetary policy
influence the economy.

STUDY TIME REQUIREMENTS

There is a lot of material to be covered in this course. Be prepared to spend a couple of hours
per day reading the book or you will find yourself hopelessly behind at test or exam time.

PREREQUISITES
No Economics prerequisites.
Good knowledge of college algebra.
Calculus is not required.

THE TEXTBOOK
Some lectures present material not covered in the book.
The syllabus shows what material will be covered in each lecture.

CLASS PREPARATION
Read the assigned sections of the text before coming to class. Many lectures cover topics not
covered in your book.
Take lots of notes.

COURSEWEB:
The syllabus, lecture notes, practice homeworks and practice tests are posted on Courseweb.
ALL the lecture notes are posted under Course Documents. That is, even the syllabus is
listed under Course Documents.

MISSING A TEST OR EXAM

Dates for the mid-term exams are tentative and may be moved back slightly depending on how
quickly we have covered the assigned material. The exact date for each test will be
announced in class at least one week in advance.

You need a valid reason to delay an exam, (serious illness, death in the family, etc.) Contact
me in class, by e-mail, or by phone BEFORE the exam, so we can discuss a suitable
arrangement for a make-up exam. If you need to miss a test or exam, you MUST eventually
give me some documentation to justify your excuse.

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TESTS AND EXAMS ARE CLOSED BOOK: You will need a calculator.

RECITATIONS
1. The syllabus shows what will be covered during each recitation.
2. TAs may cover new material not covered in class lectures.
3. TAs will answer questions about the practice homework problems, if asked.
4. No quizzes or tests will be given during recitations.

GETTING HELP
If you need some free tutoring help you should take advantage of the
ARC’s peer tutoring services. ARC offers free tutoring to all students enrolled in
Economics 0100 & 0110! The center is open Monday through Friday from 9am to 4pm.
Tutoring sessions are generally one hour long, and we encourage students to make an
appointment in advance by calling 412-648-7920. Students can begin signing up for
appointments as of the first day of classes. The ARC is located in G1 Gardner Steel
Conference Center, right next to Thackeray Hall.
Alternatively, if you need help, first see me in the classroom just before or after class. Usually I
can answer your questions in a minute or two. Alternatively, for help, contact me or your TA
during our office hours, by telephone, by e-mail, or make an appointment.

ADD-DROP A COURSE:
Enrollment Forms and Drop Forms are available in the Registration Office, G-1 Thackeray Hall.

COURSE WITHDRAWAL:
To withdraw from a course after the official end of the add/drop period, you must process a
“Monitored Withdrawal Request” form. It can be obtained through the dean’s office in
Thackeray Hall (412-624-6480). Approval for you to withdraw from a course is at the discretion
of the dean. There is no tuition reimbursement associated with a course withdrawal.

W, G, AND I GRADES
INSTRUCTORS CANNOT GIVE W GRADES; YOU MUST SEE THE DEAN. The University
has cut-off dates for W grades.

G grades are given only when students who have been attending a course and have been
making regular progress are prevented by EXTENUATING CIRCUMSTANCES (usually illness)
from completing the course after it is too late to withdraw. CAS requires that G grades be
completed within the next term.

I: I grades are for graduate thesis research.

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UNIVERSITY POLICIES:

ACADEMIC INTEGRITY
It is your responsibility to do your own work. Do not look around during tests and keep your
work covered. Honest conduct means that one neither take credit for the work of others nor
knowingly allow others to do so. Cheating on exams and quizzes is forbidden, and suspected
violations will be dealt with in accordance with the University's Guidelines on Academic
Integrity.

Students in this course will be expected to comply with the University of Pittsburgh's Policy on
Academic Integrity. Any student suspected of violating this obligation for any reason during the
semester will be required to participate in the procedural process, initiated at the instructor level, as
outlined in the University Guidelines on Academic Integrity. This may include, but is not limited to, the
confiscation of the examination of any individual suspected of violating University Policy. Furthermore,
no student may bring any unauthorized materials to an exam, including dictionaries and programmable
calculators.

Disability Services

If you have a disability that requires special testing accommodations or other classroom modifications,
you need to notify both the instructor and Disability Resources and Services no later than the second
week of the term. You may be asked to provide documentation of your disability to determine the
appropriateness of accommodations. To notify Disability Resources and Services, call (412) 648-7890
(Voice or TTD) to schedule an appointment. The Disability Resources and Services office is located
in 140 William Pitt Union on the Oakland campus.

Copyright Notice

Course materials may be protected by copyright. United States copyright law, 17 USC section 101, et
seq., in addition to University policy and procedures, prohibit unauthorized duplication or
retransmission of course materials. See Library of Congress Copyright Office and the University
Copyright Policy.

Statement on Classroom Recording

To ensure the free and open discussion of ideas, students may not record classroom lectures, discussion
and/or activities without the advance written permission of the instructor, and any such recording
properly approved in advance can be used solely for the student’s own private use.

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 ECON 0110 (10813): INTRODUCTORY MACROECONOMICS
T H 1:00 1:50
DAVID LAWRENCE 121
AUGUST 2017 – DECEMBER 2017
THE LISTED MID-TERM TEST DATES ARE TENTATIVE. THE ACTUAL DATES WILL BE
ANNOUNCED IN CLASS AT LEAST ONE WEEK IN ADVANCE.
DATE TUE TH SUBJECT
AUG 29 31 INTRODUCTION, TOPICS STUDIED IN MACRO
READ CHAPTERS 1, 3, 5 AND KENKEL LECTURE NOTES
NO RECITATION DURING FIRST WEEK
____________________________________________________________________
SEP 5 7 MACROECONOMIC POLICY GOALS
READ CHAPTERS 1, 3, 5 AND KENKEL LECTURE NOTES
RECITATION: CALCULATING NOMINAL & REAL GDP
____________________________________________________________________
SEP 12 14 ECONOMIC FALLACIES, TYPES OF ECONOMIC STATEMENTS
PRODUCTION POSSIBILITY CURVE & OPPORTUNITY COST
READ CHAPTER 2, 8 AND KENKEL LECTURE NOTES
RECITATION: CALCULATING A PRICE INDEX & INFLATION
___________________________________________________
SEP 19 21 GAINS FROM TRADE, COMPARATIVE ADVANTAGE
INTERNATIONAL TRADE
READ CHAPTERS 2, 17 AND KENKEL LECTURE NOTES
RECITATION: COMPARATIVE ADVANTAGE
____________________________________________________________________
SEP 26 28 TRADE RESTRICTIONS & EXCHANGE RATES
TYPES OF BUSINESS FIRMS, STOCKS & BONDS
READ CHAPTERS 2, 17, 3 AND KENKEL LECTURE NOTES
RECITATION: STOCKS
___________________________________________________
OCT 3 5 STOCKS & BONDS; PRESENT VALUE
READ CHAPTER 3 AND KENKEL LECTURE NOTES
RECITATION: BONDS
___________________________________________________
OCT 10 NO LECTURE FALL BREAK
OCT 12 U.S TAX SYSTEM; SOCIAL SECURITY
READ CHAPTER 11, 12 AND KENKEL LECTURE NOTES
RECITATION: PRESENT VALUE
___________________________________________________
OCT 17 U.S TAX SYSTEM; SOCIAL SECURITY
READ CHAPTER 11, 12 AND KENKEL LECTURE NOTES
RECITATION: PRESENT VALUE

OCT 19 COMPONENTS OF NOMINAL GDP, REAL GDP

READ CHAPTER 6 AND KENKEL LECTURE NOTES
RECITATION: GDP & CALCULATING REAL GDP

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____________________________________________________________________
OCT 24 UNEMPLOYMENT & INFLATION
READ CHAPTER 6, 7, 16-4 AND KENKEL LECTURE NOTES
RECITATION: UNEMPLOYMENT TYPES & CALCULATIONS

OCT 26 MID-TERM EXAM 1 (DATE IS TENTATIVE)

ALL MATERIAL UP TO AND INCLUDING COMPONENTS OF GDP
____________________________________________________________________
OCT 31 2 UNEMPLOYMENT & INFLATION
READ CHAPTER 6, 7, 16-4 AND KENKEL LECTURE NOTES
RECITATION: INFLATION
____________________________________________________________________
NOV 7 9 THE CONSUMPTION FUNCTION & EQUILIBRIUM
READ CHAPTER 9 AND KENKEL LECTURE NOTES
RECITATION: CONSUMPTION FUNCTION & EQUILIBRIUM
____________________________________________________________________
NOV 14 16 THE MULTIPLIER
READ CHAPTER 9, 11 AND KENKEL LECTURE NOTES
RECITATION: EQUILIBRIUM & THE MULTIPLIER
____________________________________________________________________
NOV 21 NO CLASS OR RECITATIONS THIS WEEK

NOV 23 THANKSGIVING BREAK STARTS NOV. 22

NO RECITATIONS THIS WEEK
____________________________________________________________________
NOV 28 THE FEDERAL BUDGET AND FISCAL POLICY
TIMING PROBLEMS WITH FISCAL POLICY, AUTOMATIC STABILIZERS,
REFINANCING THE DEBT, SUPPLY SIDE ECONOMICS, THE LAFFER
CURVE
READ CHAPTER 11, 12 AND KENKEL LECTURE NOTES
RECITATION: INTRODUCTION TO MONEY & BANKS, CH. 13

NOV 30 MID-TERM EXAM 2 (DATE IS TENTATIVE)

CUMULATIVE INCLUDING EXPENDITURE MULTIPLIERS
YOU WILL NEED A CALCULATOR
____________________________________________________________________
DEC 5 7 MONEY & THE BANKING SYSTEM
THE FEDERAL RESERVE SYSTEM
READ CHAPTER 13, 14 AND KENKEL LECTURE NOTES
RECITATION: TOOLS OF THE FED

FINAL EXAM: MONDAY, DEC. 11: 10:00 AM TO 11:50 AM

DIFFERENT CLASSROOM FOR FINAL EXAM:
GRADES DUE:
The exam is cumulative with emphasis on material covered since Test 2.