Syllabus1: Macroeconomics Course Information Macroeconomics ECON-100-001 Spring 2022 Runs from January 10th 2022 – April 25th 2022 Online lecture sessions: Tuesdays and Fridays, 8:10am to 9:25am Eastern Time. Instructor Information Instructor: Dr. Juan Martinez-Covarrubias Email:
[email protected] Office Hours: Fridays, 7:30am-8am. Preferred Communication Method: Canvas, email and Zoom meetings Response time: email messages will be responded within two business days. Instructor Bio: Prof. Martinez-Covarrubias studied his MSc at the University of Birmingham in England and received his PhD from the University of Limerick in Ireland. He has more than 10 years' experience as a lecturer and senior lecturer. He has taught numerous - and a wide range of- economic modules including Macroeconomics at graduate and undergraduate level in Europe. He has supervised several Masters and PhD theses. He has published books and several articles in leading international journals, such as Regional Studies. His research interests focus on economics of innovation and technological change, industrial economics, economic integration and public policy. He has presented numerous international conferences and keynote speeches. As practitioner, he held senior roles in national civil services in Mexico and Ireland. He advises the European Commission with its international development co-operation program with African Countries in areas of Science, Technology and Innovation. Teaching Assistants (TA) Information: Nguyen, Nghia (Nick).
[email protected] Cimiluca, Mark.
[email protected] Spaulding Bingaman,
[email protected] (SI Leader) 1 Every effort will be made to follow this syllabus. However, exceptional situations may require exceptional changes at the discretion of the instructor. 2 Course Description Introduction to the basic principles of aggregate economic analysis. Includes measurement and determinants of national income, unemployment, inflation, economic growth, and business cycles. Topics also include historical perspectives, alternative approaches to economics, and current issues and controversies. Translation A beginning course in macroeconomics explores how an economist views the way people make choices and works through the implications of the economist’s view. We first look at the choices of individuals and households, and we look at the choices of firms, other organizations, and governments. We develop a systematic way of describing how choices are made, and we follow through with a systematic analysis of how choices change when circumstances change. We then look at how everybody’s choices add up to “the economy.” Finally, we find out how policymakers can help to “grow the economy” and how they can help to keep the growth as steady as circumstances allow. This Course in General Education For students who entered AU before Fall 2018, this course is part of the General Education Program. It is part of Foundational Area 4. Courses in Area 4: • Study the institutions, systems, and patterns of governance and of economic and social organization that underlie contemporary societies. • Place policy options and their consequences in their appropriate social and political context, drawing on classic and contemporary theories of human organization. • Develop your capacity to critically reflect on the organization of societies and the relationship between the individual and the society, using the distinctive methods of inquiry appropriate to the study of social institutions. Course Learning Outcomes Upon successful completion of this course, you should be able to: 1. Describe how people and businesses interact in markets. 2. Define key measures of economic activity and locate statistics on them. 3. Define economic growth and recession and explain what can cause them. 4. Explain how governments and monetary authorities can promote economic growth and/or economic stability. 5. Explain the interrelationships between markets for outputs, inputs, and currencies in a global economy. 3 Textbooks and Materials Textbook: Macroeconomics by Krugman and Wells, 6th Edition, Macmillan. Option #1: Digital Only: Achieve Access for Krugman/Wells, Macroeconomics, 6/e. ISBN: 9781319320195. Option #2: Print + Digital: Loose-leaf Print Text & Achieve Access for Krugman/Wells, Macroeconomics, 6/e. ISBN: 9781319396824. The campus bookstore can help you purchase a print version. Pre-Class online activities and electronic homework assignments: “Achieve”. To gain access to these, which is organized by Achieve, you will have to register as a student of this course. Please examine the instructions in the Canvas site for registering on Achieve as soon as possible. Your subscription to Achieve gives you access to the digital version of the textbook. Instructional Technologies Canvas Learning Management System You will use your AU credentials to log in to Canvas. AU’s Canvas Support team recommends using Chrome or Firefox to optimize your experience and avoid incompatibility issues that can occur when accessing Canvas with other browsers. DO NOT USE Internet Explorer. We will use the video conferencing software ‘Zoom’ for our virtual sessions. This course is delivered completely online, therefore it is your onus making sure you Internet connection, software and equipment at your end work at an adequate level. The University provides assistance. If you have any problems, you can contact the OIT Help Desk at: Phone: 202-885-2550; E-mail:
[email protected] or Online Support & Live Chat: help.american.edu Accessibility Statement To find out about the accessibility of the instructional technology and other software for this course, click on the link for the product. Canvas, Zoom, Achieve (Macmillan), CourseArc, Collaborate Ultra, Microsoft Office, Adobe Reader. 4 Course Expectations, Requirements, and Policies Expectations for Course Participation Attendance at lecture sessions is mandatory. You must proactively participate in the activities and group discussions during the sessions. Attendance will be recorded, and you will gain points (3% of your overall grade) for attending at least 90% of all sessions. Time Commitment: This course is taught completely on-line, and you have a high degree of flexibility to choose when to study. You still need to plan your days and evenings carefully during the period you take this class. It is expected that you will need to devote at least 7 and a half hours a week to this class. This includes: • Reading power-point presentations, and watching supplementary videos • Attending and participating in online lectures. • Reading the textbook • Doing online homework assignments • Writing and developing the required assignments • Studying for and taking the required exams Communication Policy For any issue or query related to the course, your first contact point will be your designated Teaching Assistant or Supplementary Instruction Leader. If you are not satisfied, then you can escalate and contact the instructor. Please plan and organize your time efficiently. The implication of the response time stated earlier is that the instructor’s inbox is not checked over the weekends. This means that if your email is received on a Friday after 4pm, you will get a reply by Tuesday at the end of business at the latest. Canvas is the official digital platform to announce important aspects of the course. Please make sure these announcements are not sent to your spam folder by your email account. You can ensure this by adjusting your email settings and preferences. For help, contact OIT Help Desk at: Phone: 202-885-2550; E-mail:
[email protected] or Online Support & Live Chat: help.american.edu Time Zones: All deadlines mentioned in the syllabus refer to Eastern Standard Time. If you are not living in the Eastern United States while taking this course, please be aware of the time differences so that you do not turn in your assignments late. (For example, if you are in California, then a 12-midnight deadline means that you must turn in your work by 9 pm that night. If you are in Japan, you must turn in your work by 1 pm the following day.) 5 General Organization of Class and Grading Standards • Each week of the class will be organized in a similar way. • You should begin each week by reading the relevant textbook chapters and doing the Pre-Class activities and Bridge quizzes. • Then, attend the lectures where we will address some of the key concepts in the course that are particularly important to master. • After that, I would recommend that you re-read the textbook chapters. • You will be directed to the Learning Curve online activity, and an electronic homework assignment on Achieve that you will be required to complete before the week ends. • There will be Group Presentations for which you will be allocated to a team of five or six students. You will receive instructions to develop a Digital Artifact as a team. On the relevant week you and your team will submit and present your Digital Artifact to the whole, or a wider section of the class. A rubric will be made available in advance, so you and your team will be clear on what is expected from you to deliver. This is a collaborative effort where all members are expected to contribute equally. • The Midterm exam and the Final Exam will be time-bound and further instructions will be issued in due course. For these and Reaction Papers collaborative effort is not allowed. Canvas is the official platform to host all students’ assignment records. Therefore, all assignments must be submitted to the designated submission points in Canvas. Technically, Canvas does not allow the instructor or TAs (Teaching Assistants) to submit on the students’ behalf; therefore, please do not email your work to your instructor or TA. Each student should submit his/her own work directly on Canvas. If you are in doubt about how to do it, please ask your TA or instructor. Submission Points will be made available in due course. Achieve is integrated with Canvas. This means that if you complete your weekly online assignments in Achieve, the scores will automatically be transferred to Canvas within at least 48 hours (about 2 days) after completing the homework sets. If your score in Canvas is different to your latest score in Achieve, please do not panic; give it at least two days to get your latest score reflected on Canvas. If nothing changes, then please contact your instructor or TA. Late Work Policy 20% marks less in that assignment for every day of delay. All assignments should be submitted before the indicated deadline. For every day an assignment is late after the assignment is due, 20 per cent will be deducted from the assignment grade. For example, if your submission is 2 days late and you are awarded full points (100), your final grade on the assignment would be 60 points (2 days late x 20 per cent deduction per day = 40 per cent Late Penalty). For the calculation of the Late Penalty, late days will be rounded up to the next whole number. For example, if a student submits 1.3 days late, the Late Penalty will treat the student as 2 days late. No exceptions to this policy will be made, apart from documented medical 6 or family emergencies (in these cases, an ad-hoc deadline with no penalty will be agreed on a case-by-case basis). For the case of the final exam, late penalties will be more severe: 5% deduction for every minute of delay. It is the onus of the student making sure that his/her submitted work is the intended piece. This means that whatever material is submitted, it will be graded accordingly, and under no circumstances ‘completed’ work presented after the deadline will be considered to replace the original submitted ‘incomplete’ work. Sharing of Course Content Unauthorized downloading, file sharing, or distribution of any part course materials, or using information for purposes other than student’s own learning, may be deemed a violation of American University’s Student Conduct Code and subject to disciplinary action (see Student Conduct Code VI. Prohibited Conduct). Students are not permitted to make visual or audio recordings (including livestreams) of lectures or any class-related content or use any type of recording device unless prior permission from the instructor is obtained and there are no objections from any student in the class. If permission is granted, only students registered on the course may use or share recordings and any electronic copies of course materials (e.g., PowerPoints, formulas, lecture notes, and any discussions – online or otherwise). Use is limited to educational purposes even after the end of the course. Exceptions will be made for students who present a signed Letter of Accommodation from the Academic Support and Access Center. Further details are available from the ASAC website. Other Course Policies The use of digital devices in activities not relevant to the topics discussed during the virtual lectures and exams is not permitted. The instructor or tutor reserves his/her right to carry out random checks and you must cooperate accordingly. Cheating will not be tolerated. Collaboration on individual assignments and assessments is not permitted. There will be an opportunity for Group Presentations and Digital Artifacts where collaboration within your designated group is permitted and encouraged. Anti-cheating technologies such as Safe Assign and Respondus will be used. If someone is found at foul, an outright ‘F’ (Fail) will be allocated to that assignment, and/or escalated to university disciplinary procedures. 7 Grading and Assessment Grading Scale Final Percent Grade Descriptor 93%-100% A Excellent 90%-92% A- 87%-89% B+ 83%-86% B Good 80%-82% B- 77%-79% C+ 73%-76% C Satisfactory 70%-72% C- 60%-69% D Poor Under 60% F Academic Fail Final Grade Calculation Activity or Assessment Weight in Final Grade Attendance to Lectures (at least 90%) 3% Achieve Sets: Homework (18x, HW) 22% Achieve Sets: Pre-Class Tutorials, Bridge, Learning Curve (PCT, BR, LC) 5% Reaction Papers (2x) 10% Midterm Exam 20% Group Presentation (5%) and Digital Artifact (15%) 20% Final Exam 20% Note: The final grade calculation is performed at the end of the course by the instruction team, and it is reported in the Eagle Service 72 hours after the conclusion of the final exam. This means that, as the course progresses, the ongoing total grade calculated by Canvas is only indicative and not conclusive. Homework sets are graded online quizzes in Achieve from which you get your result straight away after completion. (IMPORTANT: you must allow 48hrs to see your final result of your 8 completed Homework reflected in Canvas). Each Homework set corresponds to each chapter in the textbook. Achieve Sets (PCT, BR, LC) are also online sets that prepare you for the lecture and consolidate your understanding on the relevant topic. PCT are Pre-Class Tutorials which includes videos that introduce the topics, BR are small Bridge quizzes that assess your understanding over the material presented in the PCT and from your reading on the relevant chapter in the book. Finally, LC stands for Learning Curve, which is an adaptive online test to better prepare you for doing the Homework set (HW) described above. Most chapters include one PCT, one BR and one LC. But others may include up to four PCT, four BR and one LC. Other chapters may include only one of these types of online sets, such as one LC. You must complete all available Achieve sets per chapter. You will earn the 5 points of your final grade if you complete at least 90% of all relevant sets. Reaction papers are small written pieces of no more than two paragraphs where you must address specific questions that will be issued in advance. Your opinions must be supported by robust evidence. There are two Reaction Papers each to be submitted in Teaching Week 2 and Teaching Week 14. Guidelines will be issued in advance. The Midterm exam will cover the first three modules and will be held during the lecture session on the Friday of Teaching Week 6. Group Presentation is one of the most dynamic and engaging assessments in this course, in the sense that it is a collaborative effort. It is a space for you to get to know more of your classmates. You will be allocated to a group of 5 or 6 students who altogether will design, prepare and present to the whole, or a large section of the class, a Digital Artifact that displays your understanding on relevant topics covered in Class. Further guidelines will be provided in advance. A Digital Artifact (resource) in the context of this course is similar to a project that is submitted for an assignment in a face-to-face course. But rather than submitting a physical object, such as a paper, an essay or presentation, the assignment is presented and viewed digitally—online through a site or platform on the web. An artifact has the following characteristics: • A combination of two or more of the following: text, image, sound, video or links • Accessible with its own link (URL) • Easy to access and view online without requiring a password or login information • Available on the Web for at least six weeks. The Final Exam will cover all topics in this module. 9 Course Schedule Week Lecture Unit Topic/Activity Book Chapter Work to be completed 1 1 1. What is Economics? Welcome /course overview INTRO IQ* 2 First principles 1 Achieve 2 3 Economic Models: Trade-0ffs and Trade 2 Achieve 4 2. Supply and Demand Supply and Demand 3 RP 3 5 Supply and Demand 3 Achieve 6 Price controls and Quotas: Meddling with Markets 4 Achieve 4 7 International Trade 5 Achieve 8 3. Introduction to Macroeconomics Macroeconomics: The Big Picture 6 Achieve 5 9 GDP and CPI: Tracking the Macroeconomy 7 Achieve 10 Unemployment and Inflation 8 Achieve 6 11 REVIEW 12 MIDTERM MT 7 13 4. Long-Run Economic Growth Long-Run Economic Growth 9 Achieve 14 Savings, Investment Spending, and the Financial System 10 Achieve 8 15 5. Short-run Economic Fluctuations Income and Expenditure 11 Achieve 16 Aggregate Demand and Aggregate Supply 12 Achieve 9 [No Class: Spring break] [No Class: Spring break] 10 17 6. Stabilization Policy Fiscal Policy 13 Achieve 18 Money, Banking, and the Federal Reserve System 14 Achieve 11 19 Monetary Policy 15 Achieve 20 Inflation, Disinflation, and Deflation 16 Achieve 12 21 CLINICS 22 CLINICS DA 13 23 Group Presentation/Digital Artifact GP 24 Group Presentation/Digital Artifact GP 14 25 7. Events and Ideas Macroeconomics: Events and Ideas 17 Achieve 26 8. The International Economy International Macroeconomics 1/2 RP 15 27 International Macroeconomics 2/2 18 Achieve 28 REVIEW 16 [No Class: Spring study days] [No Class: Spring study days] 17 FINAL EXAM FE 10 Week 1: starts January 10th, 2022. *:IQ: Initial Quiz; Achieve: include Homework sets (HW), Pre-Class Tutorial (PCT), Bridge (BR), and LC (Learning Curve); MT: Midterm Exam; RP: Reaction Paper; DA: Digital Artifact; GP: Group Presentations; FE: Final Exam. This schedule may change in exceptional circumstances. University-Wide Policies Academic Integrity Standards of academic conduct are set forth in the university’s Academic Integrity Code. By registering for this course, students have acknowledged their awareness of the Academic Integrity Code and they are obliged to become familiar with their rights and responsibilities as defined by the Code. Violations of the Academic Integrity Code will not be treated lightly, and disciplinary action will be taken should violations occur. This includes cheating, fabrication, impersonation, and plagiarism. Defining and Reporting Discrimination and Harassment (Title IX) American University expressly prohibits any form of discrimination and discriminatory harassment including sexual harassment, dating and domestic violence, sexual assault, and stalking. The University is an equal opportunity, affirmative action institution that operates in compliance with applicable laws and regulations. AU does not discriminate on the basis of race, color, national origin, religion, sex (including pregnancy), age, sexual orientation, disability, marital status, personal appearance, gender identity and expression, family responsibilities, political affiliation, source of income, veteran status, an individual's genetic information, or any other bases under federal or local laws in its programs and activities. As a faculty member, I am required to report discriminatory or harassing conduct to the university if I witness it or become aware of it – regardless of the location of the incident. There are four confidential resource on campus if you wish to speak to someone who is not required to report: Counseling Center, victim advocates in OASIS, medical providers in the Student Health Center, and ordained clergy in the Kay Spiritual Life Center. If you experience any of the above, you have the option of filing a report with University Police (202-885-2527), the Office of the Dean of Students (
[email protected] or 202-885-3300), or the Title IX Office (202-885-3373 or
[email protected]). For more information, including a list of supportive resources on and off-campus, contact OASIS (
[email protected] or 202-885-7070) or check out the Support Guide on the Title IX webpage. Emergency Preparedness In the event of an emergency, American University will implement a plan for meeting the needs of all members of the university community. Should the University be required to close for a period of time, we are committed to ensuring that all aspects of our educational programs will be delivered to our students. These may include altering and extending the duration of the traditional term schedule to complete essential instruction in the traditional format and/or the use of distance instructional methods. Specific strategies will vary from class to class, depending on the format of the course and the timing of the emergency. Faculty will communicate class- specific information to students via AU email and Canvas, while students must inform their faculty immediately of any emergency-related absence. Students are responsible for checking their AU email regularly and keeping themselves informed of emergencies. In the event of an emergency, students should refer to the AU Student Portal, the AU website, and the AU information line at (202) 885-1100 for general university-wide information, as well as contact their faculty and/or respective dean’s office for course and school/college specific information. 11 Incomplete Policy At the discretion of the faculty member and before the end of the semester (i.e. last lecture ends), the grade of I (Incomplete) may be given to a student who, because of extenuating circumstances, is unable to complete the course during the semester. The grade of Incomplete may be given only if the student is receiving a passing grade for the coursework completed. Students on academic probation may not receive an Incomplete. The instructor must provide in writing to the student the conditions, which are described below, for satisfying the Incomplete and must enter those same conditions when posting the grades for the course. The student is responsible for verifying that the conditions were entered correctly. Conditions for satisfying the Incomplete must include what work needs to be completed, by when the work must be completed, and what the course grade will be if the student fails to complete that work. At the latest, any outstanding coursework must be completed before the end of the following semester, absent an agreement to the contrary. Instructors will submit the grade of I and the aforementioned conditions to the Office of the University Registrar when submitting all other final grades for the course. If the student does not meet the conditions, the Office of the University Registrar will assign the default grade automatically. The Associate Dean of the Academic Unit, with the concurrence of the instructor, may grant an extension beyond the agreed deadline, but only in extraordinary circumstances. Incomplete courses may not be retroactively dropped. An Incomplete may not stand as a permanent grade and must be resolved before a degree can be awarded. More information on AU Regulations and Policies. Student Code of Conduct The central commitment of American University is the development of thoughtful, responsible human beings in the context of a challenging yet supportive academic community. The Student Code of Conduct is designed to benefit the American University community and to assist in forming the highest standards of ethics and morals among its members. By registering for this course, students have acknowledged their awareness of the Student Code of Conduct and they are obliged to become familiar with their rights and responsibilities as defined by the Code. Religious Observances Students will be provided the opportunity to make up any examination, study, or work requirements that may be missed due to a religious observance, provided they notify their instructors before the end of the second week of classes. Please send this notification through email to the professor. For additional information, see American University’s religious observances policy. Use of Student Work The professor will use academic work that you complete for educational purposes in this course during this semester. Your registration and continued enrollment constitute your consent. Academic Support Services Academic Support All students may take advantage of the Academic Support and Access Center (ASAC) for individual academic skills counseling, workshops, Tutoring and Writing Lab appointments, peer tutor referrals, and Supplemental Instruction. The ASAC is located in Mary Graydon Center 243. 12 Additional academic support resources available at AU include the Bender Library, the Department of Literature’s Writing Center (located in the library), the Math Lab in the Department of Mathematics & Statistics, and the Center for Language Exploration, Acquisition, & Research (CLEAR) in Anderson Hal, Room B-10l. A more complete list of campus-wide resources is available in the ASAC. International Student & Scholar Services International Student & Scholar Services has resources to support academic success and participation in campus life including academic counseling, support for second language learners, response to questions about visas, immigration status and employment and intercultural programs, clubs and other campus resources. (202-885-3350, Butler Pavilion 410). Writing Center The Writing Center offers free individual coaching sessions to all AU students. In your 45- minute session, a student writing consultant can help you address your assignments, understand the conventions of academic writing, and learn how to revise and edit your own work. (202-885- 2991, Bender Library – 1st Floor Commons). Student Support Services Center for Diversity & Inclusion (CDI) CDI is dedicated to enhancing LGBTQ, multicultural, first-generation, and women's experiences on campus and to advancing AU's commitment to respecting and valuing diversity by serving as a resource and liaison to students, staff, and faculty on issues of equity through education, outreach, and advocacy. It is located on the 2nd floor of Mary Graydon Center (202-885-3651, MGC 201 & 202). Counseling Center The Counseling Center offers counseling and consultations regarding personal concerns, self- help information, and connections to off-campus mental health resources. (202-885-3500, MGC 214). Dean of Students Office The Dean of Students Office offers individual meetings to discuss issues that impact the student experience, including academic, social, and personal matters; making referrals to appropriate campus resources for resolution. Additionally, while academic regulations state that medical absences are to be excused, if faculty require documentation to verify the student’s explanation, such documentation should be submitted to the Dean of Students. The office will then receive the documentation and verify the medical excuse. Faculty have the discretion to approve absences and do not need permission from the Dean of Students to excuse absences. Students should be sent to the Dean of Students only if faculty require further proof or if they have concerns about the impact of absences on the student’s ability to succeed (202-885-3300, Butler Pavilion 408). Food and Housing Insecurity Statement Any student who faces challenges securing their food or housing and believes this may affect their performance in the course is urged to contact the Dean of Students (
[email protected]) for support. Furthermore, please notify the professor if you are comfortable in doing so. This will enable them to provide any resources that they may possess. 13 Office of Advocacy Services for Interpersonal and Sexual Violence OASIS provides free and confidential advocacy services for students who have experienced sexual assault, dating or domestic violence, sexual harassment, and/or stalking. Please email or call to schedule an appointment with a victim advocate in OASIS. (
[email protected], 202- 885-7070, Health Promotion and Advocacy Center – Hughes Hall 105). Students can also book an appointment with one of our two confidential victim advocates. Respect for Diversity As stated in the American University Discrimination and Sexual Harassment Policy: “American University is an equal opportunity, affirmative action institution that operates in compliance with applicable laws and regulations. The University does not discriminate on the basis of race, color, national origin, religion, sex, pregnancy or parenting, age, sexual orientation, disability, marital status, personal appearance, gender identity and expression, family responsibilities, political affiliation, source of income, veteran status, an individual’s genetic information or any other bases under applicable federal and local laws and regulations (collectively “Protected Bases”) in its programs and activities. The University expressly prohibits any form of discriminatory harassment including sexual harassment, dating and domestic violence, rape, sexual assault, sexual exploitation and stalking." The above website includes further details, including how to report instances of discrimination and your responsibilities as a member of the campus community in relation to the policy; you are strongly encouraged to familiarize yourself further with this policy. Class rosters and University data systems are provided to faculty with the student's legal name and legal gender marker. As a student, you are able to change how your preferred/proper name shows up through email, Canvas, and on your AU ID Card. This option is helpful for various student populations, including but not limited to: students who abbreviate their first name; students who use their middle name; international students; and transgender students. As a faculty member, I am committed to using your proper name and pronouns. We will take time during our first class together to do introductions, at which point you can share with all members of our learning community what name and pronouns you use, as you are comfortable. Additionally, if these change at any point during the semester, please let me know and we can develop a plan to share this information with others in a way that is safe for you. Should you want to update your preferred/proper name, you can do so by looking at the guidelines and frequently asked questions from the Center for Diversity and Inclusion. Students with Disabilities If you wish to receive accommodations for a disability, please notify me with a letter from the Academic Support and Access Center. As accommodations are not retroactive, timely notification at the beginning of the semester, if possible, is strongly recommended. To register with a disability or for questions about disability accommodations, contact the Academic Support and Access Center at 202-885-3360 or
[email protected], or drop by MGC 243. For more information, visit AU’s Disability Accommodations web page.
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