UNIVERSIDAD DE PUERTO RICO
Rio Piedras Campus
Faculty of social sciences
Department of Economics
Outline
Principles of Macroconomics
-
Econ. 3022
Section
Credits: three (3)
Monday-Wednesday 8:30 – 9:50am
Teacher:
Office hours: by agreement
Email:
jimmy.torrez@upr.edu
Website
: jtorrez.uprrp.edu
Description of the course:
(Principles of
Macroeconomics) is an introductory course focusing on aggregate economic
analysis. Topics include market systems, aggregate measures of economic
activity, macroeconomic equilibrium, money and financial institutions, monetary
and fiscal policy, international economics, and economic growth. Contemporary economic concerns such as unemployment, inflation, business cycles, and
economic growth will be major concerns. The major schools of macroeconomics and
the historical record of the application of macroeconomic theory to economic problems
through government policies will be examined. Emphasis
will be placed on macroeconomic policy, including the
budget and spending decisions of the public sector, and the role of the Federal Reserve.
Objectives. The learning objectives of the course will be
to (1) describe and explain macroeconomic behavior, (2) assess the potential of
policy to change macro outcomes, and (3) examine the institutional and
political constraints on economic policy. While this is a standard course in macroeconomics,
there will be a special focus on the international dimensions of macroeconomics
throughout the course.
Principle objectives:
• The student will learn to
think like an economist.
• The student will learn
the origins and basic concepts of the macroeconomic theory according to the
different schools of thought.
• The student will learn to
identify Macroeconomic targets and the inherent difficulties in achieving them
• The student will analyze from
a formal perspective, the basic concepts of the aggregate macroeconomics and
the determinants, components and variations of the National Product
• The student will
understand the importance of studying the fundamentals of macroeconomics
Text:
Great news: your textbook for this class is available for
free online! The “textbook” for the course is Principles of
Macroeconomics (Second Edition) from OpenStax:
https://openstax.org/details/books/principles-macroeconomics-2e
(Links to an external site.)
Publish Date Oct
11, 2017
Print ISBN-10: 1-947172-38-7 =
ISBN-13: 978-1-947172-38-8
Digital
ISBN-10: 1-947172-39-5
ISBN-13: 978-1-947172-39-5
There is a variety of formats in which this textbook can
be accessed. I recommend downloading
the PDF format so it can be accessed offline.
For those who prefer a print copy, one can be
purchased on Amazon. The official
version is of “better” quality than other version sold on amazon but is also
more expensive.
Course Outline:
|
Topic |
Text chapter |
Distribution of
time
|
|
Economic Theory and a World of Scarcity |
Chapter 1 & 2 |
3 hours |
|
Supply and Demand |
Chapter 3 |
3 hours |
|
Labor and Financial Markets |
Chapter 4 |
3 hours |
|
Elasticity |
Chapter 5 |
3 hours |
|
The Macroeconomic Perspective |
Chapter 6 |
3 hours |
|
Economic Growth |
Chapter 7 |
3 hours |
|
|
1.5 hours |
|
|
|
|
|
|
Unemployment |
Chapter 8 |
3 hours |
|
Inflation |
Chapter 9 |
3 hours |
|
International Trade and
Capital Flows |
Chapter
10 |
3 hours |
|
Aggregate
Demand/Aggregate Supply Model |
Chapter 11 |
3 hours |
|
The Keynesian Perspective |
Chapter 12 |
3 hours |
|
The Neoclassical Perspective |
Chapter 13 |
3 hours |
|
|
1.5 hours |
|
|
Money and Banking |
Chapter 14 |
3 hours |
|
Monetary Policy and Bank
Regulation |
Chapter 15 |
1.5 hours |
|
Exchange Rates and International Capital Flows |
Chapter 16 |
1.5 hours |
|
Government Budgets and Fiscal Policy |
Chapter 17 |
If time permits |
|
|
2 hours
|
Reference material:
Paul A. Samuelson and
William D. Nordhaus, Macroeconomics . NineteenthEdition. Mc.Graw Hill,
2010.
Board of Planificacion,
report to the Governor and Apendice Estadfstico =
Economico (2015) -
http://jp.gobierno.pr.
Government Development B=
ank,
lndicadores Economicos
monthly-http www.gdb-pur.com.
Institute of statistics for
Puerto Rico. http://www.estadisticas.gobierno.pr
Department of Hacienda.http:// www.hacienda.gobierno.pr
Department of labour, employment and unemployment data. http. / / www.dtrh.gobierno.pr
Department of Consumer affairs
http // www.daco.gobierno.pr
Department of Commerce
Federal Bureau of Economic Analysis - http.://www.bea.gov
Bureau of Labor Statistics http://www.bls.gov
National Bureau of Economic
Research. www.nber.org/
www.bloomberg.com
Center of Budget and Public
Priorities. www.cbpp.org
Economist. www.economist.com
Aside from these referen=ces
the teacher may assign other reading and material of references during the semester
that the student will be responsible for reading and study.
X.
Learning Resources:
This is a
theory and applications course, therefore all the material the students
requires will be contained within the textbook and lectures. Those who do not have a basic understanding can
obtain basic economics books in the library. Any introduction to Economics, Microeconomics
or Macroeconomics will be helpful.
Evaluation:
The midterm examinations along with the final will make up 80% of the students grade.
In the unlikely event we have both in-class and online examines. In class exams will hold twice the
weight of online exams. For example if one examine is online and two are in-class, the online
exam will count for 16% of your grade and the two in-class examine will count as 32% each.
The homework will count for 20%. The Students with special need may be evaluated differently..
Grading
***** =
A
90% ó ↑
**** =
B
=80-89%
*** =
C
= 70-79%
** D = 60-69%
* F = 59% ó ↓
NOTE: The syllabus is tenuous
and subject to change with prior notification.
Responsibilities of the student
• The student has as part of its responsibilities to prepare for participate
in class discussions. The Professor be reserve the right managing short tests
(quizzes) understand that it is necessary.
• Attend classes as the
conferences scheduled during the class-related semester.
• Assigned work must be delivered on time in accordance with the date established.
• Plagiarism
and fraud in class will not be tolerated. If you wish include someone
else's work you must properly quote the reference.
For more information on plagiarism and academic honesty
please see the following link. http:// www.indiana.edu/-wts/wts/glagiarism.html -
"Plagiarism: What "It Is and How to Avoid It". Indiana Univ.
Bloomington.
It is the student's
responsibility to turn off or put on vibrate their cell upon entering the classroom.
Law 51 (Ley 51):
The students who receive services from Vocational Rehabilitation (Rehabilitación Vocacional=
) must
communicate with the professor at the beginning of the semester to plan a
reasonable arrangement and necessary assisting equipment according to the
recommendations of the Office of Handicapped Persons Affairs (Oficina de Asuntos para las
Personas con Impedimento, OAPI) of the Dean of
Students. Also, those students with special needs that
require some type of attendance or arrangement must communicate with the
professor.
The Professor will be
available during office hours or by appointment.
NOTE: The syllabus is tenuous and subject to change with prior notification.
Cert. 39 Academic Senate No. 2018-19 – Regulation of gender discrimination in the form of sexual violence - "The University of Puerto Rico prohibits discrimination on the basis of sex and gender in all modalities, including sexual harassment. According to the Institutional Policy Against Sexual Harassment at the University of Puerto Rico, Certification No. 130, 2014-2015 of the Governing Board, if a student is being or has been affected by sexual harassment behaviors, he or she may go before Office of the Student Attorney's Office, the Student Deanship or the Title IX Compliance Coordinator for guidance and/or filing a complaint."
Cert. 112 2014-2015 Board of Governors - Section II L - Reasonable accommodation - Each campus or office shall provide reasonable accommodations to be used in each of the record offices offered in that campus or office. This statement is intended to: (a) establish the right of the student to request reasonable accommodation; (b) indicate the person or offie to whom the student must direct his or her request; (c) inform the mechanisms available to access, through various formats, the procedure established for the processing of the application and, (d) to establish that the request for reasonable accommodation does not exempt the student from complying with the requirements academics of the curricula. Example: "Students who require reasonable accommodation or receive Vocational Rehabilitation services should contact the teacher at the beginning of the semester to plan the necessary accommodation and equipment according to the recommendations of the office that serves matters for people with disabilities."
Cert. 112 2014-2015 Board of Governors - Section II M- Academic Integrity - The syllabus or outline should include the following statement: The University of Puerto Rico promotes the highest standards of academic and scientific integrity. Article 6.2 of the UPR General Regulations on Students (Certification No. 13, 2009-2010, of the Board of Trustees) states that "academic dishonesty includes, but is not limited to: fraudulent actions, obtaining grades or academic degrees using false or fraudulent simulations, copying in whole or in part another person's academic work, plagiarizing in whole or in part the work of another person, copying in whole or in part another person's answers to the questions of an exam, by asking or partially getting another person to take any oral or written evidence or examination on his behalf, as well as the help or facilitation for another person to engage in such conduct." Any of these actions will be subject to disciplinary sanctions in accordance with the disciplinary procedure established in the General Regulations of the UPR in force.
Cert. 112 2014-2015 Board of Governors – Syllabi or outlines: In accordance with Board of Governors Certification 112 (2014-15), 25% of the contact hours of this course may be offered, at the teacher's discretion using technology or other experiences of learning of the same academic quality.
Lecture 9