ECON 402

Intermediate Macroeconomic Theory

University of Michigan - Ann Arbor

This course in macroeconomics deals with the determination of broad economic aggregates such as national income, employment, the price level, and the balance of payments in both the short run and the long run. Rigorous analysis is used to understand the forces that determine these economic variables, and how they are affected by public policies.
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Maciej Dudek

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ECON 402 Lecture Notes - Spring 2019, Lecture 10 - Keynesian Cross, Aggregate Demand, Aggregate Supply
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Lecture 10 The model of aggregate demand and aggregate supply Long Run: 1. Price flexible 2. Output determined by factors of production and technology 3. Unemployment equals nature rate Short Run 1. Price fixed 2. Output d...

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ECON 402
Maciej Dudek
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Economics
ECON 402
Maciej Dudek

ECON 402 Syllabus for Maciej Dudek — Spring 2019

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University of Michigan - Winter 2019
Econ 402: Intermediate Macroeconomics
Location: 140 Lorch
Class Time: Lecture - MW - 1:00PM-2:30PM, Weekly Discussion
GSIs
1. Michelle S. Lam - msll@umich.edu - Head GSI
2. Yiming Liu - lyiming@umich.edu
3. Alberto Arredondo Chavez - aarredoc@umich.edu
4. Anirudh Yadav - asyadav@umich.edu
5. Wenting Song - wtsong@umich.edu
Course Overview
The course offers a modern treatment of the principal macroeconomic issues - long run economic
growth and short run economic fluctuations at the intermediate level. The course allows students to
become familiar with canonical models and gain insights and understanding of the key
macroeconomic phenomena. In addition, students will develop understanding of key policy issues
and be able to select proper policy tools. The goal of the course is to expose students to formal and
more rigorous macroeconomic reasoning and make them ready to engage in a more informed
macroeconomic discourse. All topics will be cast in a formal, but well-motivated and intuitive,
modeling framework with emphasis on rigor and logic.
Course Objectives
Upon completion of this course students will
be able to describe macroeconomics phenomena
be able to apply proper macroeconomic tools
have developed skills needed for more advanced studies
be able to engage in an informed discussion on macroeconomic issues
be able to recommend proper policy responses
possess understanding of the roots of economic crises
Recommended Texts
1. Macroeconomics, 10th Edition, N. Gregory Mankiw, ISBN-10: 1-319-10600-5; ISBN-13:
978-1-319-10600-3
2. Advanced Macroeconomics, Fifth Edition, David Romer, ISBN-10: 1260185214; ISBN-
13: 9781260185218
Additional Reading Material
Macroeconomics, Sixth Edition, Stephen Williamson, ISBN-13: 9780134543116
Instructor:
Maciej Dudek
Phone:
734 762 9238
Email:
mkdudek@umich.edu
Office Location:
Lorch Hall 300
Office Hours:
W: 9AM-10AM
Assessment
There will be three exams during the semester. In addition, students will be expected to complete
homework assignments.
The grade in the course will be based on your performance on the three exams and the homework
assignments. In particular, the following weights will be used
· Homework Assignments 10%
· Exam #1 - 30%
· Exam #2 - 30%
· Exam #3 30%.
Please note that you are not directly graded on attendance, however, being present in class is strongly
recommended. Furthermore, during each lecture, at random times, I will ask a question and students’
responses will be recorded with i-clicker technology - and will serve as a basis for the attendance
record. The attendance record will be used to determine extra credit points. Those extra credit points
assuming perfect attendance - can be used in place of a reduced weight put on one of the exams
from 30% to 20% or on homework assignments from 10% to 0% and to increase the weight on your
best exam from 30% to 40%. If your attendance record is less than perfect then the weights
adjustments will change proportionately.
Furthermore, the lowest individual homework assignment score will be ignored.
Final grades will be based on the final class ranking with the grade distribution in line with the
standards adopted in the Department.
Electronic Devices Policy
Keeping in mind that we want to create a proper learning atmosphere for all students you are
expected to refrain from using laptop computers or cell phones while in the classroom. This does
not apply to students who need special accommodations or to student using horizontal tablets.
Academic Integrity
Students are expected to behave in line with the standards of the academic community. Please
make sure that you never take advantage of your fellow students.
Special Accommodations
We follow the standard University Guidelines. Students in need of special academic
accommodations should either contact me personally or contact directly the relevant university
center to arrange appropriate accommodations.
Course Schedule (Tentative) - Please regularly visit the course website on Canvas for updates and
additional course materials.
Week
Subject
Homework Assignments
1
Introduction to Macroeconomics
2
Long Run Economic Growth Solow Man: 8, Rom: 1
HWK#1 Due
3
Long Run Economic Growth Technology, Empirics and
Policy Man: 9, Rom: 3, 4
HWK #2 Due
4
Consumption- Man: 19, Rom: 8
HWK#3 Due
5
Debt/Deficits Fiscal Policy Rom: 13, Man: 17
HWK#4 Due
6
Fluctuations Dynamic AS/AD Model Man: 11, 12, 14
Exam #1, Feb. 14, 2019
7
Macroeconomic Policy Rom: 6, Man: 11, 12, 14
HWK#5 Due
8
Open Economy Rom: 6, Man: 6, 13
HWK#6 Due
9
Spring Break
10
Inflation/Monetary Policy Man: 4, 5, Rom: 12
11
Introduction to Real Business Cycle Theory Rom: 5
Exam #2, March 21, 2019
12
Dynamic Models of Economics Fluctuations Man: 15, 16
Rom: 7
HWK#7 Due
13
Investment Man: 19, Rom: 9
HWK#8 Due
14
Unemployment and the Labor Market Man: 7, Rom: 11
HWK #9 Due
15
Financial System, Financial Crises Man: 18, Rom: 10
HWK #10 Due
16
Review
Exam #3, April 22, 2019
Exam Schedule
Week
Exam
6- February 14, 2019
Exam #1
11- March 21, 2019
Exam #2
16 April 22, 2019
Exam #3

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