HW/TESTREADINGSTOPICSDATE1/21-26HW1/due 2/9Ch. 5General Equilibrium Applications of Static GEHW2/due 2/16Ch. 8-9Consumption, Saving, InvestmentHW3/due 2/23Ch. 6Long-Run Economic Growth2/16-182/23Midterm 2/23Midterm 1NO CLASS2/25HW4/due 3/9Ch. 7Convergence and Endogenous Growth3/2-4HW5/due 3/23Ch. 3, Ch.11 (403-13)Business Cycles Real Business Cycles3/9-11-16Ch 10, Ch.11 (413-23), Ch 17 (627-35)Money 3/18-23-25HW6/due 4/13Ch.16 (589-598), Ch. 12The Keynesian Model4/6-8Ch. 16 (rest) Unemployment 4/13Midterm 4/15Midterm 24/15HW6/due 4/27More on Unemployment4/20-22Ch. 17 (635-47)More on Monetary Policy4/27-4/29Final reviewCh14International Finance5/4-6Ch 15 (576-588)Financial Intermediation and FINAL EXAM, 5/14, 2:45-4:45Econ 312 Spring 2010 Economics 312 Intermediate Macroeconomics: Advanced Treatment Professor: Noah Williams Office: 7434 Sewell Social Science, e-mail: [email protected] Office hours: 2:30-3:30 Wednesday, or by appointment. Course Schedule: Lectures: Tuesday and Thursday from 9:30-10:45 AM, Social Science 5106 All course documents and communication will be on the class web page: http://www.ssc.wisc.edu/~nwilliam/Econ312 Course Objectives: To develop a thorough understanding of how the economy works at aggregate level and how total output, employment, prices, interest rates and exchange rates are determined. To explore the factors underlying economic growth, business cycles, inflation, and unemployment. To acquire the ability to assess rigorously the effects of various government policies and outside shocks on these features of the economy. We will use the tools developed to address issues such as: What leads to long run economic growth? What can account for the differences in wealth across countries? What are the sources of business cycle fluctuations and what, if anything, should the government do to alleviate business cycles? What are the effects of monetary policy on the economy? How do government budget deficits and surpluses affect the economy? The course makes extensive use of mathematics, mainly differential calculus. This allows both a deeper analysis of the microeconomic foundations of macroeconomic theory, and a more quantitative analysis of the models presented. Students who do not find a quantitative approach to the material appealing should take Economics 302 instead, which covers similar topics with a less mathematical focus. Textbook and Materials: Williamson, Stephen D. Macroeconomics. Third edition. 2008. Pearson Addison-Wesley. There will occasionally be supplemental materials, such as pieces from The Economist and other sources, posted on the class web page for discussion. Grading: Problem Sets (20%): There will be eight problem sets for the semester. On weeks with homework, they will be handed out on a Tuesday and due on the following Tuesday. Students should do the problem sets individually. No late homework will be accepted. The lowest problem set score will be dropped in calculating the grade. Midterm Exams (40%, 20% each): There will be two midterm examinations in class on February 23 and April 15.Econ 312 Spring 2010 Final Exam (40%): The final exam will be on May 13, 10:05 AM-12:05 PM, covering material from the entire semester. Schedule: Additional material or changes in the schedule will be posted on the class web page. DATE TOPICS READINGS HW/TEST 1/19 Overview and Measurement Ch. 1-2 1/21-26 Labor Demand, Labor Supply Ch. 4-5 1/28-2/2 General Equilibrium Applications of Static GE Ch. 5 HW1/due 2/9 2/4-9-11 Consumption, Saving, Investment Ch. 8-9 HW2/due 2/16 2/16-18 Long-Run Economic Growth Ch. 6 HW3/due 2/23 2/23 Midterm 1 Midterm 2/23 2/25 NO CLASS 3/2-4 Convergence and Endogenous Growth Ch. 7 HW4/due 3/9 3/9-11-16 Business Cycles Real Business Cycles Ch. 3, Ch.11 (403-13) HW5/due 3/23 3/18-23-25 Money Money & Business Cycles Ch 10, Ch.11 (413-23), Ch 17 (627-35) 4/6-8 The Keynesian Model Ch.16 (589-598), Ch. 12 HW6/due 4/13 4/13 Unemployment Ch. 16 (rest) 4/15 Midterm 2 Midterm 4/15 4/20-22 More on Unemployment Monetary Policy Ch. 15 (566-75) HW6/due 4/27 4/27-4/29 More on Monetary Policy International Trade Ch. 17 (635-47) Ch 13 HW7/due 5/4 5/4-6 International Finance Financial Intermediation and Financial Crises Ch14 Ch 15 (576-588) Final review FINAL EXAM, 5/14,