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UNC-Chapel Hill ECON 440 - Economics 440 Syllabus

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Economics 440Public FinanceJonathan B. HillDept. of EconomicsUniversity of North Carolina -Chapel HillInformationProf. Jonathan B. HillOffice: Gardner 300BOffice Hours: M,W: [email protected]/~jbhill1. PrerequisitesEcon 410 (Intermediate Microeconomics) and at least one semester of differentialcalculus. It is, however, beneficial to have had Econ 420 (Intermediate Macroeconomics),or any economics course that presents joint model of consumption and production (e.g.the Classical Model).2. IntroductionThis course undertakes an examination of the public sector as an economic agent. Thereare two sides to this now classic topic: taxation (the collection of public monies =Federal/State receipts) and expenditure (Federal/State outlays). This course will focusprimarliy on taxation, the logical, but not necessary (as we’ll see) precursor toexpenditure. The course is naturally theory based: in order to grasp how systems oftaxation have developed, we need to model individual and firm behavior in static (one-time period), dynamic (inter-temporal settings), partial equilibrium (one person, onemarket), and general equilibrium (many people, many markets; inputs and outputs)settings.3. Course InformationHomework assignments, data web-sites, government web-sites, answer keys andannouncements will be posted on the course web-page.4. Required Test Book“Public Finance” 9thEdition, by Harvey Rosen and Ted Gayer, McGraw-Hill, 2009.5. Course Structure5.1 There will be 2 tests (midterm = 30%, final = 40%), and numerous assignments,roughly 4-6 (30%). Grades will be scaled relative to the performance of your classmates.5.2 Only under a document medical emergency can the midterm be skipped: in this casethe final exam will be weighted 70%. The final exam, however, cannot be skipped underany circumstance.6. Homework6.1 There are typically 5-7 graded homework assignments (including quizzes: see below).Please do the math: if there are 6, worth 30% of the total grade, then each is worth 5% ofthe course grade. If you miss one you lose, without exception, 5% of the course grade.Please keep up with due dates, etc.6.2 Students may consult with each other as they work on homeworks (in fact, you areinvited to do so), but all students must turn in their own work. If two or more studentshave identical answers to some problem(s), both will receive an “F” in the course and bereported to the Dean’s office.6.3 Homework can only be turned in early, or on the due date at the beginning of lecture.Under no circumstances will late homework assignments be accepted, includinglegal/medical emergencies, since answer keys will be posted.6.4 Homework cannot be emailed (I will delete the email without even reading theattached homework), cannot be placed in my mailbox, nor placed under the door of myoffice. There are no exceptions. If you foresee a problem please contact me so we canworkout a fair option that involves handing the assignment in early.6.5 If a student cannot be present on the due date of a homework due to a UNCsanctioned event, nor can they reasonably turn in the assignment early (e.g. the studentmust be out of town for a week), and can provide proof of such at least one week priorto the homework date, then the remaining homeworks will be re-weighted.7. Quiz Policy7.1 I hold the right to give pop quizzes at any time, unannounced (hence “pop”). Quizzesare counted as a homework assignment (if there are 4 homeworks and 1 quiz, then thetotal of 5 homeworks will be tallied together as 30% of the course grade).7.2 If a student cannot be present during a quiz due to a UNC sanctioned event, includingsport events, or experiences a medial emergency, and can provide documented proof ofsuch, then the remaining quizzes and homeworks will be re-weighted. In the case of aUNC sanctioned event the proof of an excused absence must be presented at least oneweek prior to the quiz date.. A quiz cannot be made-up under any circumstance,including due to school sanctioned activities, simply because a made-up quiz is not theoriginal pop-quiz, by construction. A randomly given quiz cannot, by definition, be givenon a pre-specified date.8. Exam PolicyThe midterm and final exams cannot be made-up under any circumstance. If themidterm is missed due to a university sanctioned event, or a medical emergency, thefinal exam will be re-weighted. In the case of a university sanctioned event the studentmust provide proof at least one week prior to the scheduled midterm exam. In the case ofa medical emergency, the student must provide proof by the last scheduled lecture (i.e.not after the semester ends). Note that missing any exam due to non-emergencyassociated travel plans will render an exam score of zero.9. Examinations and Quizzes - Allowed Material9.1 Quizzes are always open book/open note. You simply cannot consult with otherstudents. There may, of course, never be a quiz, but the practical solution is to bringeverything to each lecture just in case, and to study recent lecture material prior to eachlecture, just in case. Quizzes are always on the most recent material.9.2 During exams students are allowed one sheet (two sides) of standard paper orsmaller (no larger than 8"-by-11") with handwritten notes. You cannot bringphotocopied material of any sort. If there is any deviation from "1 sheet", "2 sides","standard" or "handwritten" the student will receive an "F" in the course and be reportedto the Dean. (Example: 1 sheet, two sides, of A4 paper with photocopied material = F). Ihold the right to inspect the "cheat sheet" during the exam (and I do inspect them!).9.3 Always bring a calculator. The calculator can only be used to compute numericalsolutions. If it is used to store and retrieve formulae the student will receive an "F" in thecourse and be reported to the Dean. Absolutely no phones may be used as a calculator.So, bring a calculator. I hold the right to swap your calculator with mine.Tentative Lecture Schedule and Readings (the week #’s may change)Week Topic Chapter (text book)1 IntroductionTools of positive analysis (empirical research)Tools of normative analysis (concepts of welfare)2-32 Public Goods 43-4Taxation and income distribution145-6Taxation and efficiency157-8Efficient and equitable taxation16Midterm Examination : Tues. Oct. 19 (normal class time)9-10The personal income tax (the individual)1711Personal taxation and behavior1812 The corporate tax (the firm and profit) 1913 Deficit finance (why


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UNC-Chapel Hill ECON 440 - Economics 440 Syllabus

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