STATE UNIVERSITY OF NEW YORK AT BUFFALODepartment of EconomicsEconomics 181 Paul ZarembkaMacroeconomics Spring 2017 Textbook: Principles of Macroeconomics: Activist vs. Austerity Policies, by Sherman and Meeropol,2013 (M.E. Sharpe, ISBN 978-0-7656-3611-9): Follett’s at UB, $56 new, $42 used, $22 used rental;Greeks and Sneaks, $34 used, $16 used rental. Also, for 120 days available on-line athttp://store.vitalsource.com/search?q=9780765636119&search.x=55&search.y=8, $25, but limited printing. Office Hours: 2-3:15 pm, MWF, 443 Fronczak Hall or by appt. via email (the TAs have other hours)Phone: 645-8686 Email: [email protected] instructors: TAs to be determinedLearning Objective and Outcome: This course is mainly an introduction to the theory of the economyas a whole – macroeconomics – as developed since the 1930s but with precedence earlier.Macroeconomics as known today originates in part from the 1930s Depression-era work of the Britisheconomist John Maynard Keynes. At this university, macroeconomics is taught before microeconomics(theory of the individual firm and individual consumer). Such an ordering is consistent withunderstanding the economy fundamentally from the viewpoint of the economic environment influencingindividual/family/firm behavior, rather than such behavior ‘adding up’ to an economy. The outcome is aclearer understanding of an economic environment we all live in and preparing for future developments.Our focus is on understanding the causes of economic growth and decline including enviromentalimpacts, recession (and the ‘great recession’ of 2007-2009), depression (several times in U.S. history),unemployment, real wages and income inequality, the dominating role of governmental policies (activismvs. austerity as well as foreign economic policy), money and finance, and consideration of inflation.Website for this course: www.buffalo.edu/~zarembka/181.htmCourse Requirements: This is a 4-unit course, i.e., three for lectures, one for recitation; however, youwill get the same grade for both. “Basic” grading is based 75% upon the average of the highest ofthree grades in four examinations, adjusted for attendance and your responding to questions inlecture. To that, 25% additional is included from the recitation grades as determined by your TA.The four examinations are three midterms and one final. After the first three exams, you will learn whatyour letter grade would be if you choose not to take the final. If you miss one of the midterms, youmust take the final and your course grade will be based upon the three exams you take. There are no specialized make-up exams, even for illness: the final is your make-up for any missed examfor whatever reason. The weight of the final is double any mid-term (thus, if you take the final and itis not the lowest grade, your exam score is the average of the two higher mid-terms and the double-weighted final, i.e., 25%, 25%, 50%; if the final is not taken or is the lowest of four grades, the threemid-terms are averaged at 1/3 each for the “basic” grade). Taking the final rarely would hurt your gradeand can really help: if it is lowest it is thrown out, if higher, it counts double-weight! At UB availablegrades include + and - (no A+ or D-, however). 90% or better is in the A range, 80-89% in the B range,70-79% in the C range, 60-69% in the D range, and less than 60% an F.1Attendance for lectures will be taken randomly and more than two absences will affect your finalcourse grade increasingly negatively, while perfect attendance will somewhat improve your grade! Thereare no recitation sections the first week of the semester but they do start, as per your ownschedule, from Monday, February 6!You are responsible for the lectures and readings as well as problem assignments as given by yourTA. Click the course website for the specific schedule, linked articles, and current useful news articles.Announcements will be on UBLearns.Laptops, tablets, and smart phones should only be used in lecture for accessing this course’squestions and presentations via UBLearns as well as attendance. Other use is distracting to otherstudents. Smart phones should be silenced before entering any class.Students are encouraged to evaluate the course at the end of the semester through the risk-free evaluationprovided by UB.Academic integrity is a fundamental university value and must be maintained. Through the honestcompletion of academic work, students sustain the integrity of the university while facilitating theuniversity’s imperative for the transmission of knowledge and culture based upon the generation of newand innovative ideas. When an instance of suspected or alleged academic dishonesty by a student arises,it shall be resolved according to UB procedures found at Undergraduate Academic Integrity Policy(http://undergrad-catalog.buffalo.edu/policies/course/integrity.shtml). Special Note: If you have a diagnosed disability (physical, learning or psychological) making it difficultfor you to carry out the course work as outlined and/or requiring accommodations such as recruiting notetakers, readers, or extended time on exams and/or assignments, please contact the Office of AccessibilityResources, 60 Capen Hall, 645-2608, and also me during the first two weeks of the class. It will provideyou with information and review appropriate arrangements for reasonable accommodation.LECTURE SCHEDULE and READINGS (subject to revision): Consult course website.EXAMINATIONS:Feb. 27, Monday: First Mid-term Examination Apr. 5, Wednesday: Second Mid-term Examination May 1, Monday: Third Mid-term Examination May 15, Monday, 11:45 a.m.-2:45 p.m., Knox 20: Final