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PRINCETON UNIVERSITY Department of Economics ECONOMICS 101 THE NATIONAL ECONOMY Fall term 2016 Professor E. Bogan Office Phone: 258-4035 email: [email protected] Office: 109 Fisher Hall Office Hours: Mondays 4-5:30 p.m. Wednesdays 3:40 - 4:10 p.m. Thursdays 4:40-5:30 p.m. Fridays 1:00 - 2:00 p.m. Additional hours available by appointment I am also available in the lecture hall to answer questions immediately following lectures on Tuesdays and Thursdays. (I enjoy answering questions.) Organizer: Andres Maggi [email protected] All precept section changes or additions must be done through the organizer. Required Text: William J. Baumol and Alan S. Blinder, Macroeconomics: Principles and Policy, 13th Edition (South-Western Cengage Learning) (Referred to below as B & B) I've ordered the paperback of the 13th edition for the bookstore. The hardback is OK too, but the pages are different. The 12th edition is also fine. The text is available at Labyrinth Books or can be used in the library. You are required to purchase a packet for the course. (It is not the same as previous packets) The packet is available from Pequod Copiers in the U-Store. The Packet has all the assignments for the semester. As a source of current events, you are asked to read The Economist. Several articles will be assigned from The Economist each week and you will be tested on the assigned articles. The Economist is available online for free for all Princeton students. http://faq.library.princeton.edu/econ/faq/10985 The PowerPoint slides used in lectures will be added to the course page under course materials on Blackboard on the WEB before each class. Course requirements and grading The course requirements are weighted as follows in determining your grade: Final examination 50% Mid-term 35% Problem sets & participation in precepts 15%The purpose of the problem sets is to enhance your understanding of economics and to raise your analytical skills in general. Of course, they are also part of your preparation for exams. You are encouraged to discuss the problem sets with classmates (or anyone else), but the work you hand in must be your work. If you work together, then think about your answers and put them into your own words. Searching the WEB for former answer sheets is cheating. Getting help from tutors is OK, but be certain to work on the problem sets alone first so that you gain the needed analytical skills to perform on the exams. Any student caught cheating on any component of the course may receive a failing grade for the entire course. (I don’t expect to see this at Princeton, but I’m supposed to remind students of the rules.) Reading Period: January 9-17, 2017 Review Session: Thursday, January 12, 2017 1:30-3:00pm McCosh 50 Precepts begin Thursday, September 22. Precepts meet Thursdays, Fridays and Mondays. If you have a Monday precept please note that your last precept will be held on Thursday Dec 15thor Friday Dec 16th at a time chosen by your preceptor, or Friday Dec 16th at 1:30pm with Prof. Bogan in Mc Cosh 50; which means you have two precepts that week (on Monday and then Thursday or Friday). You will receive more details as it gets closer from your preceptor. For written assignments and additional readings and discussion questions, see the PRECEPT/CLASS ASSIGNMENTS section of this Course Outline. LECTURE TOPICS AND READING ASSIGNMENTS FOR LECTURES Please read the assignments before the lectures. (You will understand and enjoy the lectures much more if you come prepared. Being prepared is the best way to get your money’s worth.) Week 0 Thursday, September 15 Lecture 1: I. Introduction: The Great Recession 2007-2009 and the slow recovery The government's role: monetary & fiscal policy. B&B CH 3 The Fundamental Economic Problem: Scarcity and Choice B&B CH 14: The Financial Crisis and the Great Recession Speech by Janet Yellen, President and CEO of The Federal Reserve Bank of San Francisco, June, 2009 (in packet) (Note the date of the speech and the accuracy of her predictions. Janet is now Chair of the Board of Governors of the Federal Reserve)Conclusion from Gary Gorton and Andrew Metrick, “Getting Up to Speed on the Financial Crisis: A One-Weekend-Reader’s Guide,” Journal of Economic Literature 2012, 50:1 (in packet) “The Unsteady States of America,” The Economist, July 27, 2013, p. 9 (in packet) Week 1 Tuesday, September 20 Lecture 2: II. Political EconomyA. Theoretical Socialism (Planned Economies ) vs. TheoreticalCapitalism (Market Economies)(or Karl Marx vs. Adam Smith) B. Political dimension - elite group government vs. democracy.C. The welfare state compromise – how much redistribution?D. How much regulation?“Capitalism and its critics: A Modern Marx,” The Economist, May 3, 2014 (in packet) {Your first precept, September 22, 23 or 26, is on Supply and Demand. You will need to read B&B CH 4. See Precept/class assignments under that section heading later in this course outline. Each week there are assignments for lecture and separate assignments for precept/class} Thursday, September 22 Lecture 3: The realm and tools of economic analysis: Models, Theories and Evidence Why do economists disagree? Schools of Economic Thought “The State of Economics: The other-worldly philosophers,” Economist, July 16, 2009 (in packet) Akerlof and Shiller, Animal Spirits, PP. 167-176 (in packet) B&B CH 1 What is Economics? (optional) If you are weak on graphs, read the appendix to Chapter 1 B&B CH 5 An Introduction to Macroeconomics Week 2 Tuesday, September 27 Lecture 4: National Income Accounting The measurement of GDP, GNP, and their components (mostly covered in precept) B&B Appendix to Chapter 8; also one page summary of calculations in packet (It is easier to memorize the definitions if you understand the logic behind the accounting.)Economic Growth B&B Chapter 6 The Goals of Macroeconomic Policy (Part 1: The Goal of Economic Growth) B&B Chapter 7 Economic Growth: Theory and Policy Thursday, September 29 Lecture 5: Economic Growth continued Week 3 Tuesday, October 4 Lecture 6: Growth in China and South East Asia Thursday, October 6 Lecture 7: Economic Growth: Lessons from around the world Problems in Macroeconomics in the Short Run - Unemployment and Inflation B&B Chapter 6 The Goals of Macroeconomic Policy and the Appendix Week 4 Tuesday, October 11 Lecture 8: Keynesian Model of the determination of

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