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Economics 305

ECON 305
Intermediate Macroeconomic Theory

1. Catalog Entry

ECON 305
Intermediate Macroeconomic Theory

Credit hours (3)
Prerequisites: ECON 205 and ECON 206

Analyzes the intersectorial determination of national income and employment and the general price level.

2. Detailed Description of Course

Students will examine the intersectorial relationships of economics in the determination of national income, employment, and the general price level.

Topic Outline
    1) The State of the American Economy based on Economic Data
    2) The Economy in the Long Run – Inflation and Unemployment
    3) The Economy in the Short Run – Business Cycle Theory and Macroeconomic Policy
    4) The Economy in the Very Long Run – Economic Growth
    5) Current and Future Macroeconomic Issues

3. Detailed Description of Conduct of Course

The following teaching strategies will be employed:

Lectures and discussions

4. Goals and Objectives of the Course

    1) Discuss the record of the American economy.
    2) Examine the measurement of economic activity.  Discuss the national income accounts.
    3) Review the level of economic activity.  Explore simple income determination, consumption,
        investment, multipliers.
    4) Discuss government fiscal policy, government spending, and tax multipliers.
    5) Explore the characteristics of demand for money and the supply for money.
    6) Discuss the monetary effects of fiscal policies.
    7) Examine IS and LM functions and shifts in IS and LM functions.
    8) Discuss the characteristics in real versus monetary changes.
    9) Explore full employment vis-à-vis non-full employment equilibria.
    10) Examine interest rate and investment mechanisms.
    11) Discuss money wages, real wages, money illusion, and employment.
    12) Examine real and money rate of interest.
    13) Discuss monetary and fiscal policies.

5. Assessment Measures

Tests, homework, reports, presentations, class participation.  Grades and percentages depend on individual professors.

6. Other Course Information

None.

Review and Approval

September 2, 2014
December 2013 C. Vehorn
April 16, 2012
December 2004 N. Hashemzadeh