MACROECONOMICS FOR MANAGERS

ECONOMICS 501

Harjit K. Arora, Department of Economics
LeMoyne College, Syracuse, NY 13214
315-445-4436 (Office), arora@maple.lemoyne.edu

The key objective of this course is to help you understand how the macroeconomy works. Virtually everyday, we hear about changes in the growth rate of different macroeconomic variables such as fiscal or trade deficits, inflation rate, unemployment rate, and interest rates followed by discussions of economic conditions and policies in the news media. To make some sense out of all this, knowledge of macroeconomy is essential in any field of business. It is also hoped that you will be better able to appraise the performance of the President and the Congress and to predict the impact of their policy actions on your family and business.

Text Book -- Macroeconomics   Roger Le Roy Miller and David VanHoose (MV)
South Western Publishing 1998
Date Topic
5/22/2000 Introduction to Macroeconomics
Discussion of Projects
5/24/00 How do we know how we are doing?
5/31/00 The self-adjusting economy
6/5/00 & 6/7/00 Utopia just beyond the horizon
6/12/00 & 6/14/00 Business cycles
6/19/00 & 6/21/00 Do central banks matter?
6/26/00 A meaningful role for government
6/28/00 Is there a tradeoff?
7/3/00 & 7/5/00  NO CLASS
7/10/00  CLASS PRESENTATION
7/12/00  CLASS PRESENTATION
7/17/00  CLASS PRESENTATION


COURSE POLICY:

1. One Take Home Exam: due on July12, 2000-- 40%.

2. Participation on Econ-Chat -- 20%.

3. Presentation and report on one current macroeconomic topic of your choice -- 40%.
(Please preapprove your topic)

Item 1 - Take home exam is an individual project.

Item 2 - Macroeconomic project - you may form a team of 3-4 people and indicate on the report every member's contribution.

Please inform me about your team mates by the end of first week via email.
SOME TOPICS FOR PRESENTATIONS
1. Business Cycles
2. Inflation and Deflation
3. Unemployment
4. Trade-off between Inflation and Output.
5. Federal Budget Deficits/surpluses
6. Twin Deficits
7. Monetary Policy: What and How it is implemented?
8. Interaction of Monetary and Fiscal Policy
9. US economic outlook for 2000 and 2001
10. Taxes Debate: Progressive or Flat
11. Productivity vs Poverty
12. Euro and its effect on the U.S. economy

Fiscal Policy


The Budget Deficit
A Deficit of Clear Thinking
Where the Deficit Came From

and other topics of your choice.

Internet Resources

  1. Economic Report of the President- http://w3.access.gpo.gov/eop/
  2. FRED (Federal Reserve Economic Data)- http://www.stls.frb.org/fred/
  3. Federal Reserve Board of Governors- http://www.FederalReserve.gov
  4. State by State Income Trends- http://www.cbpp.org/1-18-00$$p.htm
  5. Euro Homepage- http://www.econ.yale.edu/~corsetti/euro/Euroit.htm
  6. Electronic Policy Network- http://epn.org/prospect
  7. Stern School of Business- http://equity.stern.nyu.edu

Bibliography

1 Wall Street Journal Interactive Edition, The Outlook: Inflation Stays Low, With Aid of Some Luck
2. James Tobin, Past as Prologue: A Nobel Laureate Looks at
Monetary Policy and the Federal Budget
3. Wayne Angell,The Fed: One the Right Course

4. Federal Reserve Governor Laurence H. Meyer

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Maintained February 24, 2000