Published Sep 07, 2022
This course introduces students to the measurement and behaviour of key macroeconomic variables both in Canada and around the world. Topics include national accounts, inflation, interest rates, wages, international balance of payments, business cycles, growth, employment, unemployment, poverty, and inequality.
Additional information about the course:
The main goals of this course are to provide a good understanding of key macroeconomic concepts and aggregates, the interaction between different agents and sectors in the economy, how economies operate at the aggregate level, and the challenges policymakers face when setting policy.
The course will introduce important concepts in macroeconomics such as the determinants of output and employment, the causes and costs of inflation, the types and reasons for unemployment, the role of government, the central bank and financial institutions in the economy, the determinants of the exchange rate and the importance of fiscal and monetary policy.
Although this course will primarily focus on short-run fluctuations and closed economies, students will also learn about the determinants of economic growth and issues related to the open economy. We will apply the concepts learned in class to understand macroeconomic events in Canada and around the world.
Students are strongly encouraged to attend all lectures, participate in class discussions, and attempt the quizzes and sample questions that will be posted on LEARN.
| Understand important macroeconomic concepts and definitions such as national accounts, inflation, unemployment, interest, and exchange rates. |
| Calculate important macroeconomic variables such as year-over-year GDP growth rate, inflation, and unemployment rate. |
| Download, plot and work with macroeconomic data. |
| Identify key issues in macroeconomics. |
| Formulate and solve simple macroeconomic models and problems. |
Lecture notes and readings will be posted before each class on UW LEARN (https://learn.uwaterloo.ca). You are required to read ahead all the lecture notes and required materials. It will be easier for you to follow the class if you read the lecture notes before coming to class. Below is a list of topics I intend to cover in class.
I: Introduction and basic concepts? (Week 1)
Readings: Lecture notes chapter 1 and MSL chapter 1,
II: The Data of Macroeconomics and Why We Use Them (Weeks 2, 3)
Readings: Lecture notes chapters 2a, 2b, and 2c and MSL chapter 2
III: The Canadian Financial System (Week 4)
Readings: Lecture notes chapter 3, MSL chapter 4 (section 4.2), chapter 18
IV: Money and inflation (Week 6)
Readings: Lecture notes chapter 4, MSL chapters 4 (section 4.1) 5 (section 5.1. 5.2, 5.3, 5.5, 5.6)
V: Monetary Policy and the Bank of Canada (Week 7)
Readings: Lecture notes chapter 5, MSL chapter 4 (sections 4.3)
VI: The Government and Fiscal Policy (Week 8)
Readings: Lecture notes chapter 6, MSL chapter 17 (sections 17.1 – 17.4)
VII: Unemployment and The Labour Market (Week 9)
Readings: Lecture notes chapter 7, MSL chapter 7
VIII: The Exchange Rate and the Balance of Payments (Week 10)
Readings: Lecture notes chapter 9, MSL chapter 6 (sections 6.1, 6.3)
IX: Economic Growth (Week 11)
Readings: Lecture notes chapter 10
| Title / Name | Notes / Comments | Required |
|---|---|---|
| Macroeconomics: Sixth Canadian Edition, by N.G. Mankiw, W.M Scarth and J-P Lam. | This E-book [MSL] can be purchased at https://store.macmillanlearning.com/ca/product/Loose-leaf-Version-for-Macroeconomics-Canadian-Edition/p/1319115594 | Yes |
| Macroeconomics: Sixth Canadian Edition: Achieve Essentials | This is the study guide and supplements for the textbook. Buying the online study guide and supplements is optional as I will provide many practice questions, quizzes, and examples on LEARN. | No |
| Business sections of one of the leading national newspapers | Financial Post, Globe and Mail, WSJ, FT, and The Economist, particularly articles on macroeconomics, monetary and fiscal policy, and international trade | No |
| Other short articles | These articles will be posted on Learn | No |
I will make copies of my lecture notes available on UW-LEARN. In addition to the lecture notes and book chapters, there are several required readings for this class. I will post these readings on LEARN throughout the term, and I will let you know which readings are compulsory or not. The lecture notes on LEARN are your primary source of material for the course. The textbook will be used to supplement the slides posted on LEARN.
| Component | Value |
|---|---|
| 6 short assignments, due every 2 weeks. | 25% |
| Midterm 1: Thursday, October 6, in class. | 25% |
| Midterm 2: Thursday, November 3, in class | 25% |
| Midterm 3: Tuesday, December 6, in class | 25% |
All assignments will be posted on Learn at least 7-10 days before the deadline. Please submit your assignments in the appropriate Dropbox. The dropbox will remain open until the deadline. Collaboration on assignments is allowed. Still, you are required to answer all the assignment questions independently. You must also indicate the names of the persons you collaborated with on any assignments.
Given that only one TA is assigned for this course, all assignments will be marked as either 0/100, 50/100 or 100/100. You will receive a grade of zero if you do not submit the assignment on time or if the submitted work is blank or very poorly executed. You will receive a grade of 50/100 if the assignment is submitted on time but is incomplete and not up to expectations. You will receive full marks if the work is submitted on time, appropriately done, and meets expectations. The first five assignments will be worth 4% each, and the last assignment will be worth 5%. I will not provide any make-up or bonus work if you miss any assignments.
The midterms will not be cumulative. I will indicate in class which topics will be covered on each midterm. The midterms will be conducted during regular class hours. The format of the midterm will be multiple-choice.
If you miss a midterm, please contact me within 48 hours so we can determine what documentation you will need to submit (self-declaration of illness form or VIF). If you miss at least one of the midterms, you will be required to take a make-up midterm at the end of the year. The date for the make-up midterm will be determined by the Department of Economics and usually takes place after the exam period.
No assignment screening will be used in this course.
Students should be aware that this course contains the intellectual property of their instructor, TA, and/or the University of Waterloo.
Intellectual property includes items such as:
Course materials and the intellectual property contained therein, are used to enhance a student’s educational experience. However, sharing this intellectual property without the intellectual property owner’s permission is a violation of intellectual property rights. For this reason, it is necessary to ask the instructor, TA and/or the University of Waterloo for permission before uploading and sharing the intellectual property of others online (e.g., to an online repository).
Permission from an instructor, TA or the University is also necessary before sharing the intellectual property of others from completed courses with students taking the same/similar courses in subsequent terms/years. In many cases, instructors might be happy to allow distribution of certain materials. However, doing so without expressed permission is considered a violation of intellectual property rights.
Please alert the instructor if you become aware of intellectual property belonging to others (past or present) circulating, either through the student body or online. The intellectual property rights owner deserves to know (and may have already given their consent).
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Important notes
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Turnitin.com: Text matching software (Turnitin®) may be used to screen assignments in this course. Turnitin® is used to verify that all materials and sources in assignments are documented. Students' submissions are stored on a U.S. server, therefore students must be given an alternative (e.g., scaffolded assignment or annotated bibliography), if they are concerned about their privacy and/or security. Students will be given due notice, in the first week of the term and/or at the time assignment details are provided, about arrangements and alternatives for the use of Turnitin in this course.
It is the responsibility of the student to notify the instructor if they, in the first week of term or at the time assignment details are provided, wish to submit alternate assignment.