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Hacettepe University ECO237(02)
Fall 2014 M. Aykut Attar
ECO237(02)
Macroeconomic Theory I
M. Aykut Attar’s Contact Information Fall 2014 Logistics for ECO419
Office F.E.A.S. Building, Block B, Floor 2, Room 27 Class Meetings Friday / 09:00 – 11:45 / D12
Phone +90-312-2978650(Extension: 143) Office Hours Monday / 14:00 – 17:00
E-Mail maattar@hacettepe.edu.tr Course Webpage .../∼maattar/237.html
Personal Website yunus.hacettepe.edu.tr/∼maattar
Course Description
According to Wikipedia, “Macroeconomics (from the Greek prefix makro- meaning ”large” and economics) is a branch
of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole,
rather than individual markets. This includes national, regional, and global economies.” This is indeed an accurate
description of what macroeconomics is.
There are many ways to divide the discipline of macroeconomics into different sub-disciplines: With respect to the
openness of macroeconomies, we have Closed Economy vs. Open Economy Macroeconomics. With respect to the time
horizon of macroeconomies, we have Short-Run vs. Long-Run Macroeconomics. There is also the distinction between
macroeconomics that takes Microeconomic Foundations and General Equilibrium seriously and macroeconomics that
uses the Reduced-Form Equilibrium Models.
In this course, we study macroeconomics mostly from a theoretical point of view, and we are going to deal with
the macroeconomics of the Short Run.
Study Materials
Lecture Notes The primary source of study materials will be your lecture notes. This means that you should take
notes of what I write on the blackboard and, perhaps much more importantly, what we discuss in the class.
Textbook The textbook is the following:
• Macroeconomics
by Charles I. Jones
W. W. Norton & Company, 2008 (1st edition)
Required Readings I will assign required readings from the following textbook:
• Macroeconomics: Theories and Policies
by Richard T. Froyen
Prentice Hall, 2008 (9th Edition)
Attendance
According to the university regulations, a student must attend at least 30% of all lectures to have the right to take
the final exam. I am going to overrule this by granting you the right to take the final exam even if you do not attend
any lecture at all. Attendance is, thus, not mandatory, but I very strongly recommend regular attendance. This is key
to get a high grade in this course.
Page 1 of 3
Grading
University regulations on exams are as follow: There have to be one final exam and at least one midterm exam, and
the contribution of the final exam to the final grade point should be between 40% and 60%.
Your final grade will reflect your success in the following:
Midterm Exam Final Exam
Weight 50% 50%
Time 1 hour 2 hours
Features in-class in-class
closed-notes closed-notes
closed-books closed-books
Your exams will not be of multiple choice type. There will be no make-up exams either for the midterm or the
final unless you provide a genuine excuse report approved by a (committee of) physician(s), your national team coach
or other authorities.
Your final grade point out of 100 is going to be calculated as the weighted average of your two points. Then, this
final grade point is going to be converted to your letter grade according to the following:
Point out of 100 Letter Grade Point out of 4.00
95+ A1 4.00
90–94 A2 3.75
85–89 A3 3.50
80–84 B1 3.25
75–79 B2 3.00
70–74 B3 2.75
65–69 C1 2.50
60–64 C2 2.25
55–59 C3 2.00
50–54 D 1.75
00–49 F3 0.00
Note that there will not be any rescaling of the final grade points, also known as the curve. In other words, your
absolute success determines your grade — not your success relative to those of your classmates.
Page 2 of 3
Contents
I. Introduction: Concepts, Questions and Models (Jones Ch. 1)
II. Data and Measurement in Macroeconomics (Jones Ch. 2)
• Reading: Froyen, Perspectives 2-1, “What GDP is not”
• Reading: Froyen, Perspectives 2-3, “Dating Business Cycles”
III. The Classical Model (Jones Ch. 8)
• Reading: Froyen, Perspectives 4-1, “Money in Hyperinflations”
IV. Mr. Keynes and the Classics
1. The Keynesian Cross
2. A Macroeconomic Equilibrium without Full Employment
V. A Model of the Short Run
1. Introduction (Jones Ch. 9)
2. Aggregate Expenditure and the IS Curve (Jones Ch. 10)
3. Monetary Policy and the MP Curve (Jones Ch. 11)
4. Aggregate Supply and the Phillips Curve (Jones Ch. 11)
VI. The AS-AD Framework (Jones Ch. 12)
VII. Modern Monetary Policy (Jones Ch. 12)
• Reading: Froyen, Perspectives 16-1, “Money Supply during the Great Depression”
• Reading: Froyen, Perspectives 17-1, “Central Bank Independence and Economic Performance”
VIII. The Government’s Role and Fiscal Policy (Jones Ch. 13)
• Reading: Froyen, Perspectives 18-2, “State and Local Government Finances”
IX. The Labor Market (Jones Ch. 7)
• Reading: Froyen, Perspectives 8-1, “Price and Quantity Adjustment in Great Britain, 1929-36”
X. The IS-LM Model: An Alternative Formulation of the Short Run (Froyen Ch. 5-6-7)
• Reading: Froyen, Perspectives 7-2, “Japan in a Slump and the Liquidity Trap”
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