Economics 302: Macroeconomic Analysis

Q:  Who can take this course?

A:  Anyone who has completed Econ 300 for credit. While this course is designed to service students who major in Economics, non-majors who have passed Econ 300 also may enroll.

Q:  Is Econ 300 a prerequisite for Econ 302?

A:  Yes. (So is Econ 110, since it is a prerequisite for Econ 300.) At several points in the course we will discuss data and statistical results. Students will be expected to undertake basic econometric analysis in problem sets.

Q:  Is Econ 301 a prerequisite for Econ 302?

A:  No. That said, there may be some topics that will be familiar to students who have completed Econ 301 prior to Econ 302.

Q:  When should I take Econ 302?

A:  As soon as possible! Ideally, students should complete Econ 301 and 302 during their sophomore year. The Economics Department expects both Econ 301 and Econ 302 be completed by the end of junior year. (This will allow complete freedom of choice among the required 300-level electives during one's senior year. Plus, in my opinion, many students will find Econ 302 to be more useful than Econ 301 when it comes to the job market search during the fall of senior year.)

Q:  What are the goals of this course?

A:  There are several. Because this course deals with a rich set of real-world issues, one goal is to help students become literate in economic events and analysis that will affect them as citizens, workers, employers, policy-makers. Students should be able to critically analyze economic arguments made in the media and in the political realm. Second, macroeconomics has rich and still-evolving intellectual history, and I wish to convey aspects of the varying methodologies during the course. Third, this course is a pre-requisite for certain 300-level electives in the Economics department; material is included to prepare students for such coursework.

Q:  How is credit assigned?

A:  Please see the syllabus for a detailed description of the various assignments for the course and their relative weight towards the determination of the overall course grade.

Q:  Do you accept late assignments?

A:  As a rule, no. Exceptions may be made in extreme cases; these require documentation from the Dean's Office of a personal or family emergency. If you know you are likely to miss an assignment, you should contact me in advance. No credit will be given after the fact for unexcused late assignments under any circumstances.

Q:  What if I miss an assignment?

A:  That very much depends on which assignment you miss and why. In-class quizzes cannot be made-up later; missed quizzes receive a grade of zero. Your lowest quiz score will be dropped from the grade computation. Problem sets cannot be submitted late; missed problem sets receive a grade of zero. See below for the exam policy.

Q:  What if I miss an exam?

A:  Missed exams (midterm or final) result in a failing grade for the course. Do not enroll for this course if you cannot take the exams at the pre-assigned dates and times. If you contact me ahead of time with a documented emergency, contingencies may be available. No make-up exams will be offered under any circumstance.

Q:  What is the expected grade distribution for this course?

A:  In expectation, the grade distribution for this course will resemble that of the introductory and core courses throughout the Economics curriculum.

Q:  Is it possible to do additional work to boost one's course grade?

A:  No. There may be occasional opportunities for "extra credit" in the course, but these will be only a very small fraction of the total grade determination.

Q:  Will you adjust the final grade of a student who shows improvement over the semester?

A:  There are two formulas that will be used for computing the final course grade; one places relatively more weight on the final exam. A student's course grade will be based on the formula that returns the higher total points.

Q:  Will the course grades be curved?

A:  Possibly, but there is no fixed grade distribution for this course. Thus, students will never be "curved down."

Q:  What if I have a question about a grade on an exam?

A:  Come see me as soon as possible. I reserve the right to completely regrade all questions on any exam submitted in this fashion.

Q:  What textbook will be used in this course?

A:  The "official" textbook is Olivier Blanchard, Macroeconomics, 3rd edition (© 2003). It is available at Broad Street Books and a variety of on-line retailers. However, the text will be used primarily to supplement what is covered in lecture.

Q:  What if I have a previous edition of the textbook?

A:  The page numbers for readings that are listed on the web site refer to the third edition of the text. The second edition is probably sufficient for this course, although there will be some topics that are not covered in the this edition. The first edition is significantly different and should not be used in this course.

Q:  Are there other reading assignments for this course?

A:  Yes, a number of articles are linked from the course webpage. The material in these readings may appear on quizzes, problem sets, and exams. I also expect you to read regularly at least two of the following publications: The Economist magazine, the New York Times, the Wall Street Journal, and the Financial Times. Current events in macroeconomics — which are covered in these publications — are fair game for any assignment.

Q:  But there are a lot of articles linked on the web site!

A:  Perhaps, but not all of them are "required." The "Background" readings cover basic topics you may have already learned in Econ 110, or things we will cover in lecture. The "Analysis" readings either provide more detail about the lecture topics, or extend a topic from lecture into a related area. Readings from these two topics are likely to appear on a graded assignment. Readings from "In the News" relate the concepts from the course to current events; as noted above these too may appear on certain assignments — this is more likely for current event topics that are discussed in lecture. The "Going Further" readings, on the other hand, are purely for the interested student to delve more deeply into a particular topic area, and are will not appear on any assignment. (One or two exceptions to this statement may occur, based on how the course develops.)
 
On the whole, there is substantially less reading in this course than in the average History or Government course. There may be more reading than in Econ 300 or 301 — but this course also has less math than either of those.

Q:  Help! Why can't I view any of the readings on the web site?

A:  For copyright reasons, access to the readings is restricted to the Wesleyan IP domain. You should be able to access all of the readings from any computer on campus. For off-campus access, you must enable a proxy server for your web browser. Olin Library has a page of instructions on how to enable a proxy server in various browsers.

Q:  How much work does this course entail?

A:  That is a difficult question to answer, and very much depends on the student. Different individuals may reach the same level of comprehension while dedicating vastly different number of hours to studying. For many students the material in Econ 302 is inherently interesting, and so they end up putting more time into this course than they might for others.

Q:  Can you elaborate on the work load?

A:  Here is an analogy: Once you graduate you will most likely find a job that requires at least 40 hours per week of your time. (Financial sector jobs could require anywhere between 1.5 to 2 times that amount!) Assuming you take 4 courses a semester, you should anticipate spending at least 10 hours per week on average preparing for this course. Some weeks may require more time or effort, some less. It goes without saying that the more time you put into this course, the better (on average) your grade will be.

Q:  How much time will the problem sets take?

A:  Again, this will vary significantly across students. However, the problem sets are assigned at least two weeks prior to their due date because I expect students to need that time to reflect on the questions being asked. For those who budget their time accordingly, the problem sets should be quite doable in the time alotted. In general, it is unlikely that a complete and sufficient set of answers can be produced the night before a problem set is due.

Q:  What is the purpose of having regular problem sets?

A:  The problem sets have two main goals. The first is to expose students to the kinds of analysis that will be expected on the examinations. The second is to allow deeper exploration of the topics discussed in lecture. In part, regular problem sets are a self-commitment device to keep one from falling behind in the course material.

Q:  Why are the problem sets worth so little given how much time they take?

A:  They actually are worth quite a bit, but their worth mostly is reflected in the exams. The problem sets are necessary preparation for the exams in this course. Their low direct weight is to encourage collaborative learning — recall two students can work together on one problem set — and to allow students to learn from their mistakes on the problem sets.
 
Thus, the problem sets have a very high indirect weight: it will be difficult to perform well on the exams if one does not put sufficient individual effort into the problem sets.

Q:  Can students work together on the problem sets?

A:  Yes, if they choose, but only in pairs. Both names must appear on the problem set before it is submitted for credit. That said, few people will be able to learn how to analyze the types of problems seen in this course simply by observing another person's answers. In other words, to do well in this course requires active learning (struggling with the questions yourself) rather than passive learning (having someone else explain an answer to you). That said, discussing the questions and modes of analysis with your classmates is a very good way to identify what concepts you do or do not understand. However, all submitted assignments should represent the original work of the student(s) whose name(s) appear(s) on the submission. Receiving addtional assistence without appropriate attribution is a violation of Wesleyan University's Honor Code. Suspected violations of the Honor Code will be pursued with the Dean's Office in accordance with University guidelines.

Q:  For problem set questions involving statistical analysis, do I have to use EViews?

A:  No: any program that allows you to answer the question correctly is fine. Always include printouts of your input and the program's output when you submit your answers. In general, EViews may be the best choice for this course: it is designed primarily for time series analysis, it is (fairly) user-friendly and available in all the campus labs, and the CA and myself will be able to provide you with assistance.

Q:  What if I don't remember how to use EViews?

A:  EViews is used extensively in all sections of Econ 300, and is part of the reason Econ 300 is a pre-requisite for Econ 302. There are numerous ways to brush up on your EViews skills: use the on-line help built into EViews, attend one of the review sessions at the beginning of the semester, stop by my office hours, or try the EViews Tutorial that I am developing with help from your fellow students. Regression analysis will appear on every problem set.

Q:  Will the exams look like the problem sets?

A:  At some superficial level they may not. However, at a deeper level they are intimately related: the concepts and modes of analysis that you develop on the problem sets will be tested on the exams. However, most exam questions are unlikely to closely resemble individual problem set questions.

Q:  How should I contact you if I have questions about the course?

A:  If a question arises during lecture, that is almost certainly the best time to ask it. For other questions, send me an e-mail or visit me during office hours. Insightful or common questions may be posted — with answers — as a FAQ (anonymously) on the course web page.

Q:  What should I do if I am having difficulties with the material?

A:  Please see me. I have regular weekly office hours for exactly that purpose. If you cannot attend my office hours, let me know your availability and we can find a mutually agreeable time to meet. Talking with the CA also may be helpful, but it is unlikely to be a substitute for conferring with me directly.

Q:  Should I attend the review sessions by the course assistant?

A:  The course assistant can help with basic definitions, mathematical and statistical concepts, computer issues, etc. But as CAs are not trained Ph.D. economists, you should not expect them to be able to answer all questions related to this (or any other) course. In general, questions about the concepts and analysis in the course should be directed to me. Also, the CA is not there to do the problem sets for you — so don't ask. If you are having significant trouble with the problem sets, please arrange to meet with me personally — the earlier the better.