William C. Horrace
Professor of Economics, Syracuse University

Prof. William C. Horrace
Office: Eggers Hall 426
Office Telephone: 443–9061
Office Hours:    1:00–4:00 W

Teaching Assistant: Beyza Ural
Office: Eggers Hall 026
Office Telephone: 443–
Office Hours:    3:00–6:00 T

Text
Mankiw, N. Gregory, Macroeconomics, Worth Publishing.

Overview
This is a course in intermediate macroeconomic theory. While there is much ideological debate in this discipline, we will attempt to construct a unified macroeconomic theory, emphasizing those areas of the discipline upon which most macroeconomists would agree. We begin the course by examining one such area: the long-run characteristics of the economy. Macroeconomists generally agree that in the long-run the economy equilibrates to some natural level of output and unemployment. We will then switch gears and examine the economy in the short-run. Specifically, we will be interested in why economic fluctuations (recessions and expansions) occur, and what, if anything, can be done to dampen there effects through policy. Unfortunately there is less agreement in this area.

Assignments and Quizzes
There will be several assignments and quizzes throughout the semester. Quizzes will typically be announced one class period in advance. I plan to administer 6 quizzes and drop your lowest quiz score. Assignments will be graded and recorded.

Exams
There will be two midterm exams and a comprehensive final exam. Dates will be announced in class. Any conflicts with the announced dates should be brought to my attention in writing as soon as they arise. There will be no make-up exams. Unexcused absence from the midterm exam will result in an exam score of zero. Unexcused absence from the final exam will result in a failing grade.

Grading
Assignments and quizzes - 10%
1st Midterm Exam - 25%
2nd Midterm Exam - 25%
Final Exam - 40%

Assigned Problems
Chapter 2: Problems 2, 6, 7 and 8.
Chapter 3: Page 71 - problems 4, 5, 6, 7 and 9; page 76 - problems 1a & 1b.
Chapter 4: Problems 1, 2 and 5.
Chapter 6: Problems 2, 3 and 6.
Chapter 9: 1, 2 and 3.
Chapter 10: 1, 2 and 5.
Chapter 11: 1, 2, 3, 4, 6 and 7.
Chapter 13: 1, 2 and 3.

Academic Standards
"Syracuse University students shall exhibit honesty in all academic endeavors. Cheating in any form is not tolerated, nor is assisting another person to cheat. The submission of any work by a student is taken as a guarantee that the thoughts and expressions in it are the student’s own except when properly credited to another. Violations of this principle include giving or receiving aid in an exam or where otherwise prohibited, fraud, plagiarism, the falsification or forgery of any record, or any other deceptive act in connection with academic work. Plagiarism is the representation of another’s words, ideas, programs, formulae, opinions, or other products of work as one’s own, either overtly or by failing to attribute them to their true source. Sanctions for violations will be imposed by the dean, faculty, or Student Standards Committee of the appropriate school or college. Documentation of such academic dishonesty may included in an appropriate student file at the recommendation of the academic dean."

"Public Communications Any piece of work bearing a student’s name is assumed by the school to guarantee that the thoughts, expressions, editorials, and photographic material not credited to another are literally the student’s own."

Syracuse University Bulletin, Academic Rules and Regulations, 2001–2002, Section I.1.0.

Grading Philosophy and Grade Grubbing
Your course grade will be assigned solely on the basis of the assignments, exams and the final project. The trend in your performance does not matter although the final exam counts for 40 percent of your course grade so that putting it all together at the end of the course, so to speak, is significantly rewarded. I believe in horizontal equity and do not look at names when assigning course grades. I assign all persons with the same course average the same course letter grade.

Please do not embarrass yourself by grade grubbing, which is whining to me about why you should get a higher grade because you “need” it for some purpose such as to make your parents happy or to get into a business school. The ONLY reason I would ever adjust a grade is an arithmetic mistake. I will not be a party in any conversations or answer any e-mail message whose subject is grade grubbing.

As a final piece of philosophy, many of you plan careers in business or the law where outcomes depend on slight differences in the bid, wording of a contract, or the judge’s interpretation of the law. Sports championships are decided by one point and baskets, touchdowns, and strokes count the same early in the game as late in the game. The message here is a simple, yet important, one. Get used to performing well from the start and to having small differences in performance matter a lot in life, as can be the case in ECN 522.

Other
Attendance is mandatory. Pareto superior changes to the course requirements may be made at the instructor's discretion.