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Jason Abrevaya, Chair 2225 Speedway, Stop C3100, Austin, TX 78712 • Admin: 512-471-3211 & Advising: 512-471-2973

Valerie R. Bencivenga

Senior Lecturer Ph.D., University of Toronto

Valerie R. Bencivenga

Contact

ECO 329 • Economic Statistics

34520 • Fall 2014
Meets TTH 330pm-500pm FAC 21
show description

METHODS OF STATISTICAL ANALYSIS AND INTERPRETATION OF QUANTITATIVE DATA IN THE FIELD OF ECONOMICS. REQUIRED OF ECONOMICS MAJORS.

PREREQUISITE: ECONOMICS 304K AND 304L WITH A GRADE OF AT LEAST C- IN EACH, AND MATHEMATICS 408C AND 408D, OR MATHEMATICS 408K AND 408L, WITH A GRADE OF AT LEAST C- IN EACH.

Economics 329 is an introduction to Economic Statistics. The aim of the course is to familiarize students with methods of summarizing collections of measurements (data sets) of economic, political and business phenomena. Of particular concern will be an introduction to elementary probability theory and its use in the interpretation of summary statistics (inference) obtained from statistical data sets. A number of economic, political and business applications will be used to illustrate the methods. If more information is needed contact instructor.

ECO 339L • International Finance

34540 • Fall 2014
Meets TTH 200pm-330pm CLA 0.126
(also listed as ECO 395L )
show description

HOW FOREIGN EXCHANGE RATES ARE DETERMINED, WHY NATIONAL INTEREST RATES DIFFER, WHY RISK IS INHERENT WHEN TRADING IN INTERNATIONAL FINANCE MARKETS, AND THE ROLE OF INTERNATIONAL ORGANIZATIONS SUCH AS THE INTERNATIONAL MONETARY FUND IN CRISIS MANAGEMENT.

PREREQUISITE: ECONOMICS 420K AND 320L WITH A GRADE OF AT LEAST C- IN EACH.

The typical questions addressed in this class are: Why do countries engage (increasingly) in trade? What factors affect trade flows? Is trade always good for everybody? Should we manage trade flows and if so, do quotas, subsidies and tariffs make sense? What is a balance-of-payments crisis and what happened in 1971-73? How are exchange rates determined, anyways? Who and what factors determine the exchange rate? What role does the Federal Reserve and capital markets play? What are the main characteristics of international capital / financial markets? The class covers the two aspects of trade: real (physical flows, 1/3 of the class) and monetary (exchange rate, money, institutions, policies, 2/3 of the class). We concentrate on theories (normative, long run) as well as on policies (positive, short run). Numerous real-world examples are taken and current policy debates are explored; the illustrations include trade with China, the repercussions of the ongoing world crisis, the value of the dollar… you name it. The objective of the class is to enrich your mind in two ways. First you will learn new definitions, tools, models and the accompanying illustrations. Second you will use those tools to think analytically and critically about the economic situations and issues that surround us. Given the topic and news, class participation and critical thinking are encouraged.

ECO 304L • Intro To Macroeconomics-Honors

34675 • Spring 2014
Meets TTH 330pm-500pm WEL 2.224
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 304L • Intro To Macroeconomics-Honors

34695 • Spring 2014
Meets TTH 330pm-500pm WEL 2.224
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 339L • International Finance

34805 • Spring 2014
Meets TTH 930am-1100am UTC 3.124
show description

HOW FOREIGN EXCHANGE RATES ARE DETERMINED, WHY NATIONAL INTEREST RATES DIFFER, WHY RISK IS INHERENT WHEN TRADING IN INTERNATIONAL FINANCE MARKETS, AND THE ROLE OF INTERNATIONAL ORGANIZATIONS SUCH AS THE INTERNATIONAL MONETARY FUND IN CRISIS MANAGEMENT.

PREREQUISITE: ECONOMICS 420K AND 320L WITH A GRADE OF AT LEAST C- IN EACH.

The typical questions addressed in this class are: Why do countries engage (increasingly) in trade? What factors affect trade flows? Is trade always good for everybody? Should we manage trade flows and if so, do quotas, subsidies and tariffs make sense? What is a balance-of-payments crisis and what happened in 1971-73? How are exchange rates determined, anyways? Who and what factors determine the exchange rate? What role does the Federal Reserve and capital markets play? What are the main characteristics of international capital / financial markets? The class covers the two aspects of trade: real (physical flows, 1/3 of the class) and monetary (exchange rate, money, institutions, policies, 2/3 of the class). We concentrate on theories (normative, long run) as well as on policies (positive, short run). Numerous real-world examples are taken and current policy debates are explored; the illustrations include trade with China, the repercussions of the ongoing world crisis, the value of the dollar… you name it. The objective of the class is to enrich your mind in two ways. First you will learn new definitions, tools, models and the accompanying illustrations. Second you will use those tools to think analytically and critically about the economic situations and issues that surround us. Given the topic and news, class participation and critical thinking are encouraged.

ECO 329 • Economic Statistics

34560 • Fall 2013
Meets TTH 330pm-500pm FAC 21
show description

METHODS OF STATISTICAL ANALYSIS AND INTERPRETATION OF QUANTITATIVE DATA IN THE FIELD OF ECONOMICS. REQUIRED OF ECONOMICS MAJORS.

PREREQUISITE: ECONOMICS 304K AND 304L WITH A GRADE OF AT LEAST C- IN EACH, AND MATHEMATICS 408C AND 408D, OR MATHEMATICS 408K AND 408L, WITH A GRADE OF AT LEAST C- IN EACH.

Economics 329 is an introduction to Economic Statistics. The aim of the course is to familiarize students with methods of summarizing collections of measurements (data sets) of economic, political and business phenomena. Of particular concern will be an introduction to elementary probability theory and its use in the interpretation of summary statistics (inference) obtained from statistical data sets. A number of economic, political and business applications will be used to illustrate the methods. If more information is needed contact instructor.

ECO 304L • Intro To Macroeconomics-Honors

34240 • Spring 2013
Meets TTH 330pm-500pm WEL 2.224
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 304L • Introduction To Macroeconomics

34265 • Spring 2013
Meets TTH 330pm-500pm WEL 2.224
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 329 • Economic Statistics

34260 • Fall 2012
Meets TTH 330pm-500pm FAC 21
show description

METHODS OF STATISTICAL ANALYSIS AND INTERPRETATION OF QUANTITATIVE DATA IN THE FIELD OF ECONOMICS. REQUIRED OF ECONOMICS MAJORS.

PREREQUISITE: ECONOMICS 304K AND 304L WITH A GRADE OF AT LEAST C- IN EACH, AND MATHEMATICS 408C AND 408D, OR MATHEMATICS 408K AND 408L, WITH A GRADE OF AT LEAST C- IN EACH.

Economics 329 is an introduction to Economic Statistics. The aim of the course is to familiarize students with methods of summarizing collections of measurements (data sets) of economic, political and business phenomena. Of particular concern will be an introduction to elementary probability theory and its use in the interpretation of summary statistics (inference) obtained from statistical data sets. A number of economic, political and business applications will be used to illustrate the methods. If more information is needed contact instructor.

ECO 339L • International Finance

34270 • Fall 2012
Meets TTH 200pm-330pm ART 1.120
show description

HOW FOREIGN EXCHANGE RATES ARE DETERMINED, WHY NATIONAL INTEREST RATES DIFFER, WHY RISK IS INHERENT WHEN TRADING IN INTERNATIONAL FINANCE MARKETS, AND THE ROLE OF INTERNATIONAL ORGANIZATIONS SUCH AS THE INTERNATIONAL MONETARY FUND IN CRISIS MANAGEMENT.

PREREQUISITE: ECONOMICS 420K AND 320L WITH A GRADE OF AT LEAST C- IN EACH.

The typical questions addressed in this class are: Why do countries engage (increasingly) in trade? What factors affect trade flows? Is trade always good for everybody? Should we manage trade flows and if so, do quotas, subsidies and tariffs make sense? What is a balance-of-payments crisis and what happened in 1971-73? How are exchange rates determined, anyways? Who and what factors determine the exchange rate? What role does the Federal Reserve and capital markets play? What are the main characteristics of international capital / financial markets? The class covers the two aspects of trade: real (physical flows, 1/3 of the class) and monetary (exchange rate, money, institutions, policies, 2/3 of the class). We concentrate on theories (normative, long run) as well as on policies (positive, short run). Numerous real-world examples are taken and current policy debates are explored; the illustrations include trade with China, the repercussions of the ongoing world crisis, the value of the dollar… you name it. The objective of the class is to enrich your mind in two ways. First you will learn new definitions, tools, models and the accompanying illustrations. Second you will use those tools to think analytically and critically about the economic situations and issues that surround us. Given the topic and news, class participation and critical thinking are encouraged.

ECO 304L • Intro To Macroeconomics-Honors

34155 • Spring 2012
Meets TTH 330pm-500pm WEL 1.308
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 304L • Introduction To Macroeconomics

34165 • Spring 2012
Meets TTH 330pm-500pm WEL 1.308
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 329 • Economic Statistics

34265 • Spring 2012
Meets TTH 1100am-1230pm ART 1.102
show description

METHODS OF STATISTICAL ANALYSIS AND INTERPRETATION OF QUANTITATIVE DATA IN THE FIELD OF ECONOMICS. REQUIRED OF ECONOMICS MAJORS.

PREREQUISITE: ECONOMICS 304K AND 304L WITH A GRADE OF AT LEAST C- IN EACH, AND MATHEMATICS 408C AND 408D, OR MATHEMATICS 408K AND 408L, WITH A GRADE OF AT LEAST C- IN EACH.

Economics 329 is an introduction to Economic Statistics. The aim of the course is to familiarize students with methods of summarizing collections of measurements (data sets) of economic, political and business phenomena. Of particular concern will be an introduction to elementary probability theory and its use in the interpretation of summary statistics (inference) obtained from statistical data sets. A number of economic, political and business applications will be used to illustrate the methods. If more information is needed contact instructor.

ECO 329 • Economic Statistics

34165 • Fall 2011
Meets TTH 330pm-500pm JES A121A
show description

METHODS OF STATISTICAL ANALYSIS AND INTERPRETATION OF QUANTITATIVE DATA IN THE FIELD OF ECONOMICS. REQUIRED OF ECONOMICS MAJORS.

PREREQUISITE: ECONOMICS 304K AND 304L WITH A GRADE OF AT LEAST C- IN EACH, AND MATHEMATICS 408C AND 408D, OR MATHEMATICS 408K AND 408L, WITH A GRADE OF AT LEAST C- IN EACH.

Economics 329 is an introduction to Economic Statistics. The aim of the course is to familiarize students with methods of summarizing collections of measurements (data sets) of economic, political and business phenomena. Of particular concern will be an introduction to elementary probability theory and its use in the interpretation of summary statistics (inference) obtained from statistical data sets. A number of economic, political and business applications will be used to illustrate the methods. If more information is needed contact instructor.

ECO 339L • International Finance

34180 • Fall 2011
Meets TTH 200pm-330pm ART 1.120
show description

HOW FOREIGN EXCHANGE RATES ARE DETERMINED, WHY NATIONAL INTEREST RATES DIFFER, WHY RISK IS INHERENT WHEN TRADING IN INTERNATIONAL FINANCE MARKETS, AND THE ROLE OF INTERNATIONAL ORGANIZATIONS SUCH AS THE INTERNATIONAL MONETARY FUND IN CRISIS MANAGEMENT.

PREREQUISITE: ECONOMICS 420K AND 320L WITH A GRADE OF AT LEAST C- IN EACH.

The typical questions addressed in this class are: Why do countries engage (increasingly) in trade? What factors affect trade flows? Is trade always good for everybody? Should we manage trade flows and if so, do quotas, subsidies and tariffs make sense? What is a balance-of-payments crisis and what happened in 1971-73? How are exchange rates determined, anyways? Who and what factors determine the exchange rate? What role does the Federal Reserve and capital markets play? What are the main characteristics of international capital / financial markets? The class covers the two aspects of trade: real (physical flows, 1/3 of the class) and monetary (exchange rate, money, institutions, policies, 2/3 of the class). We concentrate on theories (normative, long run) as well as on policies (positive, short run). Numerous real-world examples are taken and current policy debates are explored; the illustrations include trade with China, the repercussions of the ongoing world crisis, the value of the dollar… you name it. The objective of the class is to enrich your mind in two ways. First you will learn new definitions, tools, models and the accompanying illustrations. Second you will use those tools to think analytically and critically about the economic situations and issues that surround us. Given the topic and news, class participation and critical thinking are encouraged.

ECO 304L • Intro To Macroeconomics-Honors

34350 • Spring 2011
Meets TTH 330pm-500pm WCH 1.120
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 304L • Introduction To Macroeconomics

34360 • Spring 2011
Meets TTH 330pm-500pm WCH 1.120
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 329 • Economic Statistics

34445 • Spring 2011
Meets TTH 1100am-1230pm ART 1.102
show description

METHODS OF STATISTICAL ANALYSIS AND INTERPRETATION OF QUANTITATIVE DATA IN THE FIELD OF ECONOMICS. REQUIRED OF ECONOMICS MAJORS.

PREREQUISITE: ECONOMICS 304K AND 304L WITH A GRADE OF AT LEAST C- IN EACH, AND MATHEMATICS 408C AND 408D, OR MATHEMATICS 408K AND 408L, WITH A GRADE OF AT LEAST C- IN EACH.

Economics 329 is an introduction to Economic Statistics. The aim of the course is to familiarize students with methods of summarizing collections of measurements (data sets) of economic, political and business phenomena. Of particular concern will be an introduction to elementary probability theory and its use in the interpretation of summary statistics (inference) obtained from statistical data sets. A number of economic, political and business applications will be used to illustrate the methods. If more information is needed contact instructor.

ECO 329 • Economic Statistics

33435 • Fall 2010
Meets TTH 330pm-500pm JES A121A
show description

METHODS OF STATISTICAL ANALYSIS AND INTERPRETATION OF QUANTITATIVE DATA IN THE FIELD OF ECONOMICS. REQUIRED OF ECONOMICS MAJORS.

PREREQUISITE: ECONOMICS 304K AND 304L WITH A GRADE OF AT LEAST C- IN EACH, AND MATHEMATICS 408C AND 408D, OR MATHEMATICS 408K AND 408L, WITH A GRADE OF AT LEAST C- IN EACH.

Economics 329 is an introduction to Economic Statistics. The aim of the course is to familiarize students with methods of summarizing collections of measurements (data sets) of economic, political and business phenomena. Of particular concern will be an introduction to elementary probability theory and its use in the interpretation of summary statistics (inference) obtained from statistical data sets. A number of economic, political and business applications will be used to illustrate the methods. If more information is needed contact instructor.

ECO 339L • International Finance

33450 • Fall 2010
Meets TTH 200pm-330pm ART 1.120
show description

HOW FOREIGN EXCHANGE RATES ARE DETERMINED, WHY NATIONAL INTEREST RATES DIFFER, WHY RISK IS INHERENT WHEN TRADING IN INTERNATIONAL FINANCE MARKETS, AND THE ROLE OF INTERNATIONAL ORGANIZATIONS SUCH AS THE INTERNATIONAL MONETARY FUND IN CRISIS MANAGEMENT.

PREREQUISITE: ECONOMICS 420K AND 320L WITH A GRADE OF AT LEAST C- IN EACH.

The typical questions addressed in this class are: Why do countries engage (increasingly) in trade? What factors affect trade flows? Is trade always good for everybody? Should we manage trade flows and if so, do quotas, subsidies and tariffs make sense? What is a balance-of-payments crisis and what happened in 1971-73? How are exchange rates determined, anyways? Who and what factors determine the exchange rate? What role does the Federal Reserve and capital markets play? What are the main characteristics of international capital / financial markets? The class covers the two aspects of trade: real (physical flows, 1/3 of the class) and monetary (exchange rate, money, institutions, policies, 2/3 of the class). We concentrate on theories (normative, long run) as well as on policies (positive, short run). Numerous real-world examples are taken and current policy debates are explored; the illustrations include trade with China, the repercussions of the ongoing world crisis, the value of the dollar… you name it. The objective of the class is to enrich your mind in two ways. First you will learn new definitions, tools, models and the accompanying illustrations. Second you will use those tools to think analytically and critically about the economic situations and issues that surround us. Given the topic and news, class participation and critical thinking are encouraged.

ECO 304L-H • Intro To Macroeconomics-Honors

33520 • Spring 2010
Meets TTH 330pm-500pm WCH 1.120
show description

 Dr. V.R. Bencivenga University of Texas at Austin

BRB 3.102C Department of Economics

Telephone: 475-8509 Spring 2010

Email: benciven@eco.utexas.edu

Office hours: T, Th 10:00-11:30

Economics 304L-H: INTRODUCTION TO MACROECONOMICS-HONORS (#33520)

Course Outline and Readings

COURSE GOALS: The objective of this course is to provide a set of concepts and simple models that can be used to understand current and historical macroeconomic experiences of the U.S. and the global economy, and to evaluate arguments about macroeconomic policy.

We will study questions of central importance in macroeconomics, such as the following:

o Why is the US so much richer (per person) than most other countries in the world? Why are some poor countries “catching up,” while others are falling behind?

o The US has suffered through about 20 recessions in the past century (including the Great Depression, and the recent financial and economic crisis), and it has benefitted from 20 “expansions.” What causes business cycles?

o The Federal Reserve changes interest rates to fight inflation. What causes inflation? Why is it regarded as so important that the Fed fight inflation? How does the Fed use interest rates to stabilize the economy?

o Government debt has jumped due to the financial crisis and recession of 2008-09. What are the consequences, now and in the future? Does Social Security need to be reformed? How have other countries dealt with demographic change?

o What causes the US dollar to rise and fall? What’s wrong with the popular argument that international trade exploits workers in developing countries? Is “globalization” responsible for rising inequality in the US distribution of income?

 

In addition, we will emphasize the financial crisis that began in 2008. We will ask the following:

What were the seeds and triggering events of this crisis? What were the contributing roles of the “bubble” in home prices, compensation schemes in financial firms, shoddy lending standards, exotic mortgages, “securitization,” and the “ratings game?” How did problems in the mortgage market grow and spread to cause a national and global financial crisis? Why did the financial crisis cause a recession? Why is it a global event? What policy options were available to the Federal Reserve and the Treasury? Why did they choose the responses we’ve seen—such as “quantitative easing,” the TARP, and “fiscal stimulus?” How is the current crisis similar to and different from previous crises, such as the Asian economic crisis ten years ago, and the Great Depression?

PREREQUISITE: Economics 304K with a grade of at least C- is a prerequisite. 2

OFFICE HOURS: My office hours are T, Th from 10:00-11:30. Honors students have their own TA, Florian Kuhn, who will lead some of the honors classes on Fridays, assist students with their presentations and papers, and hold office hours. Honors students may also visit the office hours of the other TA’s. The names, offices, and office hours of the TA’s will be announced and posted on Blackboard.

TEXTBOOKS: The textbook is MACROECONOMICS, 3rd edition, by R. Glenn Hubbard and A.P. O’Brien (Prentice Hall, 2010). You are required to have the book, or the on-line book. Either can be purchased together with access to MyEconLab, which is required for homework (see below). The book is available at the university bookstore packaged with an access code for MyEconLab. That is the most cost-effective package if you want the book (rather than the on-line book). If you get a used copy (not many around, since the 3rd edition is new), MyEconLab can be purchased on the web site, as can the on-line book. See the publisher’s information sheet (posted on Blackboard).

LECTURE NOTES: I’ll post my lecture slides on Blackboard (see below). These contain outlines, data, graphs, equations, numerical examples, etc. Please bring the relevant slides to each lecture. My lectures assume you’re using the slides as the basis for notes and in-class work.

The slides are organized by topic. Some topics require several classes, and have large numbers of slides. If you’d like to make your printouts of the slides more compact, print multiple pages per sheet.

My lectures assume you have done the reading beforehand. A tentative schedule of readings from Hubbard and O’Brien is given below. Readings from The Economist, Financial Times, and Wall Street Journal, etc., will be made available and assigned on an on-going basis (either posted on Blackboard, or posted as links that can be accessed by logging on to the UT library).

HOMEWORK: This course will use MyEconLab, a web-based instructional tool, for homework. Students register for MyEconLab at http://www.myeconlab.com/students. A new copy of the book comes with an access code you use to register on the web site. If you choose the e-book or a used book, MyEconLab can be purchased on the web site. There will be approximately ten homework assignments. You will always have at least a week to complete an assignment once it is posted.

HONORS SECTION: In the honors section (F 1:00-2:00, BRB 1.120), the class will analyze articles on current macro events from The Economist, Financial Times, Wall Street Journal, etc. I’ll post the article, and we’ll analyze it using concepts and models from the course. Some sections will be led by the TA, and I will lead some. Class attendance and participation will count (see below)!

PRESENTATION AND SHORT PAPER: In the honors section, each student will give a 10-15 minute presentation, at some point during the semester, on a macro topic of special interest to him or her. You’ll also write a short paper (7-10 pages) on the material of your presentation. The goal is similar to that of the discussions in the honors section—to take a current event, and to analyze it using concepts and models from the course. Some possible topics are listed below (but you are not limited to these topics!). 3

EVALUATION: Your course score will be a weighted average of your scores on the homework assignments (10%); presentation and paper (10%); attendance in Friday’s section and participation (10%); two midterm exams (20% each); and the final exam (30%). Your course grade will depend on your score relative to the distribution of scores in the class. Pluses and minuses will be given. The dates for the midterms are Feb. 23 and April 1. The final exam will be posted by the registrar about a month ahead. Tentatively, the final exam will be on May 18 from 9:00-noon.

Attendance in Friday’s section will be taken. While being present will count, you’ll increase your participation score by contributing to the discussion each week!

As a general rule, there will be no makeup midterm exams in this course. If you miss an exam due to illness, or a personal or family emergency, and if you provide me with documentation of the event, I will re-weight your other exams. Please keep me informed of any problems you are having that might have an impact on your performance in this class!

BLACKBOARD: The lecture slides, as well as practice material and links to external web sites, will be posted on Blackboard. I will email you from Blackboard each time I post anything new, and any time course information is updated. You are responsible for information emailed from Blackboard, as well as information conveyed in class.

The practice material consists of assignments and practice exams (with answers). This material will be of considerable help in preparing for the exams. You are responsible for all questions in the practice material as well as all questions in your MyEconLab assignments.

TOPICS AND TEXTBOOK READINGS (schedule is approximate):

Week #1 Introduction to macroeconomics (and the financial crisis)

Measuring total production and income (Ch. 7)

Week #2 Unemployment and inflation (Ch. 8)

Week #3 Growth and business cycles (Ch. 9)

Week #4 Long-run growth (Ch. 10)

Week #5 Output and expenditure in the short run (Ch. 11, including appendix)

Week #6 Midterm #1

Week #7 Aggregate demand and aggregate supply (Ch. 12, omit appendix)

Week #8 Money, banks, and the Federal Reserve System (Ch. 13)

Week #9 Monetary policy (Ch. 14)

Week #10 Financial crisis

Week #11 Midterm #2

Fiscal policy (Ch. 15, including appendix)

Week #12 Social Security reform

Week #13 Inflation, unemployment, Fed policy and fiscal policy (Ch. 16, appendix to Ch. 12)

More on the financial crisis

Week #14 International trade (Ch. 6, 17)

Week #15 International finance (Ch. 18)

Final exam 4

POSSIBLE PRESENTATION AND PAPER TOPICS:

o Various aspects of the current financial crisis, the drop in home prices in the US, etc.

o Is it good or bad for the US economy that the central bank of China has been accumulating huge reserves in US dollars?

o What explains the changes in the value of the US dollar since the beginning of the financial crisis? Why did the US dollar strengthen during the crisis, and why has it fallen recently?

o What is “quantitative easing,” and why did the Fed adopt this policy in the fall of 2008? Why are some observers worried that quantitative easing ultimately will cause inflation? Is inflation the inevitable consequence of quantitative easing?

o What was the “stimulus package?” Why do some economists forecast a smaller impact on the economy than the government does? What determines the impact of stimulus spending?

o What is the evidence on the size of the “government spending multiplier,” and the “tax cut multiplier?”

o What are the pro’s and con’s of government-sponsored entities that buy and guarantee mortgage loans (Freddie Mac and Fannie Mae)?

o Certain “ratings agencies” (Moody’s, S&P, Fitch, etc.) are sanctioned by the government (meaning that legally, only assets attaining a certain rating by one of these agencies can be held by pension funds, etc.). Is this good policy?

o Compare the current financial crisis in the US to the financial crisis in Japan in the 1990’s.

o Should the US negotiate as many regional trade agreements as possible, or should we focus on making progress in negotiations within the WTO?

o Is globalization responsible for rising income inequality in the US?

o How worried should we be about the US government deficit and debt?

o What are the options for Social Security reform, and what are the pro’s and cons’s?

o What are the “macroeconomics” of immigration policy?

o What are the most promising factors a country should try to attain in order to have a long period of high growth rates?

o Why is the average unemployment rate in the US lower than in Europe?

o What is hyperinflation? Why did Zimbabwe have a hyperinflation? How

ECO 304L • Introduction To Macroeconomics

33535 • Spring 2010
Meets TTH 330pm-500pm WCH 1.120
show description

Dr. V.R. Bencivenga University of Texas at Austin

BRB 3.102C Department of Economics

Telephone: 475-8509 Spring 2010

Email: benciven@eco.utexas.edu

Office hours: T, Th 10:00-11:30

Economics 304L: INTRODUCTION TO MACROECONOMICS (#33535)

Course Outline and Readings

COURSE GOALS: The objective of this course is to provide a set of concepts and simple models that can be used to understand current and historical macroeconomic experiences of the U.S. and the global economy, and to evaluate arguments about macroeconomic policy.

We will study questions of central importance in macroeconomics, such as the following:

o Why is the US so much richer (per person) than most other countries in the world? Why are some poor countries “catching up,” while others are falling behind?

o The US has suffered through about 20 recessions in the past century (including the Great Depression, and the recent financial and economic crisis), and it has benefitted from 20 “expansions.” What causes business cycles?

o The Federal Reserve changes interest rates to fight inflation. What causes inflation? Why is it regarded as so important that the Fed fight inflation? How does the Fed use interest rates to stabilize the economy?

o Government debt has jumped due to the financial crisis and recession of 2008-09. What are the consequences, now and in the future? Does Social Security need to be reformed? How have other countries dealt with demographic change?

o What causes the US dollar to rise and fall? What’s wrong with the popular argument that international trade exploits workers in developing countries? Is “globalization” responsible for rising inequality in the US distribution of income?

 

In addition, we will emphasize the financial crisis that began in 2008. We will ask the following:

What were the seeds and triggering events of this crisis? What were the contributing roles of the “bubble” in home prices, compensation schemes in financial firms, shoddy lending standards, exotic mortgages, “securitization,” and the “ratings game?” How did problems in the mortgage market grow and spread to cause a national and global financial crisis? Why did the financial crisis cause a recession? Why is it a global event? What policy options were available to the Federal Reserve and the Treasury? Why did they choose the responses we’ve seen—such as “quantitative easing,” the TARP, and “fiscal stimulus?” How is the current crisis similar to and different from previous crises, such as the Asian economic crisis ten years ago, and the Great Depression?

PREREQUISITE: Economics 304K with a grade of at least C- is a prerequisite.

OFFICE HOURS: The names, offices, and office hours of the teaching assistants will be announced and posted on Blackboard. My office hours are T, Th from 10:00-11:30. 2

TEXTBOOKS: The textbook is MACROECONOMICS, 3rd edition, by R. Glenn Hubbard and A.P. O’Brien (Prentice Hall, 2010). You are required to have the book, or the on-line book. Either can be purchased together with access to MyEconLab, which is required for homework (see below). The book is available at the university bookstore packaged with an access code for MyEconLab. That is the most cost-effective package if you want the book (rather than the on-line book). If you get a used copy (not many around, since the 3rd edition is new), MyEconLab can be purchased on the web site, as can the on-line book. See the publisher’s information sheet (posted on Blackboard).

LECTURE NOTES: I’ll post my lecture slides on Blackboard (see below). These contain outlines, data, graphs, equations, numerical examples, etc. Please bring the relevant slides to each lecture. My lectures assume you’re using the slides as the basis for notes and in-class work.

The slides are organized by topic. Some topics require several classes, and have large numbers of slides. If you’d like to make your printouts of the slides more compact, print multiple pages per sheet.

My lectures assume you have done the reading beforehand. A tentative schedule of readings from Hubbard and O’Brien is given below. Readings from The Economist, Financial Times, and Wall Street Journal, etc., will be made available and assigned on an on-going basis (either posted on Blackboard, or posted as links that can be accessed by logging on to the UT library).

HOMEWORK: This course will use MyEconLab, a web-based instructional tool, for homework. Students register for MyEconLab at http://www.myeconlab.com/students. A new copy of the book comes with an access code you use to register on the web site. If you choose the e-book or a used book, MyEconLab can be purchased on the web site. There will be approximately ten homework assignments. You will always have at least a week to complete an assignment once it is posted.

EVALUATION: Your course score will be a weighted average of your scores on the homework assignments (10%); two midterm exams (25% each); and the final exam (40%). Your course grade will depend on your score relative to the distribution of scores in the class. Pluses and minuses will be given. The dates for the midterms are Feb. 23 and April 1. The final exam will be posted by the registrar about a month ahead. Tentatively, the final exam will be on May 18 from 9:00-noon.

As a general rule, there will be no makeup midterm exams in this course. If you miss an exam due to illness, or a personal or family emergency, and if you provide me with documentation of the event, I will re-weight your other exams. Please keep me informed of any problems you are having that might have an impact on your performance in this class!

BLACKBOARD: The lecture slides, as well as practice material and links to external web sites, will be posted on Blackboard. I will email you from Blackboard each time I post anything new, and any time course information is updated. You are responsible for information emailed from Blackboard, as well as information conveyed in class.

The practice material consists of assignments and practice exams (with answers). This material will be of considerable help in preparing for the exams. You are responsible for all questions in the practice material as well as all questions in your MyEconLab assignments. 3

TOPICS AND TEXTBOOK READINGS (schedule is approximate):

Week #1 Introduction to macroeconomics (and the financial crisis)

Measuring total production and income (Ch. 7)

Week #2 Unemployment and inflation (Ch. 8)

Week #3 Growth and business cycles (Ch. 9)

Week #4 Long-run growth (Ch. 10)

Week #5 Output and expenditure in the short run (Ch. 11, including appendix)

Week #6 Midterm #1

Week #7 Aggregate demand and aggregate supply (Ch. 12, omit appendix)

Week #8 Money, banks, and the Federal Reserve System (Ch. 13)

Week #9 Monetary policy (Ch. 14)

Week #10 Financial crisis

Week #11 Midterm #2

Fiscal policy (Ch. 15, including appendix)

Week #12 Social Security reform

Week #13 Inflation, unemployment, Fed policy and fiscal policy (Ch. 16, appendix to Ch. 12)

More on the financial crisis

Week #14 International trade (Ch. 6, 17)

Week #15 International finance (Ch. 18)

Final exam

ECO 339L • International Finance

33670 • Spring 2010
Meets TTH 200pm-330pm ENS 115
show description

 

 Dr. Valerie R. Bencivenga University of Texas at Austin

BRB 3.102C Department of Economics

Office hours: T, Th 10:00-11:30 Spring 2010

Email: benciven@eco.utexas.edu

Course Outline

Economics 339L: INTERNATIONAL FINANCE

Unique number 33670 (ETC 2.136)

 

COURSE GOALS

This course begins with core material of international finance (exchange rates, foreign exchange markets, and the short-run and long-run relationships among exchange rates, interest rates, price levels, inflation rates, and real incomes). Next we’ll cover fundamentals concerning exchange rates and macroeconomics (balance of payments, domestic and foreign debt, the determinants of inflation, financial development and financial market regulation). Different exchange rate regimes are of central importance in macroeconomics (fixed vs. floating exchange rates, currency boards, and currency areas such as the euro). Finally, we’ll study financial crises and currency crashes, including the international finance aspects of the recent global economic crisis, but also many other historical episodes.

At the conclusion of this course, you will understand the forces that determine exchange rates, how foreign exchange markets work, basic financial instruments based on exchange rates, the advantages and disadvantages of various exchange rate regimes, the relationship between inflation and exchange rates, and the relationships among financial markets, capital flows, and exchange rates. This material will contribute to your understanding of economic history, economic development, contemporary policy debates about levels of government debt and financial market regulation, and conditions facing international businesses.

 

PREREQUISITES

Enrollment in this course requires you to have taken Eco 420K and Eco 320L, with a grade of at least C- in each.

 

TEXTBOOKS

There are two required books. The main textbook is International Economics by Robert C. FEENSTRA and Alan M. TAYLOR (Worth, 2008). Alternatively, you may use the finance “split” of this book, International Macroeconomics. This is widely regarded as the best, most modern book on international economics.

The other book is This Time is Different: Eight Centuries of Financial Folly by Carmen M. REINHART and Kenneth S. ROGOFF (Princeton University Press, 2009). This is a great history of financial crises and economic crises.

 

EVALUATION

Your course grade will be based on two midterm exams (25% each), a final exam (35%), and several homework assignments (15%). Pluses and minuses will be used.

The dates of the in-class midterms are February 23 and April 1. The final exam is tentatively scheduled to be on Saturday May 15 (9:00am to noon). The official date, time, and room for the final will be posted by the registrar about a month ahead.

As a general rule, there will be no makeup midterms. If you miss a midterm due to illness or a personal or family emergency, and if you provide me with documentation of the event, I will re-weight your other exams. Please keep me informed of any problems you are having that might have an impact on your performance in this class!

 

HOMEWORK

There will be one or two homework assignments leading up to each of the three exams (i.e., a total of three to six assignments). Each assignment will consist of a combination of analytical problems, and questions based on articles from newspapers such as The Economist, Financial Times, or Wall Street Journal. You’ll have at least a week to complete each assignment.

 

SLIDES, HANDOUTS, AND PRACTICE MATERIALS

I will put most of my lectures on slides or handouts, which I will post on Blackboard. These will contain point-form outlines, data, graphs, equations, numerical examples, etc. When possible, I’ll post them in advance, so you can take notes on them. I’ll also post practice exams before your midterms and final.

 

BLACKBOARD AND EMAIL

I’ll post all course materials on Blackboard (course outline, lecture slides and handouts, homework assignments and answers, practice exams and answers, etc.). Every time I post something, I’ll email the class from Blackboard. I’ll update course information (homework due dates, TA office hour information, etc.) on Blackboard, and by email. You are responsible for all information conveyed in class, as well as announcements emailed from Blackboard.

 

OFFICE HOURS

My office hours will be Tuesdays and Thursdays, from 10:00 to 11:30. The TA’s office hours are TBA.

 

TEACHING ASSISTANT

The TA for this course is Jacqueline Kirby. Her office number and office hours are TBA.

 

SCHEDULE OF TOPICS AND READINGS (TENTATIVE)

Here is the schedule of readings from Feenstra and Taylor (FT) and Reinhart and Rogoff (RR). Italicized chapters/sections will be covered if time permits. In addition to these readings, articles on current economic events and policy issues from The Economist, Financial Times, Wall Street Journal, on-line journals such as Economists’ Voice, and blogs such as Calculated Risk and Greg Mankiw’s Blog will be assigned on an on-going basis. I’ll post these added readings on Blackboard, and I’ll email you each time I post something.

 

Week 1: The Global Economy (FT, ch 12)

 

Week 2: Introduction to Exchange Rates and the Foreign Exchange Market (FT, ch 13)

 

Weeks 3-4: Exchange Rates I: The Monetary Approach in the Long Run (FT, ch 14)

 

Weeks 4-5: Exchange Rates II: The Asset Approach in the Short Run (FT, ch 15)

 

MIDTERM EXAM #1

 

Week 6: National and International Accounts: Income, Wealth, and the Balance of Payments (FT, ch 16)

Balance of Payments I: The Gains from Financial Globalization (FT, ch 17)

Weeks 7-8: Balance of Payments II: Output, Exchange Rates, and Macroeconomic Policies in the Short Run (FT, ch 18)

 

Week 8-9: Fixed vs. Floating: International Monetary Experience (FT, ch 19)

The Euro (FT, ch 21)

 

Week 10: Exchange Rate Crises: How Pegs Work and How They Break (FT, ch 20)

 

MIDTERM EXAM #2

 

Week 11: Financial Crises: An Operational Primer (RR, Part 1)

Varieties of Crises and Their Dates (RR, ch 1)

Debt Intolerance: The Genesis of Serial Default (RR, ch 2)

A Global Database on Financial Crises with a Long-Term View (RR, ch 3)

Sovereign External Debt Crises (RR, Part II)

A Digression on the Theoretical Underpinnings of Debt Crises (RR, ch 4)

Cycles of Sovereign Default on External Debt (RR, ch 5)

External Default through History (RR, ch 6)

The Forgotten History of Domestic Debt and Default (RR, Part III)

The Stylized Facts of Domestic Debt and Default (RR, ch 7)

Domestic Debt: The Missing Link Explaining External Default and High Inflation (RR, ch 8)

Domestic and External Default: Which is Worse? Who is Senior (RR, ch 9)

 

Week 12-13: Banking Crises, Inflation, and Currency Crises (RR, Part IV)

Banking Crises (RR, ch 10)

Default through Debasement: An “Old World” Favorite (RR, ch 11)

Inflation and Modern Currency Crashes (RR, ch 12)

 

Week 14-15: The US Subprime Meltdown and the Second Great Contraction (RR, Part V)

The US Subprime Crisis: An International and Historical Comparison (RR, ch 13)

The Aftermath of Financial Crises (RR, ch 14)

The International Dimensions of the Subprime Crisis: The Results of Contagion or Common Fundamentals? (RR, ch 15)

Composite Measures of Financial Turmoil (RR, ch 16)

What Have We Learned (Part VI)

Reflections on Early Warnings (RR, ch 17)

 

FINAL EXAM

ECO 320L • Macroeconomic Theory

33770 • Fall 2009
Meets TTH 200pm-330pm ENS 115
show description

 

Dr. Valerie R. Bencivenga                                                                             University of Texas at Austin

BRB 3.102C                                                                                                         Department of Economics

office hours:  T, Th 11:00-12:30                                                                                                     Fall 2009

email:  benciven@eco.utexas.edu

 

                                                                        Course Outline

                                          Economics 320L:  MACROECONOMIC THEORY

                                              (Unique Number 33770, T Th 2-3:30, ENS 115)

 Course goals

The purpose of this course is to teach an analytical framework that can be used to understand the macroeconomic performance of the U.S. and other countries, and the consequences of macroeconomic policies, such interest rate policy, financial market regulation, and government taxation and spending.

 Some of the questions we will address are:

  • What causes business cycles? What caused the Great Depression? Why was the current recession so severe?
  • When financial markets are disrupted, as they have been since 2007, how does that affect the overall economy (income, unemployment, inflation, etc.)? What roles did subprime mortgages, mortgage fraud, securitization, the ratings agencies, and the GSE's (Freddie Mac and Fannie Mae) play in the crisis in financial markets?
  • What causes inflation? If a country has a high inflation rate (in the extreme, a hyperinflation), how can inflation be stopped? Will the U.S. government budget deficit cause future inflation?
  • How are exchange rates determined? Why is the US dollar sometimes "strong" and sometimes "weak?" What role did international capital flows and exchange rate policies of other countries play in the current global recession? What is the relationship between globalization, international trade, and exchange rates?
  • Are long-run growth rates of per capita income slowing down or rising? Are poor countries catching up to rich countries, and if not, why not? Which is more important to growth, education or investment? Why is there a "brain drain" from poor to rich countries?

 Prerequisites

Economics 304K, 304L, and 420K, with a grade of at least C-minus in each.

 Textbook

The main required textbook for this course is Macroeconomics by Andrew B. Abel, Ben S. Bernanke, and Dean Croushore (Addison-Wesley, sixth edition, 2008).  You will also be assigned four chapters from The Elusive Quest for Growth by William Easterly (MIT Press, 2001).  Additional readings from The Economist, Wall Street Journal, Financial Times, miscellaneous blogs, and web sites of the Federal Reserve will be announced and posted during the semester, as we cover current economic events.  A schedule of readings is given below.

 Assessment

Your course grade will be based on approximately ten homework assignments (worth 10%); two midterm exams (worth 30% each); and a final exam that is not cumulative (worth 30%).  Your grade will depend on your weighted average course score, and your performance relative to the class.  Pluses and minuses will be used.  Midterm exam dates are Oct. 6 (MT#1) and Nov. 3 (MT#2).  Please see the registrar's web site for the date and time of the final exam: http://registrar.utexas.edu/schedules/099/finals/index.html.

 Homework

This course will use myeconlab, a web-based lab for homework that accompanies the main textbook.  Students register for myeconlab at http://www.myeconlab.com/students.  If you purchase a new copy of the textbook, it comes with an access code that you use to register on the web site.  If you purchase a used copy of the textbook, you can purchase access online (on the web site).

 Handouts

I've put together a series of handouts to be used in lecture.  The handouts vary in content (lecture outlines, examples, models, graphs, data, etc.).  Please make sure you bring the handouts to lecture-my lectures assume you have the relevant handout in front of you.  These handouts will be posted on Blackboard on an on-going basis.

 Practice materials

There is a set of practice assignments and exams (with answers), compiled from previous semesters.  The practice assignments have problems and multiple choice questions that resemble those on the exams.  The practice materials will be of considerable help in preparing for the exams.  You are responsible for all of the questions in practice materials as well as those in the myeconlab assignments you will be submitting for a grade (there is large but not complete overlap of types of questions).  Therefore, you should put as much effort into the practice materials as you do into the myeconlab assignments.  The practice material will be posted on Blackboard.

 Blackboard

I will post everything on Blackboard, and I'll send you an email every time I post something new.  Under "course documents" you will find folders for lecture handouts and practice material.  Some supplementary readings will be posted using "external links."

 Office hours

My office hours are T, Th 11:15-12:45, and by appointment.  In addition, the teaching assistant for this course will hold office hours (to be announced).

 Schedule of topics and readings

 Class 1:                 Introduction (ch. 1)

Classes 2-3:           Measurement and structure of the economy (ch. 2)

Classes 4-5:           Production function, output, and employment (ch. 3) FE line (section 9.1)

Classes 6-8:           Consumption, saving, and investment (ch. 4) IS curve (section 9.2)

Classes 9-10:         Asset markets and the Federal Reserve LM curve (section 9.3)

Class 11:               IS-LM model (section 9.4)

 Class 12:               Midterm exam #1

Class 13:               Real business cycle theory (10.1)

Class 14:               Misperceptions theory and the New Classical Model (sections 10.2-3)

Class 15:               New Keynesian Model (notes)

Class 16:               Efficiency wages and sticky prices (ch. 11)

Class 17:               Open economy equilibrium (ch. 4)

Class 18:               Trade and globalization (notes)

Class 19:               Exchange rates (ch. 13)

 Class 20:               Midterm #2

 Classes 21-24:       Financial crisis (notes and articles from WSJ, Economist, Financial Times, miscellaneous blogs, Federal Reserve, etc.-to be posted on Blackboard)

Classes 25-29:       Long-Run Economic Growth (ch 6, Easterly, especially ch 1, 3, 8, 9, and notes)

ECO 329-H • Economic Statistics-Honors

33820 • Fall 2009
Meets TTH 930-1100 BRB 1.120
show description

 

Dr. Valerie R. Bencivenga                                                                             University of Texas at Austin

BRB 3.102C                                                                                                         Department of Economics

office hours:  T, Th 11:00-12:30                                                                                                     Fall 2009

benciven@eco.utexas.edu

 

                                                                        Course Outline

Economics 329-H:  ECONOMIC STATISTICS - HONORS

(Unique number 33820, T, Th 9:30-11, BRB 1.120)

 Course goals

            Economic Statistics-Honors is a first course in the quantitative methods that are widely used in economics and business.  The three main objectives of this course are to teach students how to build and analyze probability models of economic and business situations; to introduce a variety of statistical methods used to draw conclusions from economic data; and to lay a foundation for econometrics.  Compared to a regular section, this honors section covers the mathematical foundations of core methods in somewhat greater depth; however, mostly we add additional interesting topics (such as forecasting methods used in finance, and quality control methods used in industry), and empirical applications.

 

Textbooks

            The required textbook is Modern Mathematical Statistics by Devore and Beck (Thomson Brooks/Cole, 2007).  A schedule of topics and readings is below.

 

Evaluation

            Your course grade will be based on two midterm exams (25% each), a final exam (35%), and two projects (15%).  It will depend on your weighted average course score, and your performance relative to the class.  Pluses and minuses will be used.  All exams are open book, open notes exams.  The final exam is not cumulative.  The dates for the exams are as follows:

 

            Midterm #1:   Oct. 6  (in class)

            Midterm #2:   Nov. 12  (in class)

            Final exam:     http://registrar.utexas.edu/schedules/099/finals/index.html

Projects

            The first project (10%) consists of five applications of methods we cover in class.  These applications include detecting racial discrimination in the death penalty, using ANOVA to identify the most effective medical treatment, sequential sampling (important in industrial applications), and updating forecasts based on preliminary data released by the government.  This project is basically a substantial homework assignment.  It is posted on Blackboard.

            For the second project (5%), you'll choose a data set of interest to you, and apply the methods of this class to describe the data, and test hypotheses about the process that generated the data.  The write-up should be about 5-6 pages (but it can be longer).  A detailed description of this project is posted on Blackboard.  A long list of web sites with interesting data sets is given there, although you are welcome to find (or gather) your own data set.  This project is intended to be open-ended and flexible-to give you a chance to investigate some data that interest you-and the TA and I will be available to help you.

            Both projects are due on the last day of class (at 4pm in my mailbox).

 

Lecture notes

            I have put together a set of lecture notes for you.  These notes have many types of content-outlines, numerical examples, practice problems we'll do in class, graphs, probability and statistical theory, etc.  They are comprehensive, but I've written them to be completed in class.  Please bring the notes to class-my lectures assume you have them in front of you.  They are organized by chapter, and posted on Blackboard in a file under course documents.  I will email you if I post anything additional, or if I revise any document already posted.


Practice homework assignments, and practice exams

            I have posted homework assignments and exams (all with detailed answers) from previous semesters.  (There are two semesters of homework, and three semesters of exams).  The homework assignments are essential to learning the material; take them just as seriously-and devote just as much time to them-as you would if they were graded.  The TA will hold occasional review sessions to go through selected problems from the practice material.  The problems on exams in this course are similar to those on the homework, although they are less intricate due to the time constraints of an exam.  All of this material is posted on Blackboard, organized in folders under course documents.

 

Office hours/reviews

            My office hours will be on Tuesdays and Thursdays from 11:15-12:45.  The teaching assistant also will hold office hours (to be announced).  These will be scheduled and announced once the course is under way.

 

Prerequisites

            The prerequisites for this course are grades of at least C- in ECO 304K /L, and MATH 408C/D or MATH 408K/L with concurrent enrollment in MATH 408M (or the equivalent).

 

Schedule of readings

Weeks 1, 2:              Ch. 1:  Data and Descriptive Statistics                                     Aug. 27-Sept. 3

Weeks 3, 4:              Ch. 2:  Probability                                                                     Sept. 8-17

Weeks 5, 6:              Ch. 3:  Discrete Random Variables Probability Distributions Sept. 22-Oct. 1

                                 Ch. 5:  Joint Probability Distributions (omit 5.5)

Weeks 7, 8, 9:          Ch. 4:  Continuous Random Variables and Probability                       Oct. 8-20

                                                 Distributions (omit 4.4-4.5)

Weeks 9, 10:            Ch. 6:  Statistics and Sampling Distributions                           Oct. 22-29

                                 Ch. 7:  Point Estimation (omit 7.3-7.4)

Weeks 11, 12:          Ch. 8:  Statistical Intervals Based on a Single Sample             Nov. 3-10

Weeks 13, 14:          Ch. 9:  Tests of Hypotheses Based on a Single Sample                        Nov. 17-24

Week 15:                 Ch. 10:  Inferences Based on Two Samples (omit 10.6)                       Dec. 1-3

                                 Ch. 14:  Alternative Approaches to Inference (time permitting)

ECO 304L • Intro To Macroeconomics-Honors

32990 • Spring 2009
Meets TTH 1230pm-200pm BRB 1.118
show description

ANALYSIS OF THE ECONOMY AS A WHOLE (ITS ORGANIZATION AND THE BASIC FORCES INFLUENCING ITS GROWTH AND DEVELOPMENT); MONEY AND BANKING, NATIONAL INCOME, PUBLIC FINANCE, AND INTERNATIONAL LINKAGES.

PREREQUISITE: ECONOMICS 304K WITH A GRADE OF AT LEAST C-.

DESIGNED TO ACCOMMODATE 100 OR MORE STUDENTS.

This course is designed to introduce students to the vocabulary, concepts and models of analysis of macroeconomics. We will discuss the behavior of the aggregate economy, particularly the Gross Domestic Product; Consumption; Savings; Investment,Unemployment; Inflation; the role of the Monetary System and and Policy, the role of Taxes, Government Spending and Fiscal Policy; the National Debt and Government Budget Deficits and Surpluses; Exports, Imports and International Trade.

 

ECO 320L • Macroeconomic Theory

33090 • Spring 2009
Meets TTH 1100-1230pm UTC 3.122
show description

THEORY OF THE DETERMINATION OF NATIONAL INCOME, EMPLOYMENT, AND THE PRICE LEVEL, WITH POLICY IMPLICATIONS. REQUIRED OF STUDENTS MAJORING IN ECONOMICS.

PREREQUISITE: ECONOMICS 420K WITH A GRADE OF AT LEAST C-.

The purpose of this course is to further students' understanding of the central ideas of macroeconomics.  We will study long-run economic growth and short-run economic fluctuations.  Once we have a basic understanding of these phenomena, we will discuss the main macroeconomic tools of the government, fiscal policy and monetary policy.  By the end of the semester, students should be able to critically read articles on current economic issues that appear in publications such as The New York Times, The Wall Street Journal, and The Economist.

ECO 329 • Economic Statistics-Honors

33150 • Spring 2009
Meets TTH 330pm-500pm BRB 2.136
show description

METHODS OF STATISTICAL ANALYSIS AND INTERPRETATION OF QUANTITATIVE DATA IN THE FIELD OF ECONOMICS. REQUIRED OF ECONOMICS MAJORS.

PREREQUISITE: ECONOMICS 304K AND 304L WITH A GRADE OF AT LEAST C- IN EACH, AND MATHEMATICS 408C AND 408D, OR MATHEMATICS 408K AND 408L, WITH A GRADE OF AT LEAST C- IN EACH.

Economics 329 is an introduction to Economic Statistics. The aim of the course is to familiarize students with methods of summarizing collections of measurements (data sets) of economic, political and business phenomena. Of particular concern will be an introduction to elementary probability theory and its use in the interpretation of summary statistics (inference) obtained from statistical data sets. A number of economic, political and business applications will be used to illustrate the methods. If more information is needed contact instructor.

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