Macroeconomics
SYLLABUS MACROECONOMICS ECO394L Fall 2022 Natassa Zervou August 21, 2022 Lectures Mondays and Wednesdays, 11:00 am-12:30 pm CT, BRB 1.118. Instructor and TA Instructor: Professor Anastasia (Natassa) Zervou The best way to contact me is via email, from your UT email address to my UT email address:
[email protected] Office Hours in zoom: Mondays, 13:00-14:30 pm CT Teaching Assistant: Zhenning Zhao
[email protected] Office Hours in zoom: Wednesdays 13:00-14:00 pm CT (tentative) Help sessions: Fridays 2:00-3:30 pm CT Course Description, Textbook, and Prerequisites Course Description: Modern macroeconomics builds on microfoundations. This is the approach that we will take in the course. We construct step-by- step a micro-founded macroeconomic model where consumers and firms optimize and interact, yielding macroeconomic outcomes. Dynamic deci- sions are key. We will use the model we built in order to study business cy- cles, macro-finance, fiscal and monetary policy issues. We will modify our model appropriately in order to understand the basic ideas behind the two 1 mailto:
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[email protected] main schools of thought: New Keynesian and Real Business Cycle Theory. We will see the differences between these two schools through their con- clusions for optimal monetary policy and business cycles. Textbook: Our main textbook is Modern Macroeconomics by S. Chugh, MIT press. We will also use the appendix of S. Williamson’s, Macroeco- nomics. Additional readings and notes will be provided through Canvas. Prerequisites: You are expected to be familiar with the basics of consumer and firm theory, and with solving optimization problems with functions of several variables. Grading A) 25 points: There will be 6 homework assignments all having the same weight towards your grade. Tentative homework deadlines: Sep 9, Sep 23, Oct 7, Oct 28, Nov 4, Nov 18 B) 52 points: in-class exams, count for 26 points each, scheduled for October 17 & November 30. C) 23 points: take-home exam, scheduled for December 9 (the date of the scheduled final); students will have it available from Dec 9, 12:01 am to Dec 9, 11:59 pm CT (24 hours) for completing the take-home exam. The take- home exam will require access to a computer and internet, and running dynare. Course policies Assignments & grading All material will be posted in Canvas (including possible changes to the syllabus). Homework assignments: There will be 6 homework assignments all having the same weight towards your grade. The lowest graded homework will not count towards your grade; that is, only the 5 homework assignments with the highest score will count. Homework counts for 25 points. Late homework will not be accepted nor other types of accommodation could be given. The lowest graded homework assignment will not be taken into account to provide some flexibility. The dates of the assignments are announced at the beginning of the semester, and please allow time to be 2 Jirapat Jirapat Jirapat Jirapat able to complete the assignment on time. Please take into account that there might be arising personal circumstances that disrupt your schedule, but also allow time in order to avoid internet interruptions and other technical problems, which I will not be able to accommodate. Students are allowed/encouraged to discuss the homework assignments (except for the take-home exam) with their working group assigned to them by the instructor at the beginning of the semester (but no other stu- dents). However, students must submit their own write-up of solutions (see honor code below for details). A student might choose not to partici- pate in group activities; however, if two or more students of a group decide to discuss class material, then the whole group should be notified. There is no make-up exam or assignment for reasons outside the university excused absences, and should be requested through the Dean of Students office: Dean of Students info. If unable to attend the first exam, the weight of the first exam will be transferred to the second exam, so the second exam will be weighted as 52 points. Those requests should be sent to Prof. Zer- vou in writing (email is fine) before the exam, or at the earliest possible. The TA does not handle those issues. Re-grading requests refer to the whole exam/assignment and not to spe- cific questions/parts. Regrading could be considered only for assignments/exams written in pen (and not in pencil). All requests should be made in writing (email is fine) to Prof. Zervou within three working days of receiving tests and assignments back. Later requests will not be accepted. Help sessions material is part of the course material. We try to record the help sessions, so the answers to the homework solutions are available to you at all times. We do not post written solutions. I will use plus/minus grade categories when assigning final grades (i.e. A, A-, B+, B,...D-, F). Grades will be curved, meaning that your letter grade will be assigned based on your weighted average course score and your performance relative to the rest of the class. Please do not ask me about extra credit or extra work to improve your grade, as these are not available. All instructions, assignments, readings and essential information and communication will be on the Canvas website at Canvas link. Specifically, I will be updating the file "structure notes" with links to all class material. Please follow the updates to this file closely. Use of Class Materials No materials used in this class, including, but not limited to, lecture hand- outs, videos, assessments (quizzes, exams, papers, projects, homework as- 3 https://deanofstudents.utexas.edu/emergency/absencenotificationrequest.php https://utexas.instructure.com Jirapat Jirapat Jirapat Jirapat signments), in-class materials, review sheets, and additional problem sets, may be shared online or with anyone outside of the class unless you have my explicit, written permission. Unauthorized sharing of materials pro- motes cheating. It is a violation of the University’s Student Honor Code and an act of academic dishonesty. I am well aware of the sites used for sharing materials, and any materials found online that are associated with you, or any suspected unauthorized sharing of materials, will be reported to Student Conduct and Academic Integrity in the Office of the Dean of Stu- dents. These reports can result in sanctions, including failure in the course. Additionally, all these materials are copyright-protected works. Any unau- thorized copying of the class materials is a violation of federal law and may result in disciplinary actions being taken against the student. Class Recordings Class recordings are reserved only for students in this class for educational purposes and are protected under FERPA. The recordings should not be shared outside the class in any form. Violation of this restriction by a stu- dent could lead to Student Misconduct proceedings. Diversity, Equity, and Inclusion It is my intent that students from all diverse backgrounds and perspectives be well served by this course, that students’ learning needs to be addressed, and the diversity that students bring to this class can be comfortably ex- pressed and be viewed as a resource, strength, and benefit to all students. Please come to me at any time with any concerns. Other Please do not use in-class phones/laptops/tablets, as it is destructing to me and to your classmates. If you need to use technology inside the classroom for a specific reason, please let me know before class. During exams, stu- dents are not allowed to have phones with them (e.g., in pockets, desks etc) and should be left, together with other students’ belongings, away from the desk. 4 University Policies & Resources Statement on Academic Integrity The University of Texas Honor Code states: The core values of The University of Texas at Austin are learning, dis- covery, freedom, leadership, individual opportunity, and responsibility. Each member of the university is expected to uphold these values through in- tegrity, honesty, trust, fairness, and respect toward peers and community. Each student in this course is expected to abide by the UT Honor Code and uphold academic integrity. What this means for this course: You are encouraged to study together and to discuss information and concepts cov- ered in lecture and the recitation sections with other students in your as- signed group. However, this cooperation should never involve one stu- dent having possession of or copying directly from another students’ work that is to be graded. Should such copying occur, all students involved will receive zeros for the assignment. In addition, directly copying from web- sites/books etc., for the homework will also return zero for the assignment. In addition, any collaborative behavior or use of unauthorized material for graded work, will lead to University disciplinary action. ADA Notice Students with disabilities may request appropriate academic accommoda- tions from the Division of Diversity and Community Engagement, Services for Students with Disabilities at 471-6259 (voice) or 232-2937 (video phone) or diversity website. Counseling and Mental Health Center The Counseling and Mental Health Center serves UT’s diverse campus community by providing high quality, innovative, and culturally informed mental health programs and services that enhance and support students’ well-being, academic, and life goals. To learn more about your counseling and mental health options, call CMHC at (512) 471-3515. If you are ex- periencing a mental health crisis, call the CMHC Crisis Line 24/7 at (512) 471-2255. 5 http://www.utexas.edu/diversity/ddce/ssd Behavior Concerns Advice Line (BCAL) If you are worried about someone who is acting differently, you may use the Behavior Concerns Advice Line to discuss by phone your concerns about another individual’s behavior. This service is provided through a partnership among the Office of the Dean of Students, the Counseling and Mental Health Center (CMHC), the Employee Assistance Program (EAP), and The University of Texas Police Department (UTPD). Call 512-232-5050 or visit behavior concerns website BeVocal BeVocal is a university-wide initiative to promote the idea that individual Longhorns have the power to prevent high-risk behavior and harm. At UT Austin all Longhorns have the power to intervene and reduce harm. To learn more about BeVocal and how you can help to build a culture of care on campus, go to: BeVocal website. Emergency Evacuation Policy Occupants of buildings on the UT Austin campus are required to evacuate and assemble outside when a fire alarm is activated, or an announcement is made. Please be aware of the following policies regarding evacuation: -Familiarize yourself with all exit doors of the classroom and the building. Remember that the nearest exit door may not be the one you used when you entered the building. -If you require assistance to evacuate, inform me in writing during the first week of class. -In the event of an evacuation, fol- low my instructions or those of class instructors. Do not re-enter a building unless you?re given instructions by the Austin Fire Department, the UT Austin Police Department, or the Fire Prevention Services office. For more information regarding emergency evacuation, please