Fordham University

Department of Economics
ECON 1100 Principles of Macroeconomics Syllabus
Semester: Summer 2024
Dr. Michael Calamari

E-mail: [email protected]
Class Time: Tues, Wednesday and Thursday
Section L21 - 9:00 am – 12 noon

Location: Leon Lowenstein Bldg.

Room 502

Office Hours: Please email me or notify me in class if you’d like to meet. Office hours could take place
during the break, after class or via Zoom.

Text: N. Gregory Mankiw. Principles of Macroeconomics, 9th ed., 2021, South-Western

Cengage Learning.

You can buy or rent either the loose-leaf version or bound text, used or online.
Alternatively, you can buy the e-Text. (Note: We will NOT be using MindTap so you can
purchase the book without it if it is less expensive.)
Other
Reading: While it is not required to read, we will also be referencing current topics in the Wall
Street Journal periodically. The WSJ will help you see how the concepts we will be
discussing apply to everyday life and will give you a better appreciation for business in
general. You should have access to the WSJ through Fordham on the website.
Otherwise there is a student subscription (print or online) you can obtain through WSJ.
Alternatively, you could read the NY Times Business Section.

Course Summary
The objective of macroeconomics is to understand the behavior of the U.S. economy as a whole.
Investment, GDP, interest rates, the budget deficit, inflation, unemployment, banking, monetary and fiscal
policies appear frequently in the media, but are often not fully understood. Macroeconomics studies these
aggregates and their interconnections and looks at the influence of the Federal Reserve and the federal
government. We will begin with a study of macroeconomic concepts and principles and then focus on key
variables above, such as gross domestic product, the unemployment rate, interest rates, and the rate of
inflation. Application to everyday life and business will be a consistent theme throughout the course.
Learning Objectives
Upon Completion of this Course, students will be able to:
 Discuss how economics affects our everyday lives and the business world.
 Explain how the key principles of economics are connected to real world events.
 Describe the forces of supply and demand in shaping economic behavior among households and
businesses.
 Use the data of macroeconomics to define the state of the economy.
 Describe the components that define the real economy in the long run.
 Discuss how the monetary system affects prices and inflation in the economy.

Required Assignments: Assignments will be given for homework. We will review the answers to
assignments in class and the answers will be posted on Blackboard after our review. I will not be
collecting homework assignments, but we will discuss the assignments in small or large groups.
Completion of homework will count toward your class participation grade (see below). Regardless, the
assignments are great practice for the exams and you should come to class with every assignment
completed and be prepared to discuss them. I strongly recommend that you attempt to solve the problems
independently before seeing the solutions and use the solutions to check your work.
Examinations: There will be two exams in addition to a final that will be scheduled during class time. We
will have an exam after covering approximately 4-5 topics. I will give you sufficient advanced notice and
we will do a brief review of what to expect on the exams. The final will NOT be cumulative and will
mostly emphasize the topics we discuss post exam #2; however, it will build upon the concepts covered in
previous exams. We will also review what to expect well in advance of the final. I suggest you bring a basic
calculator to class, which you will also need for exams.

Grading: Course grades will be based on three exams and class participation. Extra credit is not offered
as it distracts students from focusing on exams or homework assignments. The letter grade equivalents
will follow the University standard. Grades will be computed as follows:
Class Participation: 15%
Exam #1 25%
Exam #2 30%
Final: 30%

Missing an Exam: Examinations are to be taken at the time indicated in class. If there are extenuating
circumstances that will cause you to miss an exam, you must advise me by email ASAP, otherwise you will
not earn the points that the exam is worth. You will not be able to make up a missed exam without
completing an Excused Absence Request with an acceptable, verifiable reason. There will be only one
time available for all makeup exams which typically have a higher degree of difficulty. Please reference
the university’s policies on what would be considered an acceptable extenuating circumstance in the
Student Handbook (see link below) under Student Absences.

Class Participation: Class participation is based on (1) your presence in every class (2) your contributions
in class discussions and (3) your full preparedness to discuss and homework assignments in class. It is
worth 15% of your grades. Late arrivals, lack of preparation, failing to pay attention, not completing
assignments or any disruptive behavior will have a detrimental effect on your class participation score and
could impact your ability to continue in the course.
Attendance: Consistent attendance is crucial to success in this class and you are expected to attend every
class. We will work in class on problems and review homework assignments which will be similar to what
will appear on exams. As discussed above, your participation in discussions either as a full class or in small
groups IS part of your grade, therefore frequent absences will affect your final grade. Only reading the text
or borrowing a classmate’s notes will NOT be sufficient for success in this course. We will abide by the
university policy on attendance so if there are extenuating circumstances that will cause you to miss a class,
please notify me by email ASAP to avoid any penalties. Please also inform me in advance if there are
extenuating circumstances that require you to arrive late or leave the class before the end of the period. In
some cases, you may be required to submit written or other proof to your advising dean when missing all
or part of a class, such illness, family emergencies, job interviews, etc. Excessive unexcused absences
could result in a failing grade. Students with documented disabilities should inform me at the beginning of
the semester. You must also register with the Office of Student Services to receive accommodations during
the class or exams. We will closely abide by the university attendance policy so please be familiar with it
(see Student Handbook – link below).

Generative AI tools: To gain the most value from this course, I will be encouraging you to rely on your
own originality and critical, independent thinking skills to complete assignments and engage with course
material. I would also encourage you to use generative AI to explore the topics we discuss in more depth
and potentially for more complex data analysis and discussion. I caution you, however, to ensure you
separate facts from opinion. Many generative AI tools aggregate information from many sources. One
source could be commentators on economics in the media who are not economists and, therefore, you
should be wary of their views.
Ground Rules (we will discuss in more detail in class)
 Listen openly
 Be fully present
 Participate fully
 Ask questions
 Share your knowledge and experiences
 Respect different opinions
 Keep an open mind
 Be comfortable making mistakes
 Take personal responsibility
 Use “parking lot”
 Enjoy!

Lateness and Courtesy: Please arrive on time to class and turn off all cell phones. Texting during class is
not permitted since it distracts students. If you have a personal emergency, please alert me and you can
tend to your messages outside of the classroom. Earphones are not permitted. If you are taking notes on
a laptop or iPad, refrain from chatting or checking email. If I observe that you do not abide by these
lateness and courtesy guidelines, it will affect your class participation grade. I also ask that you do not
start getting your bags together before the end of class as it makes it hard for others to hear the end of
class comments.

Academic Integrity: If you are not already, please familiarize yourself with the universities policies on
academic integrity which we will follow. You can find it in the Student Handbook (link below).

Communication: I will be communicating with the class by e-mail and announcements in Blackboard.
You are responsible for keeping up to date with any information provided in email or Blackboard. If you
need to communicate with me, please do so directly by email.
Course Outline:

I. INTRODUCTION & OVERVIEW

Chapter 1. Ten Principles of Economics
Chapter 2. Thinking Like an Economist
Chapter 3. Interdependence and the Gains from Trade
 II. HOW MARKETS WORK
Chapter 4. The Market Forces of Supply and Demand

III. THE DATA OF MACROECONOMICS

Chapter 10. Measuring a Nation’s Income
Chapter 11. Measuring the Cost of Living
Chapter 15. Unemployment

IV. THE REAL ECONOMY IN THE LONG RUN

Chapter 12. Production and Growth
Chapter 13. Saving, Investment, and the Financial System
Chapter 14. The Basic Tools of Finance

V. MONEY AND PRICES IN THE LONG RUN

Chapter 16. The Monetary System
Chapter 17. Money Growth and Inflation

VI. SHORT-RUN ECONOMIC FLUCTUATIONS (Time Permitting)

Chapter 20. Aggregate Demand and Aggregate Supply

Below is a reminder of other important sources of information for all students:

The Fordham University Student Handbook is provided as a resource and reference guide to University
operations, policies and regulations. You can find the handbook at Student Handbook | Fordham on
www.fordham.edu. You will find information on University policies, Residential Life policies,
and academic policies in the Undergraduate Bulletin.

It is entirely YOUR responsibility to familiarize yourself with these policies as violations of these policies
will not be excused simply by claiming that you not familiar with them. Keep in mind that these policies
may be updated from time to time.

If you do not understand a policy or regulation, it is your responsibility to ask the Dean of Students
Office for clarification or interpretation.