GECON 200

Welcome to the homepage for GECON 200, Introductory Macroeconomics. Below you will find links to all class lectures, as well as some relevant videos and information I’ve created or pulled together from the Internet. If you have anything you think would be worth adding, please let me know. You can find me in my office on: Tuesday 9:00-9:20am; Tuesday 12-1:45pm; Thursday 9:00am-9:20am; and Thursday 11:00am-1:45pm. Please try to make an appointment before coming by.

Note on textbook: This semester we are using a custom book that incorporates material from two different textbooks. Follow this link to help you decide on what you want to purchase (i.e., how you want to read the textbook.) . Buying used copies will not save you money, since you will need to purchase access to two versions of Connect in order to do your work for the course.

Syllabus

Syllabus Details

Connect

Connect Details
  • Step 1: Choose a browser.
    • Connect strongly prefers Chrome or Firefox to other browsers.
  • Step 2: Decide how you want to read the textbook.
  • First, run a check on your computer
  • Sign up for Part I of your course with your section in Connect
  • Sign up for Part II of the course
  • Having trouble? Try the Support Site which includes FAQs, Chat, and a number you can call for help.
    • For any access issues, contact Connect directly. I can only offer limited help accessing Connect
    • For issues with economics, contact me, or the student instructor.

Tutoring and PASS Sessions

Tutoring and PASS Details
  • PASS Sessions will be led by Darren Schlauch between 8-9pm on Sundays (HHS 1201) and Wednesdays (Showker G4). Contact Darren directly for more information.
  • Tutors are privately hired and will often be happy to work with groups of students.
    • Hire tutors early in the semester! Tutors are other JMU students who often get busy with their own work!

Lectures

Material for each quiz is listed in order below, in Connect, and specific page numbers for required reading are listed below as well as linked in the following Google Drive document

Lecture 1: Intro, “Limits, Alternatives, and Choices”, Cost-Benefit Analysis, Unintended Consequences, and Math Review (Ch 1, LS 1) Pages 1-9, box on 14-15, pages 22-26, Levitt/Dubner, and Frank readings, Planet Money podcast.

Links on Trade, Gifts, and Production

  • Link for lecture 1→ Link for podcast to Planet Money’s “Making Christmas More Joyful, And More Efficient” (Canvas link) discusses gift giving and how trade can create value out of nothing. We will discuss why gift giving may or may not be wasteful in class.
  • Freakonomics podcast on gift giving. Levitt gives a not so dour look at gift-giving.
  • Planet Money’s “Cappuccino Reconsidered” discusses trade and the market economy at around the 6:00 mark. Tim Harford makes the point that economists have failed to understand the role of complexity in the market economy.

Invention, Innovation, and Entrepreneurs

Additional Readings

A Video to Summarize Credit and the Economy

QUIZ 1 ON MATH REVIEW, CHAPTER 1 APPENDIX (LS 1 APPENDIX)

Lecture 2: Money, Banking, and Financial Institutions (Ch 2, LS 31) Pages 28-44.

More About Money

The Financial Crisis of 2007

QUIZ 2 ON CHAPTERS 1 & 2 (LS 1 & 31)

Lecture 3: Financial Economics (Ch 5, LS 35) Pages 89-95, Money Creation (Ch 3, LS 32) Pages 47-54.

Stocks

Bonds & Present Value

Banks and Lending

QUIZ 3 ON CHAPTER 3 & 5 (LS 32 & 34)

Lecture 4: Demand, Supply, and Market Equilibrium (Ch 6, LS 3) Pages 108-125 & 130-134, Interest Rates and Monetary Policy (Ch 4, LS 33) Pages 62-65

QUIZ 4 ON CHAPTER 6 & 4 (LS 3)

FIRST MIDTERM ON ALL ABOVE READING, LS, & QUIZZES

Lecture 5: Market Failures: Public Goods and Externalities (Ch 7, LS 5) Pages 136-155, Public Finance: Expenditures and Taxes (Ch 8, LS 16) Pages 160-178

QUIZ 5 ON CHAPTERS 7 & 8 (LS 5 & 16)

Lecture 6: An Introduction to Macroeconomics (Ch 9, LS 23) Pages 181-191, Measuring Domestic Output and National Income Pages (Ch 10, LS 24) 195-203, 206-211, Economic Growth (Ch 11, LS 25) Pages 215-223, 224-233

QUIZ 6 ON CHAPTERS 9, 10 & 11 (LS 23, 24, & 25)

Lecture 7: Business Cycles, Unemployment, and Inflation (Ch 12, LS 26) Pages 236-253, Basic Macroeconomic Relationships (Ch 13, LS 27) Pages 264-268

Real and Nominal GDP

Types of Unemployment & Inflation

QUIZ 7 ON CHAPTERS 12 & 13 (LS 26 & 27)

SWITCH TO FRANK AND BERNANKE CONNECT!

Lecture 8: Saving, Capital Formation, and Financial Markets Pages (Ch 14, LS 8) 277-301, Spending, Output, and Fiscal Policy (Ch 15, LS 11) Pages 307-334, and Appendix 341-342

QUIZ 8 ON CHAPTERS 14 & 15 (LS 8 & 11)

Lecture 9: Monetary Policy and the Federal Reserve (Ch 16, LS 12) Pages 343-369, Interest Rates and Monetary Policy (Ch 4, LS 33) Pages 65-75, Aggregate Demand, Aggregate Supply, and Business Cycles (Ch 17, LS 13) Pages 375-397

  • The Federal Reserve
    • Review pages 35-38 in textbook Ch 2 (31 in LS): Money, Banking, and Financial Institutions
  • Monetary Policy and Economic Fluctuations
    • Review pages 65-83 (65-83 is new reading!) in textbook Ch 4 (33 in LS Part I): Interest Rates and Monetary Policy
  • The Federal Reserve and Interest Rates
    • Review pages 63-65 in textbook Ch 4 (33 in LS Part I): Interest Rates and Monetary Policy
  • How the Fed Controls the Nominal Interest Rate

Monetary Policy

AD/AS and Business Cycles

QUIZ 9 ON CHAPTERS 4, 16 & 17 (LS Part I 33, & LS Part II 12 & 13)

Lecture 10: Ch 18 (14 in LS): Macroeconomic Policy Pages 401-419

Macroeconomic Policy Examples

ShowMeAD-AS1: What stabilization policy can do when there is a negative demand shock.

QUIZ 10 ON CHAPTER 18 (LS 14)

Course CalendarEmbedded LinksPrevious Recessions with Audio and Graphics by the New York Times


The 2008 Meltdown described by PBS Frontline. If you didn’t pay attention back in 2008, you should take the time to watch this movie. PBS “Inside the MeltdownQuestions related to the Inside the Meltdown documentary.


Watch this video if you want to have a better understanding of the securitization process. The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.   


Creative destruction on display in a Hyundai Sonata Hybrid commercial (2011 Super Bowl-Anachronistic City). Schumpeter might have enjoyed this commercial.