Course Intro
This course is about macroeconomics - the study of economic growth, business cycles, money, inflation, government policies, unemployment and asset pricing. The goal of this course is to enable students to assess the macroeconomic environment in which a business operates. Macroeconomic conditions play important roles in business decisions and performance: aggregate income, unemployment, and inflation rate influence profitability, interest rates determine the cost of capital, and exchange rates affect international competitiveness. At the end of the course it is expected that students will be able to critically asses how possible developments in the macroeconomy and international economy -- such as the change in the monetary policy stance by the Central Bank of China or the Federal Reserve, for example -- will affect the business environment relevant to their specific industry. The main prerequisite of this course is intermediate microeconomics. This course also requires basic knowledge of algebra and calculus.
Course Assessment
Many researches in education indicate that students learn more if they keep a constant attention to the material in the course. I think the best way to get this result is through the followings. First, there will one midterm exam(30%) and one final exam (50%). The midterm will be done during regular lecture hours. Second, there will be around five homework assignments (2% each). All of the homework assignments are due in the end of the next lecture and late homework will not be accepted. Lastly, there will be an easy 10 points credit to encourage class participation, which will be based upon my subjective evaluation. All exams are closed book.
Prof. Liutang Gong
Prof. Liutang Gong is now associate Dean and professor of Guanghua school of management. He graduated from Wuhan university where he achieved his bachelor degree, master degree, and Ph.D in mathematics. |
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He has published many papers on top academic journals and the research results are well received. His academic interests include Public finance, economic growth, macroeconomics, dynamic economics and China economy. His teaching courses are Dynamic Optimization; Advanced Microeconomics; advanced Macroeconomics; Topics on Macroeconomics; Dynamic Economics Analysis; Public Finance; Marketing Models; Dynamic Programming; Economic Growth and Investment under Uncertainty. 龚六堂现任北京大学光华管理学院副院长、应用经济系教授、博士生导师,国家杰出青年基金获得者。2004年入选教育部首届“新世纪优秀人才”,获得教育部第九届霍英东基金会全国高校青年教师奖(研究类)一等奖。 在教学方面,为本科生设基础课程《经济学》和《中级宏观经济学》,为研究生开设《高级宏观经济学》、《高级宏观经济学专题》、《公共财政理论》、《动态经济学》、《经济与金融中的优化方法》等专业和基础课程。获得学校“正大奖教金”、“通用电气奖教金”、“中国工商银行奖教金”;出版的教材有《经济增长理论》、《经济学中的优化方法》、《高级宏观经济学》、《动态经济学方法》、《公共财政理论》;其中《动态经济学方法》获得北京市精品教材和国家十一五规划教材。 在科研方面,主要研究方向是宏观经济经济政策、公共财政、经济增长和动态经济学以及相关领域的研究工作。在国际和国内重要刊物发表论文140余篇,在国际主流经济学刊物发表论文30余篇;在国内重要经济学刊物(《经济研究》、《中国社会科学》、《数量经济与技术经济研究》、《管理世界》等发表论文100多篇。研究成果先后获得北京市人文社会科学优秀成果一等奖(第八届、第十二届)、二等奖(第七届、第十一届);第九届霍英东基金会全国高校青年教师奖(研究类)一等奖;2006年获得第四届中国人文社会科学优秀成果三等奖;研究成果《政府政策改变的福利分析方法与应用》入选2010年全国哲学社会科学优秀成果文库;2010年获得厉以宁科研奖。 主持和参与了国家自然科学基金委重大项目、国家教育部人文社会科学十五规划项目、国家社会科学基金、国家自然科学基金委面上项目、香港研究基金会(RGC)和国家自然科学基金委杰出青年基金项目等多项研究基金。同时,主持国家发改委、国家财政部、国家外汇交易中心“中国宏观经济政策与金融形势”、国家开发银行以及中国国际经济研究交流基金等多项课题。参与了“广东省顺德区十一•五规划”、“河南省漯河市农业产业化”、“丽江市的可持续发展模式研究”以及国家开发银行“中国经济形势预测”等多项研究基金。 担任Annals of Economics and Finance 、《系统工程》、《中国农村金融研究》以及《经济数学》编委; 同时担任中国农村金融学会常务理事;第十一届全国青联委员、第九届北京市青联委员以及第四届中央国家机关青联委员。 |
Assistant Prof. Yan Se
Se Yan is an assistant professor of economics at Guanghua School of Management, and associate director of Institute of Economics and Policy Research, Peking University. He completed his PhD in Economics at UCLA in 2008. Prior to his doctoral studies, Professor Yan received his B.A. in international economics and M.A. in economic history at Peking University in 2000 and 2002. |
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His research interests include macroeconomics, economic history and Chinese economy. He won the best dissertation prize in the World Economic History Congress 2009, and is the only Chinese scholar so far that has received this award. He has published in international journals such as International Economic Review, Explorations in Economic History and Economic History Review. He teaches macroeconomics, Chinese economy, economic growth, and economic history at PhD, MBA and undergraduate levels at Peking University. He has been recently invited to give seminars at various universities, such as Harvard Business School, Wharton School, Univ. of Colorado at Boulder, Hong Kong Univ. of Science and Technology and Chinese Univ. of Hong Kong. He has also received various research grants, such as the US National Science Foundation (Grant SES-0433358). 北京大学经济政策研究所副所长,光华管理学院应用经济系讲师。2000年毕业于北京大学经济学院国际经济系。2002年毕业于北京大学经济学院经济史方向。2008年毕业于美国加州大学洛杉矶分校(UCLA),获得经济学博士学位。研究方向:宏观经济学,经济史,中国经济。2009年获得第十五届世界经济史大会最佳博士论文奖,是历年来荣获此殊荣的第一位中国学者。 在英文和中文经济学权威期刊,如International Economic Review,Explorations in Economic History,《经济研究》、《经济学季刊》、《管理世界》发表多篇论文。担任SSCI期刊Australian Economic History Review的副编辑。获得美国自然科学基金、中国国家社科基金、中国教育部人文社科基金资助。主持“国家重修清史•对外贸易志”项目。应邀作为专家参与中央财经领导小组金融危机与中国应对策略项目、国家林业局集体林权改革项目、卫生部新农合试点、卫生部疫苗的社会经济价值等政策性研究项目。应邀在哈佛大学商学院、宾夕法尼亚大学沃顿商学院、加州大学、科罗拉多大学、纽约市立大学、香港科技大学、香港中文大学以及国内各主要大学做过学术研究报告数十次。 在光华管理学院,颜色主要从事本科、MBA的《宏观经济学》、《中国经济专题》和博士生的《经济增长专题》、《经济史专题》等课程的教学工作。他曾经获得光华管理学院教学一等奖。 |
Syllabus
Course No.: 02832120 Program: Undergraduate
Credit: 3 Time: Wed. 18:40-21:30
Instructor: Se Yan Location: 202#1
Prerequisite: Microeconomics Semester: 2013 Spring
Program Learning Goals and Objectives
Program Learning Goals and Objectives
Learning Goal 1: Graduates will possess a solid understanding of business and management and will be able to translate this knowledge into practice.
1.1 Objective 1 Our students will have a good command of fundamental theories and knowledge.
1.2 Objective 2 Our students will have a good command of analytical methods and decision-making tools.
1.3 Objective 3 Our students will be able to apply theories and methodologies in key business functions.
Learning Goal 2: Our students will be able to think critically.
2.1 Objective 1 Our students will be able to identify and summarize problems
2.2 Objective 2 Our students will be able to collect data and analyze problems in a critical manner
2.3 Objective 3 Our students will be able to put forward effective solutions to business problems
Learning Goal 3: Our students will have a sense of social responsibility.
3.1 Objective 1 Our students will be aware of the importance of ethics.
3.2 Objective 2 Our students will be able to provide solutions that take account of contrasting ethical standpoints.
Learning Goal 4: Our students will be effective communicators.
4.1 Objective 1 Our students will be proficient in oral and written communication.
4.2 Objective 2 Our students will possess good interpersonal skills.
4.3 Objective 3 Our students will be able to adapt to diverse learning environments.
Learning Goal 5: Our students will have global perspectives.
5.1 Objective 1 Our students will be aware of social and cultural differences.
5.2 Objective 2 Our students will be aware of the impact of globalization on business operations, opportunities, and challenges.
5.3 Objective 3 Our students will be proficient in English.
Course Overview
This course is about macroeconomics - the study of economic growth, business cycles, money, inflation, government policies, unemployment and asset pricing. The main prerequisite of this course is intermediate microeconomics. This course also requires basic knowledge of algebra and calculus. This is not an easy course. So be prepared!
Course Objectives
The goal of this course is to enable students to assess the macroeconomic environment in which a business operates. Macroeconomic conditions play important roles in business decisions and performance: Aggregate income, unemployment, and inflation rate influence profitability, interest rates determine the cost of capital, and exchange rates affect international competitiveness. At the end of the course it is expected that students will be able to critically asses how possible developments in the macroeconomy and international economy -- such as the change in the monetary policy stance by the Central Bank of China or the Federal Reserve, for example -- will affect the business environment relevant to their specific industry.
Detailed Course Plan
This schedule is preliminary, and is designed to give a rough outline of the class.
Chapter | Lectures and Required Readings |
Credit Hours
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Teaching Materials
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1
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Lectures: Introduction and data of Macroeconomics Learning Points: a. Definition and principles of Economics b. Critical thinking |
2
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2
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Lectures: National Income and Product Accounting Learning Points: a. GDP and the circular flow of expenditure and income b. GDP deflators, CPI and inflation rate |
3
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3
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Lectures: Unemployment; Learning Points: a. Three kinds of unemployment and reasons for unemployment b. Okun’s Law |
3
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4
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Lectures: Macro Demand and Supply- IS-LM Model Learning Points: a. Assumptions of the model b. Equilibrium in two markets |
4
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5
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Lectures: Business Cycles (1): Aggregate Expenditure and Multiplier Learning Points: a. Business cycle, Aggregate Demand and Expenditure b. Government purchases & Tax Multiplie |
4
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6
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Lectures: Business Cycles (2)AD-AS Curve and Policy Issues Learning Points: a. Money multiplier and Money policies b. Inflation |
3
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7
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Lectures: Business Cycles (3) IS-LM and AD-AS Learning Points: a. Shocks in the IS-LM Model b. The short run and long run effects of the shocks |
4
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8
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Lectures: Stabilization Policy Learning Points: a. Automatic stabilizers b. Policy conducted by rule or discretion |
3
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9
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Lectures: Government Debt Learning Points : a. Problems Measuring the Deficit b. Perspectives on government debt |
3
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10
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Lectures: Aggregate Supply Learning Points: a. Three models of aggregate supply b. The Phillips Curve and SRAS |
4
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11
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Lectures: Consumption Learning Points: a. Keynesian consumption theory b. Fisher’s theory of intertemporal choice c. Modigliani’s Life-Cycle Hypothesis d. Friedman’s Permanent Income Hypothesis e. Hall’s Random-Walk Hypothesis |
4
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12
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Lectures: Economic Growth Learning Points: a. Solow model b. Golden rule and converge c. Human capital |
3
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13
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Lectures: Neoclassical Model Learning Points: a. The optimization problem of consumers and factories b. Advantages and limits of the Neoclassical Growth Model |
4
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14
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Lectures: Malthusian Model Learning Points: a. Structure of the model b. Computing the steady state c. Explanation for the Result |
4
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Textbooks:
Macroeconomics, by N. Gregory Mankiw, Worth Publishers, 6th edition |
References & Readings:
Other popular macroeconomics textbooks
- N. Gregory Mankiw, Macroeconomics, 6th edition, Worth Publishers, 2007 (M)
- Stephen D. Williamson: Macroeconomics, 2nd edition). Boston: AddisonWesley.
Reference & Materials: