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Department of Economics

Queen's University

ECON 222: Macroeconomic Theory I

Instructor: Huw Lloyd-Ellis (Section 001)

Fall Term, 2017

Office: Dunning 233

Telephone: 533-2276
E-mail: lloydelh@queensu.ca
Course home page: Available via OnQ for students registered in the course.
Lectures: Tuesdays 4:00 - 5:20 pm and Thursdays 2:30 - 3:50 pm in Kingston Hall 101
Office Hours: Information regarding office hours is posted on-line.
Teaching Assistants: Information regarding teaching assistants is posted on-line.

Course Description: The objective of this course is to help students understand key issues in
macroeconomic theory and its applications. The first part of the course discusses in some detail
macroeconomic data and key issues related to specific sub-sectors of the economy: aggregate
consumption/saving behaviour, investment and asset markets, labour and product markets,
international flows and exchange rates. The second part of the course builds on the first by
integrating these sub-sectors into fully-specified macroeconomic models. These models are used
to understand key problems such as inflation, unemployment and balance of payments
disequilibria and the implications of policies designed to address them.

Prerequisite: ECON 110 (or 111 and 112)

Co-requisite: MATH 12X

Grading: There will be 5 quizzes, 3 assignments, a midterm exam and a final exam. The marks
will be allocated according to the following grading scheme:

Midterm Exam...........25%
Final Exam.................50%

Assignments: The due dates for assignments are posted on-line. Answer guides will be provided
on-line promptly after the deadline. Late assignments will not be accepted once the answer guide
has been made available.

Quizzes: All quizzes consist of 20 multiple choice questions and must be completed online via
the OnQ website. Your grade will be based on the maximum of three attempts. Each quiz will be
accessible for at least one full week.
Exams: There will be no make-up mid-term exam. If you miss the mid-term exam for a valid
(e.g. medical) reason and provide supportive evidence, the mark will be allocated to the final
exam (so it will be worth 75%). Otherwise, you will receive zero. You will need a non-
programmable calculator (Casio 991 series, or blue or gold sticker) for each test/exam.

Text: The required text is Macroeconomics (7th Canadian edition) by Abel, Bernanke,
Croushore and Kneebone (ABCK: Pearson, 2016), and is available in the campus bookstore.
Both the 5th and the 6th edition of the book will do, as they are almost identical. The numbering
of the chapters did not change, so the summary below applies to both editions.

Topics and Core Readings

1. Understanding Macroeconomic Data

ABCK, chapters 1-2

2. Production & Employment

ABCK, chapter 3

3. Consumption, Saving & Investment

ABCK, chapter 4

4. Saving and investment in the open economy

ABCK, chapter 5

5. Long run Economic Growth

ABCK, chapter 6

6. Money and Asset Markets

ABCK, chapter 7

7. Business Cycles
ABCK, chapter 8

8. General Equilibrium
ABCK, chapter 9

9. Exchange Rates & Business Cycles

ABCK, chapter 10

10. The Classical-Keynes Debate

ABCK, chapter 11-12

11. Monetary Policy

ABCK, chapter 14