BA380S MANAGERIAL ECONOMICS FIRST HALF: MACROECONOMICS

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BA
                                             A380S MANAGER
                                                         RIAL ECO
                                                                ONOMICS
                                            FI
                                             IRST HA
                                                   ALF: MA
                                                         ACROECOONOMICS
                                                     FALL 2
                                                          2013



P
Professor                         Andres Dona angelo
O
Office                            GSB 6.308
O
Office Hour
          rs                      MW
                                  M 1:30pm - 3:00pm
P
Phone                             23
                                   32-6841
E
E-Mail                            an
                                   ndres.donanngelo@mcco ombs.utexas.edu
C
Course Webb Page                  Blackboard
T
Time and Location
          L                       MW
                                  M         8:0
                                              00am - 9:30
                                                        0am, GSB  B 3.106 (MBBA Cohort         IV)
                                  MW
                                  M        10:0
                                              00am - 11:330am, GSBB 3.106 (MBBA Cohort         III)
                                  TuTh      8:0
                                              00am - 9:30
                                                        0am, GSB  B 3.106 (MBBA Cohort         I)
                                  TuTh     10:0
                                              00am- 11:300am, GSB B 3.106 (MBBA Cohort         II)
                                  MW
                                  M         5:0
                                              00pm - 6:30
                                                        0pm, CBA  A 4.328 (MSSF)
T
TAs                               Chao Bian (ccbian@utexxas.edu)
                                  So
                                   ophia Sun (Yue.Sun@p
                                              (          phd.mccommbs.utexas.e
                                                                             edu)
T
TA Office Hours
          H                       W        1:00
                                              0pm -- 3:00 pm, CBA A 6.224




                                        Course Objectiv
                                                      ves

        The first half of Manag     gerial Econ nomics is designed t    to providee students with a
framework to understand the macroec
f                                               conomic e  environmen nt. We w    will cover classic
m
macroecono  omic issuess such as economic growth, b        business cycles, unem mployment, money,
inflation, in
            nterest rates
                        s, and fisca
                                   al and mon  netary policy. At the e end of the course, we will use
t
the framew work to understand current
                                   c         macroeconomi   ic developmments. For r instance, we will
a
analyze the rapid grow wth of publ lic deficits in
                                                i the U.S. and the ``  `liquidity trap'' that hhas been
f
forcing the Fed to use more exoti  ic monetary  y policy too
                                                           ols such as q
                                                                       quantitative easing.
        The ultimate goal
                        g    of thee course is to develop   p your ma  acroeconomic intuition  n. This
intuition will
           w enable you to ma      ake sense anda     naviga
                                                           ate through h future unnforeseen e economic
d
developmen  nts. To ac  chieve thiss goal, ou  ur course will includ   de a fair amount o      of basic
m
macroecono  omic theoryy. This cour rse will be more challe enging thann a less am
                                                                                 mbitious cou urse that
m
merely surv veys past evvents. The take home    e value of a course th hat does noot provide i intuition
t
through the eory depreciiates and becomes obs   solete very q
                                                            quickly. Thhe challengee of learning theory
s
should be se een as a pro
                        ofitable inv
                                   vestment in your huma   an capital.
Prof. Andres Donangelo                 BA380S (Macro)--Fall 2013                             page 2




                                Leadership and this Course

       The macroeconomic toolkit developed in this class will allow business leaders to better
understand the economic environment. In the short run, a business leader must know how to
react to changes in demand and investment opportunities arising from changes in expectations
about prices, wages, interest rates, and exchange rates. A leader must also be able to make
decisions that require an understanding of the drivers of long term growth across different
economies. Moreover, a business leader must also understand the language and terminology
used in economics. The toolkit developed in this class will also enable future business leaders to
better communicate with economic journalists, policy makers, and regulators.



                                      Course Materials

The required readings assigned to each lecture are indicated in the schedule at the end of this
Syllabus. The two main course materials are listed below:

         1) 8th edition of Macroeconomics, by Andrew Abel, Ben Bernanke, and Dean
            Croushore (ABC)
             7th edition is acceptable, but 6th and earlier editions are too outdated.

         2) Short-Run Fluctuations, by David Romer (DR)
             We will use Romer's alternative approach to studying monetary policy instead of
               the LM curve from ABC
             Available for free at http://elsa.berkeley.edu/~dromer/ (under "Papers Not
               Intended for Publication")



                           Discussion Board and E-Mail Policy

        We will use a discussion forum for our communication outside the classroom. The
    discussion board is available on BlackBoard. My TAs and I will join the forum and be
    active participants and moderators. All questions and comments related to the course
    should be posted on the discussion board. Students are also encouraged to answer questions
    from other students when they feel comfortable doing so. The discussion forum is a more
    efficient and transparent communication channel than one-on-one e-mail exchanges. For
    this reason, my TAs and I will only answer e-mails regarding personal matters. All other e-
    mails will be kindly redirected to the discussion forum.
Prof. Andres Donangelo                 BA380S (Macro)--Fall 2013                             page 3




                             Course Requirements and Grading

Course Requirements

    (i) Problem Sets (50%)

        There will be a total of 6 problems sets in the course, but only the 5 highest scores will
    be considered towards your grade. Problem sets will be posted on BlackBoard on Thursday
    evenings and will be due the following Thursday evening. Students can form groups (I
    recommend up to four members, but I will accept larger preexisting groups). Students may
    join, leave, or change groups at any time. Each group should submit a single set of answers.
    Answers may be typed or hand written, but should be converted into an electronic file in
    PDF format and uploaded through BlackBoard.

    (ii) Exam (50%)

       There will be a single exam in this course. The exam will be conducted during the final
    exam week. The final exam is cumulative and covers all material discussed in class. The
    exam is closed-book but students may bring a double-sided letter-sized "cheat sheet". A
    practice exam will be distributed during the last week of classes. To get a top grade in the
    exam, make sure to:
    1) Be comfortable to answer logical variations of problem set questions.
    2) Be able to explain all the examples given in the lecture slides to a colleague, using your
       own words.

Grading

    You will get a numeric score at the end of the Macroeconomics half of Managerial
    Economics that will be averaged with that of the Microeconomics half. The overall course
    average across the two halves will determine your letter grade.
Prof. Andres Donangelo                    BA380S (Macro)--Fall 2013                              page 4




                         Classroom and Discussion Board Professionalism

        Faculty are expected to be professional and prepared to deliver value for each and every
    class session. Students are expected to be professional in all respects.

         The Texas MBA classroom experience is enhanced when:
         Students arrive on time.
         Students display their name cards.
         Students do not confuse the classroom for the cafeteria.
         Students minimize unscheduled personal breaks.
         Students are fully prepared for each class.
         Students attend the class section to which they are registered.
         Students respect the views and opinions of their colleagues.
         Laptops are closed and put away.
         Phones and wireless devices are turned off.

        The level of professionalism expected in the discussion forum is similar to that in the
    classroom. In particular, faculty, TAs, and students should follow the following etiquette
    rules:

     Forum          participants should first search older posts before posting a new topic or
    question.
     Forum         participants should use clear titles for the postings to help other participants
    easily find    the topic.
     Forum         participants should write in a clear, objective, and respectful manner.
     Forum         participants are expected to be active in a give and take manner.



                                       Academic Dishonesty

        I have no tolerance for acts of academic dishonesty. Such acts damage the reputation of
    the school and the degree and demean the honest efforts of the majority of students. The
    minimum penalty for an act of academic dishonesty will be a zero for that assignment or
    exam.
        The responsibilities for both students and faculty with regard to the Honor System are
    described on http://mba.mccombs.utexas.edu/students/academics/honor/index.asp. As the
    instructor for this course, I agree to observe all the faculty responsibilities described therein.
    During Orientation, you signed the Honor Code Pledge. In doing so, you agreed to observe
Prof. Andres Donangelo                  BA380S (Macro)--Fall 2013                              page 5

    all of the student responsibilities of the Honor Code.

                                       The Honor Pledge

       The University of Texas at Austin McCombs School of Business requires each enrolled
    student to adopt the Honor Pledge:

    "I affirm that I belong to the honorable community of The University of Texas at Austin
    Graduate School of Business. I will not lie, cheat or steal, nor will I tolerate those who do. I
    pledge my full support to the Honor System. I agree to be bound at all times by the Honor
    System and understand that any violation may result in my dismissal from the Graduate
    School of Business."



                                  Students with Disabilities

       Upon request, the University of Texas at Austin provides appropriate academic
accommodations for qualified students with disabilities. Services for Students with Disabilities
(SSD) is housed in the Office of the Dean of Students, located on the fourth floor of the
Student Services Building. Information on how to register, downloadable forms, including
guidelines for documentation, accommodation request letters, and releases of information are
available online at the web address below. Please do not hesitate to contact SSD at (512) 471-
6259, VP: (512) 232-2937 or via e-mail if you have any questions.
http://deanofstudents.utexas.edu/ssd/index.php
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