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<P><STRONG><FONT color=#16387c size=3>Introduction<BR>Course Mechanics<BR></FONT></STRONG>• Requirements: Two exams, each 50% of grade, each covers half of material in class. First exam: on Tuesday, March 12th. Second and final exam: on Tuesday, April 30th.<BR>• Problem sets: will be several, which will be handed in and corrected, but not graded. Good way to learn macro, good practice for exams and core.<BR>• On the reading list: It is very ambitious. We may well not cover everything. That is fine, as not everything is essential. I may cut material as I go along, and will try to give you fair warning when that happens.<BR>• The lectures will very closely follow my lecture notes. There are two other general textbooks available: Romer, which should be familiar and Blanchard and Fischer. The latter is harder but covers more material. The lecture notes combine the approaches of and adapt materials in both books.<BR>• References in the notes refer to articles given on the reading list. With few exceptions, the articles are also summarized in Romer or Blanchard and Fischer. It is thus not necessary to read all or even most of the articles on the list. Since articles are the primary means through which economists communicate, you should read at least one. Some of the articles are in the two recommended volumes by Mankiw and Romer, New Keynesian Economics, both of which will eventually be in the bookstore. Just about all articles prior to 1989 are available via the internet at the site www.jstor.org, provided one connects through a computer connected to Brown’s network. I would ask that everyone not individually print out every article, since that would take a lot of paper, energy and computing power.<BR>• Students considering macroeconomics as a field are strongly encouraged to attend the Macroeconomics Workshop, on Wednesdays from 4:00-5:30 in Robinson 301.<BR><BR>excerpt: <FONT size=3><FONT color=#16387c><STRONG>Chapter 1</STRONG><BR><STRONG>Money and Prices</STRONG><BR></FONT></FONT>In Ec 207, there was scant reference to the fact that transactions needed a medium of exchange to be carried out. The only references to money came in the few cases where you were presented economic data denominated in some currency. In this part of the course, we will see why it may have been acceptable to ignore money, and look at the long-run relationship between money and prices.<BR>For some of this section, with an important exception, real output will be exogenous with respect to money- that is, changes in the supply of money have no effect on the level of real GDP (which is determined, for example, by the neoclassical growth model). Later in the course, you will see models in which changes in the nominal stock of money have real effects. Economists who believe such models are sometimes referred to as Keynesians.</P>
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