Approved by University Studies Sub-Committee.  A2C2 action pending.






Department ____________Economics and Finance_________________ Date _______3/31/03__________  


        _Economics 303________        _Intermediate Macroeconomics                 ________        __3___

        Course No.            Course Name                                                            Credits


        This proposal is for a(n) __X__ Undergraduate Course


        Applies to:        __X__ Major                            ___X___ Minor

__X__ Required                                                __X_ Required

_____ Elective                                                _____ Elective


        University Studies (A course may be approved to satisfy only one set of outcomes.):

Course Requirements:

                    Basic Skills:                          Arts & Science Core:            Unity and Diversity:

                    _____ 1. College Reading and Writing          _____ 1. Humanities                   _____ 1. Critical Analysis

                    _____ 2. Oral Communication               _____ 2. Natural Science            _____  2. Science and Social Policy

                    _____ 3. Mathematics                _____ 3. Social Science                 _____ 3. a. Global Perspectives

                    _____ 4. Physical Development & Wellness      _____ 4. Fine & Performing Arts           _____     b. Multicultural Perspectives

                                                                                    _____ 4. a. Contemporary Citizenship

                                                                                    _____     b. Democratic Institutions

        Flagged Courses:      __X_ 1. Writing

                                    _____ 2. Oral Communication

                                    _____ 3. a. Mathematics/Statistics

                                    _____     b. Critical Analysis


        Prerequisites ________Economics 202,  English 111_________________________________________



Provide the following information (attach materials to this proposal):


        Please see “Directions for the Department” on previous page for material to be submitted.



Attach a University Studies Approval Form.


Department Contact Person for this Proposal:




_______Mary Ann Pevas                    _______5183_____        ______mapevas@winona.edu_____

Name (please print)                              Phone                 e-mail address











Department or Program: Economics

Course Number: 303

Semester Hours: 3

Frequency of Offering: Every semester

Course Title: Intermediate Macroeconomics

Catalog Description: This course presents a theoretical perspective on national income accounting and measurement; the determination of national economic activity; economic growth; consumption, investment, government spending and new exports; design and effects of fiscal and monetary policies, inflation.   Prerequisites: ECON 202, ENG 111.

This is an existing course previously approved by A2C2: Yes

This is a new course approval: No

University Studies Approval is requested in: Writing Flag.

Department Contact Person: Mary Ann Pevas,; 457-5183.

Attachments: A copy of a syllabus is attached. This is the syllabus that the faculty member that normally teaches this course uses. The parts of the course that address the outcomes required to get a writing flag for this course are indicated.

Writing Flag:

As required by the approval process, the following address the outcomes listed for the Writing Flag and further document course content and learning activities relevant to these outcomes.

  1. practice the processes and procedures for creating and completing successful writing in their field.

The student’s experience with the processes and procedures used in successful research and writing in the economics of this course will be practiced in a semester long project of four phases of reporting and receiving feedback from the instructor at each phase.  These phases involve choosing a topic of interest to pursue, reading in non-technical more popular literature as well as in technical journals, presenting a written report on their findings, selecting a theoretical model and data which they will use to experience hypothesis testing of the theory related to their topic, and finally, create a composite paper which will be posted for all in the class to review and critique.  Since this is a significant project, 50% of the final grade will be based on this progressive and closely monitored endeavor.

Essay type questions which will be three quarters of each exam will require students to organize their answers in a logical manner and present their logic in answering the question at hand.  Answers are graded on the basis of their selecting of content as well as the presentation of the answer.

  1. understand the main features and uses of writing in their fields;

Through the processes described above, students will see that writing in this field requires an understanding of the theory and their respective models as well as a growing ability to do critical analysis using the models presented on each of the topics selected. They will also understand that a necessary result of their work is the application of that theory in multiple arenas, such as money markets, labor markets, economic journalism, and on the job presentations of a joint project.  For instance, if one grasps the core of a model for the relationship between the unemployment rate and inflation, a person in any given situation in the economy would be able to study current conditions and adjust their behavior accordingly so as to minimize their losses and maximize gains, whether that be in marketing now or later, investing now or later, or in exercising their responsibility as a citizen in choosing how to vote.

  1. adapt their writing to the general expectations of readers in their fields;

Readers in this field expect topics to be presented in a cause-effect framework that often leads to the use of well known economic models.  Students are made aware that their presentations in writing and otherwise needs to include this type of analytical exercise. As an illustration, take the case of a research project that is trying to determine the impact of a change in monetary policy on the unemployment rate.  Use of macroeconomic models would serve as guiding principles through which some projections could be made and used in the business place.

  1. make use of technologies commonly used for research and writing in their fields;

Students are expected to access different electronic databases which are relevant to the content of this course. Of particular importance to this course are the Federal Reserve System databases, the Bureau of Economic Analysis, the Bureau of Labor Statistics, and the like that can be accessed online. Students will also be expected to use the library resource databases such as the JStor database as well as the more traditional search techniques in both technical and non-technical publications. Also, the Department of Economics and Finance has several additional databases, some in CD-roms and some in local servers.

  1. learn the conventions of evidence, format, usage, and documentation in their fields.

The guidelines issued by the American Economic Association provide the acceptable format most often used in the field of economics. A strong emphasis is placed on the use of mathematical models and statistical information as evidence.  To underscore the importance of using the right format and proper use of quantitative evidence (whether in descriptive, graphical, or statistical form), a percentage of the grade is reserved for these aspects of the project.










Economics &  Finance


Somsen ####




Instructor’s Email Address


Instructor’s Web Page




Econ 303/ Intermediate Macroeconomics
Prerequisites: Economics 202, English 111




This course presents a theoretical perspective on national income accounting and measurement; the determination of national economic activity; economic growth; consumption; investment, government spending and new exports; design and effects of fiscal and monetary policies, inflation.


To acquaint students with the economic concepts and theories surrounding such topics.
To give students opportunities to use those concepts and tools in analysis and problem solving.
To give students opportunities to review the application of such concepts and tools in our current world.
To accomplish each of the above following the
Seven Principles for Good Practice in Undergraduate Education



This course fulfills three semester hours of the six semester hours of writing flag requirements in the University Studies Program.  As such, it seeks to include requirements and learning activities that promote students’ abilities to:

  1. practice the processes and procedures for creating and completing successful writing in their field.
  2. understand the main features and uses of writing in their fields;
  3. adapt their writing to the general expectations of readers in their fields;
  4. make use of technologies commonly used for research and writing in their fields;
  5. learn the conventions of evidence, format, usage, and documentation in their fields.

The above outcomes are identified by the use of these letters in parentheses in the material that follows.




Macroeconomics, Third Edition    
             by Olivier Blanchard
             Prentice Hall, 2003
(Student resources are available online at




I.  Introduction



A. The Macroeconomics of the World
B. Overview of the Text


II.  The Core – Short Run

A. The Goods Market
B. Financial Markets
C. The IS-LM Model: Goods and Financial Markets


III. The Medium Run

A. The Labor Market
B. Putting All Markets Together: The AS-AD Model
C. The Phillips Curve
D. Inflation, Activity, and Money Growth


IV. The Long Run

A. The Facts of Growth
B. Saving, Capital Accumulation, and Output
C. Technological Progress and Growth
D. Technological Progress, Wages, and Unemployment


V. The Open Economy

A. Openness in Goods and Financial Markets
B. Goods Market in Open Economy
C. Output, Interest Rate, Exchange Rate
D. Exchange Rate Regimes





VI. Expectations

A. Expectation: The Basic Tools
B. Financial Markets and Expectations
C. Expectations, Consumption, and Investment
D. Expectations, Output, and Policy








Evaluation Method:

The student's grasp of the material will be evaluated through

       a research project  (a, b, c, d, e)

       short assignments

       four exams (c, e)

The research project: (a, b, c, d, e)
The project will be done in four phases spread over the semester.  Each phase will be a complete item in itself and will also provide content useful for the final composite paper which will be posted and shared with all in the class.  Detailed guidelines can be found at the end of the syllabus below.

In order to make the most efficient use of the class time, class preparation reading assignments will be given for most class periods. The intent of these assignments is to enable the student to preview the material beforehand and to attempt to apply the concepts found in the reading to hypothetical situations. 


End of the chapter problems will also be assigned so students will have an opportunity to apply the theory presented in the chapter.  

The specifics of these assignments will be posted on the class' web site off the instructor's web page at

Exams: (c, e)
Each student must supply four exam scores over the course of the semester. Each exam will consist of three quarters essay type questions and one quarter problem solving type questions.  The tentative scheduling of these exams can be found on the posted "Schedule". The date and time of the final exam is also indicated on the posted Schedule.  The final exam is cumulative, covering content studied during the entire course.  The grade for each exam will be the percentage earned.

All examinations will be taken in class. Notebooks and textbooks may NOT be used during the exams. (Please note:) If a student chooses to use a calculator during an exam, only calculators with the basic arithmetic functions (+, -, x, and division) will be allowed. The use of any other calculator is not allowed.  

If a student for any reason is prevented from taking any exam at the scheduled time, they MUST inform the instructor PRIOR to the exam of their absence.  It is up to the discretion of the instructor whether a makeup will be granted and, if at all, what form it is to take. ****Ten percent of the total maximum score of any makeup will be deducted from the student’s recorded score for such exams.  Makeup exams must be taken no later than 7 days after the scheduled exam time.






The course grade is based on two categories: class preparation assignments and participation, and exams.  The weights given to each of these is as follows when calculating the student's earned percentage score for the course.

Research Project (each phase will be graded in itself)


Class assignments and participation


Exam 1


Exam 2


Exam 3


Exam 4



Note:  The research project, written assignments, and essay questions in the exams will constitute over 70% of the grade in this course.

The letter grades for this course will be given according to the following percentages.

Course Grade

Overall Average


90% or above








Below 55%

After the add/drop period is over, students will be assigned a specific seat so the instructor can learn the students' names. The student is responsible for any announcements or information given during those classes for which he/she is absent.



Winona State students are required to adhere to WSU's standards of academic honesty. Cheating in any form, deception and misrepresentation of work presented, and plagiarism are a few examples of academic dishonesty. Information regarding this Student Conduct Policy can be found on the Student Affairs web site at A visit to that site, especially with the sections pertaining to academic misconduct, would be advantageous.




Research Project Details:

The processes and procedures students will follow with regard to the research project are: 

      1. To choose a topic of curiosity to them from the course content as given in the syllabus and observe behavior in the current economy with regard to that topic. 

      2. To propose a project of ongoing study with regard to that topic which they will develop with the instructor throughout the semester.

      3. Once the proposal has been accepted by the instructor, the student will explore non-technical sources (Time, Newsweek, Business Weekly, The Economist, and the like) for current information relative to their topic.  A written report with appropriate citations will be presented to the instructor.  The report will include further questions which the student has surfaced and seek to explore in the next phase of the project.

      4. After the instructor has given feedback on the phase one report, the student will do a literature review in technical journals (American Economic Review, Federal Reserve Publications, etc.) which may contain scholarly publications of interest to their topic.  The student is to select at least three relevant studies and make special note of the purpose and findings of each study chosen, the theoretical model and data used to conduct the study, and write a report of their findings to the instructor for further feedback.  This is phase two of the project.

      5. Phase three of the project consists of choosing a simple model based on the theory behind their chosen topic and selecting some data with which to test the validity of the model.  This can be done using a statistical package or simply by graphing the trends of pertinent variables which can be tracked over time and presenting the results of their findings. 

      6. The fourth and final phase consists of putting all of the previous work together into a composite document.  By deciding how to organize the information the student will have experience in structuring a study in macroeconomics for others to read and critique.  Once the final composite paper of each student’s project is submitted, it will be posted on the class web site for reading and evaluating by other students.  The instructor will also evaluate the final papers and grade the student’s work accordingly.