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CECN 301 Intermediate Macroeconomics I
Section 110

Professional/Professionally Related Course

Prerequisites: (ECN 104 and ECN 204) or Direct Entry

Instructor: Waclaw Dajnowiec
Office: JOR 1212
Office Hours:Mondays, 5:00pm-6:00pm
Phone: 416-979-5000, x.6614
Lecture: Mondays, 6:30pm – 9:30pm, EPH207

Course Description
The aim of this course is to provide a comprehensive overview of both traditional and modern macroeconomic theories and their use in analyzing important economic issues, such as unemployment, inflation, interest rates, business cycles and government policies. Theories will be discussed in the context of Canadian macroecomic data and active government involvement through the implementation of monetary and fiscal policies.

Course Materials
DeLong J. B., Olney M., Mansoorian A. and Michelis L., “Macroeconomics”, 2nd Canadian Edition, McGraw-Hill Ryerson, 2007. Key websites: , on-line practice questions, tests:

Course Evaluation
The weights and scheduled dates for the mid-term exams and final exam are following:

ActivityWeightScheduled Date
Mid-term Exam 1 (Ch. 1,2,5,6)20%Oct 7
Mid-term Exam 2 (Ch. 8,7,920%Nov 11
Assignments (2)10%Oct 21, Nov 18
Final Exam50%December 9

The mid-term exam 2 will cover the materials after mid-term exam 1. The final exam will cover the entire semester.

(i)If the Midterm exam is missed due to acceptable, documented, circumstances (see Common Departmental Course Management Policy below), please schedule the makeup exam through the Make-Up Test Centre ( (ii)Students have to hand back the Midterm exam papers.

Course Topics

I. Preliminaries
i. Introduction to Macroeconomics (Chapter 1)
ii. Measuring the Macroeconomy (Chapter 2)

II. The Goods Market
i. Building Blocks of the Flexible-Price Model (Chapter 5)
ii. Equilibrium in the Flexible Price Model (Chapter 6)
iii. The Income-Expenditure Framework and the Multiplier (Chapter 8)

III. The Money Market
Money Market Equilibrium (Chapter 7)

IV. Policy Analysis with the IS-LM Model
The IS-LM model (Chapter 9)

V. The Aggregate Demand-Aggregate Supply Model
i. Aggregate Demand (Chapter 10, Section 10.1)
ii. The Classical Model of Aggregate Supply (Chapter 5, Section 5.1, review) iii. The New Classical Model of Aggregate Supply: The Misperceptions Model (Chapter 10, Section 10.2, pages 314-317) iv. The New Keynesian Model of Aggregate Supply: The Labour Contracts Model (Chapter 10, Section 10.2, pages 318-320).

VI. Taylor Rule, Expectations and Inflation
Determination of Equilibrium Output and the Inflation Rate (Chapter 10, Section 10.3)

VII. Inflation and Unemployment
The Phillips Curve and Expectations (Chapter 11)

Specific Course Management Policy
Please read section under Common Departmental Course Management Policy below. The Department of Economics policy is to permit only one make-up test/exam for a missed midterm test/exam A student who misses the first midterm exam, he/she will NOT be given a make-up exam. Instead, the midterm’s weight will be given to the final exam if both of the following conditions are met:

a.The student notifies the instructor via e-mail and before the date and time that the exam will be missed.
b.The student submits a Ryerson University Student Medical Certificate ( to the instructor or Undergraduate Program Administrator (Neha Narang) within 3 working days of missed or affected classes, assignments or tests

A student who misses the second midterm exam or the final exam can write a make-up exam if both of the following conditions are met:
a.The student notifies the instructor via e-mail...
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