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ECON307 - Spring 2022

Honors Intermediate Macro

This is a course in the tools of modern macroeconomics. The emphasis will be on theory to help tune your intuition, and provide different lenses to interpret the macro-economy.

  • Instructor: jesse.perla@ubc.ca
    • Office Hours: 11-12am Fridays on Zoom (and in person later in term)
    • Location: Irving Barber 157 starting January 24th
  • Teaching Assistant: anubhavpcjha@gmail.com
    • Office Hours: TBD, coordinated with Honors Micro class
  • Prerequisites: A score of 68% or higher in ECON 305
  • Textbook: None. I will post my notes online (modifications of notes graciously provided by Thomas J. Sargent)

Course Materials and Communications

All materials will be provided online:

  • Class Materials: https://github.com/jlperla/ECON307_2022
  • Communications, Announcements, and Grades: http://canvas.ubc.ca
  • Zoom when lectures are online (recorded and stored on canvas)
    • You are responsible for obtaining the necessary equipment and connectivity to participate remotely, and to log on to each session at the appointed time. Zoom meeting links are accessible through Canvas by clicking on the “Zoom” link on the navigation menu

Lectures

This course best done with heavily interactive lectures and plenty of class discussion. I find that having online or hybrid lectures leads to a very different experience and far less retention of the concepts. It is just too easy to be disengaged when attending remotely.

Because of this, we will move to lectures that are non-hybrid as soon as the pandemic conditions allow it. All lecture notes and materials for each class are posted, so if you miss a class it won't be a problem - furthermore, we will often review key concepts from the previous lecture in each class so missing a few classes has previously not been a concern.

After moving to in person lectures, if you contract covid and need to miss many lectures due to the isolation period, then email me and we can discuss options.

To summarize, lectures will be

  • Online only with Zoom from January 10-21st
  • In person and hybrid with Zoom or a similar technology from January the 24th until roughly the spring break
  • If the pandemic conditions allow it, classes will be in-person only for the remainder of the term to encourage in-person discussion
  • If I develop symptoms that prevent me from coming to campus, or am otherwise required to isolate, but am still able to teach, I may deliver some lectures over zoom. I will post that announcement on zoom as required.

Attendance and COVID-19 safety

For the first part of the term, if you are concerned about COVID-19 transmission in the classroom, you will be able to follow the lectures online and on Zoom, and there will be no penalty for doing so.

If the pandemic conditions allow us to move to standard lectures later in the term, attendance is expected unless you have respiratory infection symptoms.

In order to prevent the transmission of COVID-19, if you are exhibiting any respiratory infection symptoms (coughing, fever, shortness of breath) you MUST REFRAIN from attending class. If you are visibly unwell while in class, you will be asked to leave immediately. If you decide to attend lectures in-person, please observe the following rules:

  • Masks are MANDATORY for students. They must cover mouth and nose.
  • I may or may not wear a mask based on pandemic conditions and whether students feel they have effective distance from me in the classroom
  • Eating in class is not allowed to minimize mask removal. Drinking is allowed but please minimize the time without your mask (or use a straw).

Any exemptions on medical grounds must be brought to my attention before the start of the course, or as soon as received from the University.

Exams will, in principle, require in-person attendance. I reserve the right to implement online alternatives at a later date, or move them online entirely.

Grading

This material is best learned by doing exercises. When appropriate, we will review some of the problem set answers in class.

  • 4-6 problem sets: 20%
  • Midterm: 30%
  • Final Exam: 50%

Assume that all grades will be curved (weakly up for exams).

Assignments are to be submitted electronically in whatever method the TA establishes.

Missed Exam Policy: You are responsible for ensuring that you take these exams as scheduled; no make-up exams will be given.

  • Missing a midterm for ANY acceptable reason will result in its weight being automatically transferred to the final exam.
  • The final exam date will be announced by Student Services about half-way through the term.
  • There is no make-up final. Travel plans and/or cheap tickets are not a reason to miss the final. If you have a medical or other compelling reason why you cannot take the final exam at its scheduled time you must follow the formal process and get an Academic Concession from your Faculty Advising Office (see below)

Policy for Academic Concessions: Sometimes, things happen during the course of a semester that can affect your ability to succeed. There are three main categories:

  • Medical – i.e. you got sick and missed class or a chronic illness got worse
  • Compassionate – i.e. a friend or close relative had something bad happen to them, or something bad happened to you.
  • Conflicting Responsibilities – i.e. something happened in your personal life which is affecting your ability to do the work, like childcare falling through You can read more about specific examples and the whole policy at: http://www.calendar.ubc.ca/vancouver/index.cfm?tree=3,48,0,0

In all of these cases, UBC’s policy is to allow you to request an academic concession. My policy is that all requests for academic concession on exams should be handled through your faculty Advising office (unless your office advises otherwise). This is so that we can centrally track requests for concession and ensure they are fairly administered; it also helps protect your privacy. You can find the procedure here, for Arts:

https://students.arts.ubc.ca/advising/academic-performance/help-academic-concession/

If you need a concession, you should immediately speak to Advising, who will follow-up with me to handle the academic side of things. In-term concessions, which handle things like missed assignments or deadlines, are handled usually by extending the deadline or adjusting the final grading of the course (e.g. omitting an assessment). Alternative forms of assessment may also be used if suitable and recommended by Advising. • Concessions need to be made in a timely fashion, which I will define as “within 2 weeks of the missed assessment” unless this is not reasonable. You are also welcome to speak to me regarding your issue; I’m here to support you and help you get through things and be successful. If you’re not sure if it’s something you should/could get a concession for, I can also give you a quick sense of what Advising will likely suggest if you’re unable to make an appointment immediately.

Course Outline

  • Introduction and Tools

    • Why models? Why math?
    • Building to a full model of the macro economy
    • Difference equations, functional equations, and "guess-and-verify"
    • Probability and stochastic processes
    • Constrained optimization
  • Practice thinking dynamic and recursive

    • Basic asset pricing example
    • Present value and infinite geometric sums
    • Linear state space models
  • Consumption and Savings Decisions

    • Permanent income and rational expectations
    • Consumption growth and future income
  • Expectations

    • Rational vs. adaptive expectations and ``rational bubbles''
  • Unemployment and Search

    • The ``Lake Model''
    • Markov chains and long-run unemployment rates
    • Models of job search
  • General Equilibrium

    • Endogenizing wages and other prices
  • Interest Rates and Complete Markets

    • Theory of interest rates
    • Lucas Model in an endowment economy
    • Event trees and Arrow-Debreu complete markets model (maybe)
  • Growth and Fiscal Policy

    • Malthusian growth model
    • Optimal growth and capital accumulation
    • Distorting taxes on capital, labor, and consumption
    • Government policy and budgets
    • Foreseen and unforeseen policy changes

Policies

Academic Integrity It is the policy of the VSE to report all violations of UBC’s standards for academic honesty to the office of the Dean of Arts. A detailed description of academic integrity, including the University’s policies and procedures, may be found in the UBC Calendar: Student Conduct and Discipline. In addition to the violations stated on that page (for example, plagiarism), the VSE rules state that any student who hires a tutor/editor to help with any portion of their work will be given an automatic grade of zero on their submitted work. Any student found to have violated the university rules on academic misconduct will receive a grade of zero on the relevant work. Further penalties, may be levied by the President's Advisory Committee on Student Discipline. Those further penalties could include a notation on your transcript indicating that you have committed an academic offence, failure of the course, and/or suspension from the university.

Academic Accommodation for Students with Disabilities The University of British Columbia recognizes its moral and legal duty to provide academic accommodation. The University must remove barriers and provide opportunities to students with a disability, enabling them to access university services, programs, and facilities and to be welcomed as participating members of the University community. The University’s goal is to ensure fair and consistent treatment of all students, including students with a disability, in accordance with their distinct needs and in a manner consistent with academic principles. The University will provide academic accommodation to students with disabilities in accordance with the British Columbia Human Rights Code, R.S.B.C. 1996, c. 210 and the Canadian Charter of Rights and Freedoms, Part I of the Constitution Act, 1982, being Schedule B to the Canada Act 1982 (U.K.), 1982, c. 11. Provision of academic accommodation shall not lower the academic standards of the University. Academic accommodation shall not remove the need for evaluation and the need to meet essential learning outcomes. Students with a disability who wish to have an academic accommodation should contact Centre for Accessibility without delay (see UBC Policy 73).

Conflicting Responsibilities UBC recognizes that students may occasionally have conflicting responsibilities that affect their ability to attend class or examinations. These may include: representing the University, the province or the country in a competition or performance; serving in the Canadian military; or observing a religious rite. They may also include a change in a student’s situation that unexpectedly requires that student to work or take responsibility for the care of a family member, if these were not pre-existing situations at the start of term.

Students with conflicting responsibilities have a duty to arrange their course schedules to avoid, as much as possible, any conflicts with course requirements. As soon as conflicting responsibilities arise, students must notify either their instructor(s) or their Faculty Advising Office (e.g. Arts Academic Advising), and can request academic concession. Instructors may not be able to comply with all such requests if the academic standards and integrity of the course or program would be compromised.

Varsity student-athletes should discuss any anticipated and unavoidable regular-season absences with the instructor at the start of term and provide notice of playoff or championship absences in writing as soon as dates are confirmed. Religious observance may preclude attending classes or examinations at certain times. In accordance with the UBC Policy on Religious Holidays, students who wish to be accommodated for religious reasons must notify their instructors in writing at least two weeks in advance. Instructors provide opportunity for such students to make up work or examinations missed without penalty.

Policies and Resources to Support Student Success UBC provides resources to support student learning and to maintain healthy lifestyles but recognizes that sometimes crises arise and so there are additional resources to access including those for survivors of sexual violence. UBC values respect for the person and ideas of all members of the academic community. Harassment and discrimination are not tolerated nor is suppression of academic freedom. UBC provides appropriate accommodation for students with disabilities and for religious and cultural observances. UBC values academic honesty and students are expected to acknowledge the ideas generated by others and to uphold the highest academic standards in all their actions. Details of the policies and how to access support are available here https://senate.ubc.ca/policies-resources-support-student-success.

Statement regarding academic freedom During this pandemic, the shift to online learning has greatly altered teaching and studying at UBC, including changes to health and safety considerations. Keep in mind that some UBC courses might cover topics that are censored or considered illegal by non-Canadian governments. This may include, but is not limited to, human rights, representative government, defamation, obscenity, gender or sexuality, and historical or current geopolitical controversies. If you are a student living abroad, you will be subject to the laws of your local jurisdiction, and your local authorities might limit your access to course material or take punitive action against you. UBC is strongly committed to academic freedom, but has no control over foreign authorities (please visit http://www.calendar.ubc.ca/vancouver/index.cfm?tree=3,33,86,0 for an articulation of the values of the University conveyed in the Senate Statement on Academic Freedom). Thus, we recognize that students will have legitimate reason to exercise caution in studying certain subjects. If you have concerns regarding your personal situation, consider postponing taking a course with manifest risks, until you are back on campus or reach out to your academic advisor to find substitute courses. For further information and support, please visit: http://academic.ubc.ca/support-resources/freedom-expression