ECON 2123: Macroeconomics: Prof. Fei DING The Hong Kong University of Science and Technology

Prof.
Fei DING
The Hong Kong University of Science and Technology
ECON 2123: Macroeconomics
INTRODUCTION
ABOUT ME
Instructor: Fei DING (LSK 6073)
Email: [email protected]
Tel: (852) 2358-7626
Office hours: TuTh 09:20-10:20 or by appointment
Course Time and Venue
L1: Wed & Fri 13:30 14:50
L2: Mon & Wed 12:00 13:20
ABOUT OUR TAS
L1: Ms. Astor FOK (LSK 6066)
Office hours: Mon 14:30-15:30 or by appointment
L2: Mr. Wilson WAN (LSK 6066)
Office hours: Thu 14:30-17:00 or by appointment
We teach this course as A UNIT.
Their ideas, opinions, and feedback directly impact the

pace and organization of the course.
Do not hesitate to seek their help and let them know how
you feel!
3
SENDING US EMAILS
Please address to all three of us in your emails.
Please put down at the subject line:

ECON 2123: Tutorial/Problem Set/etc.
It is better to use your UST email for

communication.
Please check your UST email regularly or set up

automatic forwarding.
4
ABOUT YOU
Your name in English and Chinese?
Your program?
Your year?
Your goal?
What do you expect to achieve?

How committed are you in pursuing your goals?
Your other courses?
ABOUT YOU
Please pick up an index card (optional).
Name, student ID, other information about you
A recent photo
Hand it back to me if you want me to know

more about you.
ABOUT THIS COURSE - DEFINITION

What is macroeconomics?
How does it differ from microeconomics?
From Google Macroeconomics (from the Greek prefix

makro- meaning "large" and economics) is a branch of
economics dealing with the performance, structure,
behavior, and decision-making of an economy as a whole,
rather than individual markets. This includes national,
regional, and global economies.
7
ABOUT THIS COURSE ISSUES WE CARE
10
THIS JUST CAME IN 4AM TODAY

BREAKING NEWS
U.S. markets dive nearly 3% amid worries about

China
Tuesday, September 1, 2015 4:07 PM EDT
Hopes for stability in global stock markets were dashed on Tuesday as investors found fresh reasons to keep
selling.
Breaking News Alert
September
01, 2015
The Standard
& Poors
500-stock index was down nearly 3 percent, as traders continued to fret
over global
NYTimes.com
emb
Sept
201
01,
er
5
concerns. The Dow Jones industrial average plunged more than 460 points, or 2.8 percent, putting it back in a
correction, the term that traders use when a market is 10 percent or more below a peak level. The S.&P. 500 was
also trading in correction territory. The tech-heavy Nasdaq was also down nearly 3 percent.
The jarring volatility over the last three weeks was in part caused by fears of an economic crunch in China and the
chill that such a slowdown might send through other economies. In addition, investors have been fretting about
what might happen to financial markets if the Federal Reserve raised interest rates this month. Such concerns
were behind the wild moves in the market last week.
Read more
11
12
13
14
WHY THIS COURSE?

Requirement: It is a common core course.
Relevance to your life
Whats
going to be the trend for HK property?

Where do you want to work?
Salary growth and employment prospects?
Amuse people and enliven conversations in
social events.
15
EXPECTATIONS: MORE DIFFICULT THAN MICRO!

Microeconomics focuses on individual rational
choices and decisions.
Macroeconomics focuses on aggregate
behavior of an economy.
More influencing factors

More complicated systems
More sophisticated math and technical analyses
More ambiguity even the most prominent
scholars do not agree on macro issues!
16
LEARNING OBJECTIVES
Explore important questions in macroeconomics and the

main components of macroeconomic theory.
Develop necessary concepts and tools to analyze current

macroeconomic events and their impacts on the business
environment and the economy.
Understand and evaluate the effects of government policies

on the business environment and the economy.
Think critically and creatively when making effective

economic decisions and policy suggestions, supported by
macroeconomic theories and analytical/quantitative
techniques.
17
REQUIRED TEXTBOOK
Olivier Blanchard and David Johnson,

Macroeconomics,
6th edition (Global Edition), 2013,
Pearson Education Inc.
18
REQUIRED TEXTBOOK
Required to read all assigned chapters and
sections from the textbook.
End-of-chapter questions are optional but
highly recommended.
These exercises will help you a lot in exams.

Solutions will be available on course website.
Textbook includes the right to MyEconLab

optional and not required.
19
A Tour of the course

The Organization of the Book
We will cover
20
ORGANIZATION & TEACHING APPROACH

Teaching and Learning
Activities
Roles in the Course
SILOs
addressed
Lectures
Explain key concepts, models, and their

applications; Cases and examples to build
students critical and analytical ability
1, 2, 3, 4, 5, 6
In-class Q&A through PRS
Encourage class participation, critical thinking

and discussion
1, 2, 3, 4, 5, 6
Tutorials
Review basic math and concepts, practice

problem-solving, presenting answers to
homework and exams
1, 2, 3, 4
Homework assignments
Enhance understanding of course materials

and their applications through problem-solving
practice
1, 2, 3, 4, 5
21
WEBSITE AND LECTURES
Course website on CANVAS
Check regularly for updates.
Attendance and in-class participation will

greatly benefit you in exams!
I dont check attendance it is your choice.
I dont offer make-ups for your missed lectures.
Lecture notes do not cover everything mentioned
in class.
22
USING PRS
Personal response system (PRS) will be used in
lectures to facilitate exchange of ideas.
It enables you to respond to my questions.
To get a PRS handset or download mobile app,
please visit http://celt.ust.hk/teachingresources/teaching-clickers/faq-students.
We start using PRS next lecture, so please be
ready.
23
TUTORIALS
Tutorial sessions complement, not substitute

for, lectures.
All materials covered subject to examination
Tutorials cover
Problem-set discussions
Exam reviews
Supplementary exercises
Elaboration of lectures and general Q & A
Make-up lectures if needed
24
FOR NEXT LECTURE

Assigned reading: Textbook Chap. 1 and 2.
Remember to get your PRS handset or mobile
app ready to use.
Start using it next time.
All office hours and tutorial sessions start from

Week 2 (Sep. 7).
No tutorial this week (Sep. 1 4)
First tutorial: basic math. review
25
ASSESSMENT
Problem Sets ----------------------------15%
Midterm Exam -------------------------35%
Final Exam (Cumulative) -------------50%
26
FOUR PROBLEM SETS

Electronic submission via CANVAS
Solutions posted online after due dates
Grading based on
On time submission zero for late homework for

whatever reasons, including network failure
Effort show that you have tried your best to
solve the problems
Legibility answers in easily readable fashion
Answer correctness will not affect your grade.
27
MIDTERM EXAM
Date: Thursday Oct. 15, 7:30pm 8:50pm
Mark your calendar; NO makeup for midterm exam.
Justified absence
Medical certificate & supporting documents must
be submitted for approval in advance.
With approval, weighting will be reallocated to the
final exam.
Unjustified absence: zero mark

28
FINAL EXAM
Schedule determined by ARRO, NO early exam.
Absence from exam
Medical certificates & supporting documents must

be submitted for approval in advance, or (for
emergency only) within 24 hours from the
scheduled exam time.
Makeup exam will be held as soon as possible (on
the next available day) from the scheduled date.
Instructor has the final authority on ALL
arrangements (exam format, timing, etc.)
29
GRADING POLICY
Curve (relative) grading for all students (L1+L2)
Most favored nation (MFN) treatment
A category: at most 20%

B category: at most 40%
20% As
10% the rest

40% Bs
B-
30% Cs
30
GRADING POLICY
Any disputes on grading can be raised to the
TA within one week after grade release date.
NO-pencil policy you must write all answers
in pens to be eligible for appeal.
Valid arguments result in an entire reassessment for all students rather than
individual assessment.
Your new grade may be higher or lower than the

one previously given.
31
YOUR FEEDBACK IS IMPORTANT!
I am open to suggestions before finalizing the

syllabus.
Please provide your feedback on or before Monday

(Sep. 7) 6pm.
Throughout the semester, your feedback,

criticism, comments, and suggestions are
highly welcome!
Anonymously, just slip a paper on my lecture table

or under my office door, or via the TAs.
32
SUCCEED IN THE COURSE
I try my best to
Make course requirements as clear as possible.
Explain course materials in simplest ways.
Remain accessible for questions and inquiries.
Please remember
Ultimately it is you who EARN the grade, not me in
giving you the grade.
Please make the corresponding effort to achieve
your goals.
33
MY OBSERVATIONS ON A STUDENTS
Do assigned readings before coming to class.
Write down what you dont understand during
lectures.
Raise hands and ask if you can.
Participate in class discussions.

Review after class and think about what you
still dont understand. Ask for help ASAP.
Do the problem sets with your best effort.
34
HOW TO SUCCEED TIME MANAGEMENT

Make the best use of your time is critical for
your success in everything in life!
Think back and figure out what you have done
today within each hour or half hour.
If you find you dont know what you did

If you find you spend too much time on one thing
35
HOW TO SUCCEED ALWAYS GET HELP
Emails, office hours, private appointments
Address to both instructor and 2 TAs in emails.
Talking to fellow students always helps!

If you find yourself lost in the course or under
pressure, I urge you in the strongest possible
terms, to get help immediately.
We would be happy to help you find appropriate

solutions.
36
CLASSROOM ETIQUETTE
I do not take attendance. But whenever you come to
lectures, please
Arrive on time.
Mute your mobile devices.
Act quietly and NO CHATTER!
Be considerate and do not disturb others!
You will be asked to leave the classroom if you do not

follow these rules.
37
ACADEMIC HONESTY AND INTEGRITY
Please familiarize yourself with the honor code and

academic integrity: http://tl.ust.hk/integrity/student1.html
Strictly enforced and NO EXCEPTIONS!
The university takes cheating very seriously!

Cost-benefit analysis Costs of cheating are too high,
not rational at all!
38
REMINDER
Assigned reading: Textbook Chap. 1 & 2.
We will start using PRS from next lecture.

Please be ready.
Optional: please return your index card with a

recent photo and indicate your name, student
ID, your program/major, and a few words
about you.
A final welcome to ECON 2123!
39

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Prof.

ECON 2123: Macroeconomics

Instructor: Fei DING (LSK 6073)

Tel: (852) 2358-7626

Office hours: TuTh 09:20-10:20 or by appointment

Course Time and Venue

L1: Wed & Fri 13:30 14:50

L2: Mon & Wed 12:00 13:20

ABOUT OUR TAS

L1: Ms. Astor FOK (LSK 6066)

Office hours: Mon 14:30-15:30 or by appointment

L2: Mr. Wilson WAN (LSK 6066)

Office hours: Thu 14:30-17:00 or by appointment

We teach this course as A UNIT.

Their ideas, opinions, and feedback directly impact the

Please address to all three of us in your emails.

Please put down at the subject line:

It is better to use your UST email for

Please check your UST email regularly or set up

What do you expect to achieve?

Your other courses?

Please pick up an index card (optional).

Name, student ID, other information about you

Hand it back to me if you want me to know

ABOUT THIS COURSE - DEFINITION

From Google Macroeconomics (from the Greek prefix

ABOUT THIS COURSE ISSUES WE CARE

ABOUT THIS COURSE ISSUES WE CARE

ABOUT THIS COURSE ISSUES WE CARE

THIS JUST CAME IN 4AM TODAY

U.S. markets dive nearly 3% amid worries about

Breaking News Alert

ABOUT THIS COURSE ISSUES WE CARE

ABOUT THIS COURSE ISSUES WE CARE

ABOUT THIS COURSE ISSUES WE CARE

WHY THIS COURSE?

going to be the trend for HK property?

EXPECTATIONS: MORE DIFFICULT THAN MICRO!

More influencing factors

Explore important questions in macroeconomics and the

Develop necessary concepts and tools to analyze current

Understand and evaluate the effects of government policies

Think critically and creatively when making effective

Olivier Blanchard and David Johnson,

These exercises will help you a lot in exams.

Textbook includes the right to MyEconLab

A Tour of the course

ORGANIZATION & TEACHING APPROACH

Roles in the Course

Explain key concepts, models, and their

In-class Q&A through PRS

Encourage class participation, critical thinking

Review basic math and concepts, practice

Enhance understanding of course materials

WEBSITE AND LECTURES

Course website on CANVAS

Check regularly for updates.

Attendance and in-class participation will