## Practice Exams

## Week 1: Measuring the Macroeconomy

### Instructional Videos

### Reading / Resources

- Williamson, Chapter 2
- Class Slides

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM - Measuring the Macroeconomy

(Slides Version)

due Friday 11:59 PM

## Week 2: Optimal Behavior of Consumers and Producers

### Instructional Videos

- Utility Definitions and Assumptions
- Indifference Curves
- Introduction to Consumption/Leisure Model
- Maximizing Utility in Cons/Leisure Model
- Impact of a Change in Non-Wage Income
- Impact of a Change in Wage
- Income and Substitution Effects
- Introduction to Production Functions
- Shape and Shifts of Production Functions
- Increase in Capital Stock
- Profit Maximizing Labor Demand
- General Equilibrium

### Reading / Resources

- Optimal consumption and leisure decisions of a representative household: Williamson, Chapter 4, pp. 98-117
- Optimal labor demand and production decisions of a representative firm: Williamson, Chapter 4, pp. 122-135
- Class Slides

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM - Consumer and Producer Behavior

(Slides Version)

Due Friday 11:59 PM

## Week 3: Socially Optimal Model

### Instructional Videos

### Reading / Resources

- Socially optimal allocation of consumption and leisure: Williamson, Chapter 5, pp. 142-150
- Pareto optimality of competitive equilibrium: Williamson, Chapter 5, pp. 150-155
- Optimal responses of the economy to government expenditure and technology shocks, Chapter 5, pp. 155-164
- Class Slides (PDF)

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM - Socially Optimal Model

(Slides Version)

due Friday 11:59 PM

## Week 4: Solow Growth Model

### Instructional Videos

### Reading / Resources

- Solow growth model: Williamson, Chapter 7, pp. 249-255
- Long-run effects from changes to savings, technology, depreciation, labor force growth, Chapter 7, pp. 255-264
- Class Slides (PDF)

### Exercises

- Canvas Multiple Choice Quiz

Due Wednesday 11:59 PM - Solow Growth Model

(Slides Version)

Due Friday 11:59 PM

## Week 6: Growth Models and Income Disparity

### Instructional Videos

### Reading

- Convergence & divergence in economic development: Williamson, Chapter 8, pp. 281-290
- Endogenous growth with human capital accumulation: Chapter 8, pp. 290-300
- Class Slides

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM - Growth and Income Disparity

(Slides Version)

Due Friday 11:59 PM

## Week 7: Consumption and Saving

### Instructional Videos

- Intertemporal Budget Constraint
- Graphical Intertemporal Budget Constraint
- Optimal Consumer Behavior
- Increase in Future Income
- Increase in Interest Rates on Borrowers
- Increase in Interest Rates on Savers
- Ricardian Equivalence
- Temporary Increase in Income
- Permanent Increase in Income
- Temporary Increase in Government Expenditures
- Permanent Increase in Government Expenditures

### Reading

- CConsumption and savings decisions: Williamson, Chapter 9, pp. 306-321
- Effects on decisions from changes in income: Chapter 9, pp. 321-324
- Effects on decisions from changes in interest rates for savers and borrowers: Chapter 9, pp. 327-332
- Ricardian Equivalence: Chapter 9, pp. 337-343
- Class Slides

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM -
Consumption and Saving Model

(Slides Version)

Due Friday 11:59 PM

## Week 8: Dynamic Model of Consumer and Producer Decisions

### Instructional Videos

### Reading

- Two-period dynamic model - Consumer decisions for consumption, saving, leisure, and labor supply: Williamson, Chapter 11, pp. 379-388
- Two-period dynamic model - Producer decisions for labor demand, investment demand, and production: Chapter 11, pp. 389-397

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM -
Dynamic Framework for Consumer and Producer Decisions

(Slides Version)

Due Friday 11:59 PM

## Week 10: Dynamic General Equilibrium Model

### Instructional Videos

### Reading

- Competitive general equilibrium in the two-period dynamic model: Williamson, Chapter 11, pp. 401-414
- Dynamics macroeconomic effects from changes in government expenditures: Chapter 11, pp. 414-417
- Dynamics macroeconomic effects from changes in capital stock: Williamson, Chapter 11, pp. 417-421
- Dynamics macroeconomic effects from changes in total factor productivity: Chapter 11, pp. 421-425

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM -
Dynamic General Equilibrium Model

(Slides Version)

Due Friday 11:59 PM

## Week 11: Dynamic Model with Money

### Instructional Videos

### Reading and Resources

- Dynamic model of money supply and demand: Williamson, Chapter 12, pp. 442-457
- Complete dynamic macroeconomic model with money: Chapter 12, pp. 457-459
- Money neutrality: Williamson, Chapter 12, pp. 460-464
- Shifts in Money Demand: Chapter 12, pp. 464-467
- Class Slides

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM -
Dynamic Model with Money

(Slides Version)

Due Friday 11:59 PM

## Week 12: New Keynesian Model

### Instructional Videos

### Reading

- New Keynesian model framework: Williamson, Chapter 14, pp. 509-513
- Non-neutrality of money: Chapter 14, pp. 513-515
- Government policy in the New Keynesian model: Williamson, Chapter 14, pp. 515-518

### Exercises

- Canvas Multiple Choice Quiz

due Wednesday 11:59 PM -
New Keynesian Model

(Slides Version)

Due Friday 11:59 PM

## Instructor

### James Murray, Ph.D.

2106 Wittich Hall608-785-6828

608-406-4068

jmurray@uwlax.edu

### Student Hours Appointments

Student hours appointments are available with as little as a 30-minute notice, and are generally available at the following times:

- 8:30 AM - 10:30 AM Mon/Wed/Fri
- 1:30 PM - 2:30 PM Mon/Wed/Fri
- 2:30 PM - 4:30 PM Tue/Thurs

## Student Hours Appointments

**Schedule your meeting by choosing a time slot below.**

## Student Hours Satisfaction Guaranteed!

**I guarantee that coming to student hours to ask questions will increase your grade in the class.** If you come and still get questions wrong on the exam about the topic we discussed, I will** refund those points!** This guarantee is subject to the following conditions:

- Refund points are good for up to two topics on each exam, and up to a total of 10 percentage points per exam.
- You and I must agree in writing using the following online form: https://murraylax.org/studentguarantee/

It takes just a minute to fill out the form. On this form, we document very specifically what we discussed and we both agree that I have explained the topic sufficiently and that you have acquired a good understanding from our discussion. - You must fill out the above form on the same day of your appointment.
- You must have attended class when the topic was initially taught or had an excused absence and completed any online work that served as a substitute, including watching any instructional videos.
- Only three guarantee forms may be filed before each exam.
- Only one guarantee form may be filed on a single day. Therefore, filing two or three guarantee forms before an exam will require at least two or three separate office hours visits, respectively.
- After the exam, if you get questions wrong that were guaranteed, it is your responsibility to recognize this and present your copy of the guarantee form to notify me you should get the points refunded.