teaching portfolio (nori) · 1. overall effectiveness as a teacher 4.5 4.4 hm 11. increased desire...

Teaching Portfolio

Norikatsu Hiraide Graduate Teaching Assistant, Ph.D. candidate

Kansas State University

Last update: October 15, 2019

Table of Contents

1. Teaching Statement ........................................................................................................ 3

2. Teaching Experience ...................................................................................................... 4

2.1 Teaching History ....................................................................................................................... 4

2.2 Training .................................................................................................................................... 4

3. Evidence of Effective Teaching ....................................................................................... 5

3.1 Teaching Award and Certificate ............................................................................................... 5

3.2 Teaching Evaluations ................................................................................................................ 5

3.2 Sample Student Comments ..................................................................................................... 12

4. Sample Course Materials .............................................................................................. 13

1. Teaching Statement My primary goals as a teacher are to equip students with the knowledge of economics necessary to understand, analyze, and evaluate the economic issues, and to develop students’ skill sets such as time management, communication, and decision-making skills that are essential to advance their professional careers. To achieve these goals, I emphasize connecting the classrooms to the real world, the use of actual data, and oral communication. Students can establish a link between economic models and the real world by learning from real-world examples. Connecting classrooms to the real world motivates students to learn the economic concepts, and it helps students to retain the knowledge they learn in the class. For example, in Intermediate Macroeconomics, students read a debate, “Is the global trade system broken?” which provides two opposing opinions about the current global trade on The Economist website. Students share their individual opinions about the global trade system in the class discussion or homework assignment based on the economic concepts they learn during the class. This process provides students the opportunities to develop critical thinking and decision-making skills through analyzing the real-world economic issues. Working with actual data also helps students to learn the concepts of economics more effectively, and it also allows students to learn the data management skills. As an example, in Intermediate Macroeconomics, students are asked to obtain GDP data from the Bureau of Economic Analysis and to compute the GDP deflator based on the obtained data. Furthermore, each student is required to make a one-page summary about a state-level economy in the U.S. Students select a state, and they make a report about the selected state’s economic growth rate of and the composition of the industries including three most growing and three least growing industries. Students also write a brief analysis of why the state growing faster or slower than the U.S. average. Dealing with actual data helps students to learn how to collect, manage, and summarize data with the knowledge of economics. Oral and written communication skills are essential for students to succeed in their professional careers. To help students to learn how to deliver their message to the audience, I ask students to explain the economic concepts they learn in front of the class or ask students to post their explanation about the certain topic on the class website. For example, in an online Intermediate Microeconomics course, I select a student to be a facilitator, and I ask the facilitator to post the slides explaining how to distinguish between income and substitution effects using a diagram. After that, other students ask questions they have, and the facilitator answers those questions raised by the class. As an instructor, I sometimes intervene in the class and post comments to make sure that all of the students understand the concepts of income and substitution effects. Explaining the concept in front of the class not only helps students to learn it more deeply but also provides students the opportunities to improve their communication skills. In sum, all of my pedagogical strategies are dedicated to helping students to learn the economic concepts to understand, analyze, and evaluate the economic and social issues in ways that will prepare students to advance their professional careers after they leave the classroom.

2. Teaching Experience

As an instructor at Kansas State University, I have taught five courses during the periods from Fall 2017 to Summer 2019. Enrollment in these face-to-face and online classes ranged from 5 to 46 students.

2.1 Teaching History

• Fall 2017: Intermediate Macroeconomics, 20 students • Spring 2018: Intermediate Macroeconomics, 46 students • Fall 2018: Intermediate Macroeconomics (evening), 5 students • Spring 2019: Intermediate Macroeconomics, 38 students • Summer 2019: Intermediate Microeconomics (online), 16 students

2.2 Training

In Fall 2018, I took a graduate-level course, Principles of College Teaching, offered by the College of Education at Kansas State University. In this course, I have learned the evidence-based pedagogical strategies and techniques and developed the teaching skills necessary to help students to learn from my classes. Due to my strong performance in the course, I have been selected as one of the student panelists in the panel discussion session at Graduate Teaching Assistant Training Event Fall 2019 and share my experiences with new Graduate Teaching Assistants from all of the departments at Kansas State University. I have also participated in the Graduate Teaching Assistant Recognition of Achievement in Professional Development program offered by the Teaching and Learning Center at Kansas State University during the 2018-19 school year. I learned teaching techniques and ideas from experienced instructors to help students keep engaged with the course and to help students to learn more effectively during the session.

3. Evidence of Effective Teaching

3.1 Teaching Awards I received Graduate Teaching Award from the Department of Economics for excellence in undergraduate teaching in 2019 and I received Graduate Teaching Assistant Recognition of Achievement in Professional Development Certificate from the Teaching & Learning Center.

3.2 Teaching Evaluations Student rating of instructors is out of 5 possible points, with 5=Very High and 1=Very Low. Some ratings are adjusted for individual and cohort attributes. The table below provides a summary of the evaluations for the previous five courses I taught as a primary instructor.

Course Title: Intermediate Microeconomics (online) Semester taught: Summer 2019

Number of Students Instructional Responsibility TEVAL: “Overall effectiveness as a teacher” average score

16 Primary instructor 4.4

Course Title: Intermediate Macroeconomics Semester taught: Spring 2019



Course Title: Intermediate Macroeconomics (8-week course) Semester taught: Fall 2018



Course Title: Intermediate Macroeconomics Semester taught: Spring 2018



Course Title: Intermediate Macroeconomics Semester taught: Fall 2017



1

2

3

STANDARD DEVIATIONRELATIVE TO KSU CLASSES RATED BY 10 OR MORE STUDENTS: H=UPPER 10%; HM=NEXT 20%; M=MIDDLE 40%; LM=NEXT 20%; L=LOWEST 10%ADJUSTED FOR STUDENT CHARACTERISTICS & CLASS SIZE: SEE TEVAL GUIDE

Responses from 12 of the 16 enrolled (75%) Offered: 07/26/19 - 08/02/19Overall Effectiveness

Number Responding [VL=1, VH=5] StatisticsVL L M H VH OMIT SD1 AVG

Obtained Responses1. Overall effectiveness as a teacher 0 0 1 4 7 0 0.6 4.511. Increased desire to learn about the subject 0 0 4 0 8 0 0.9 4.314. Amount learned in the course 0 0 2 4 6 0 0.7 4.3

Statistics Comparative Status2

Raw Adjusted3 Raw Adjusted3

Averages and Comparative Status1. Overall effectiveness as a teacher 4.5 4.4 HM HM11. Increased desire to learn about the subject 4.3 4.1 HM HM14. Amount learned in the course 4.3 4.0 HM M

Ratings of Student Attributes and Instructional StylesNumber Responding [VL=1, VH=5] Statistics

VL L M H VH OMIT SD1 AVGRelevant Student Attributes

12. Interest in the course before enrolling 0 0 3 3 6 0 0.8 4.313. Effort to learn in the course 0 0 1 5 6 0 0.6 4.4

Instructional StylesA. Establishing a Learning Climate

2. Made the course goals and objectives clear 0 0 0 1 11 0 0.3 4.93. Well prepared for the course 0 0 0 3 9 0 0.4 4.85. Interest in helping students learn 0 0 0 2 10 0 0.4 4.810. Willingness to help students 0 0 0 1 11 0 0.3 4.9

B. Facilitating Student Learning4. Explained the subject clearly 0 0 2 3 7 0 0.8 4.46. Stimulated thinking about the subject 0 0 3 2 7 0 0.8 4.37. Made helpful comments on student work 0 0 2 4 6 0 0.7 4.38. Grading procedures fair and equitable 0 0 0 0 12 0 0.0 5.09. Realized when students did not understand 0 0 1 4 7 0 0.6 4.5

Instructor's Description of ClassA. Type of class Lecture,LectureB. Class size About rightC. Physical facilities Less than adequateD. Previously taught this course? NoneE. Approach significantly different this term? YesF. Description of teaching load? AverageG. Attitude toward teaching this course I wanted toH. Control of course decisions Yes- I was responsible for all decisionsI. Differences in student preparation A minor problemJ. Student enthusiasm Moderate; neither high nor lowK. Student effort to learn ExcellentL. Additional comments? No additional comments

Teval Report: Student Ratings of InstructionTeaching and Learning Center | Kansas State University

Faculty Member: Hiraide, Norikatsu Course Name: Intermed Microecon(11824) Course #: ECON 520Hr./Days: Distance College: Arts and Sciences Term: Summer 2019

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Distance Courses1 2 3 4 5 OMIT SD AVG

1.1 Enthusiasm for teaching online. 0 0 1 2 9 0 0.6 4.71.2 Timely return of graded materials. 0 0 0 0 12 0 0.0 5.01.3 Ability to create an environment that is conducive to learning and sharing. 0 0 1 2 9 0 0.6 4.71.4 Effective use of technology to deliver course content. 0 0 1 1 10 0 0.6 4.81.5 Ease of navigating the course (course structure). 0 0 0 1 11 0 0.3 4.91.6 Ability to engage students in communication, discussion, and group

interaction0 1 1 1 9 0 1.0 4.5

1.7 Timely and useful response to your communications. 0 0 1 0 11 0 0.6 4.81 = Very Low | 2 = Low | 3 = Medium | 4 = High | 5 = Very High

1 2 3 4 5 OMIT SD AVG2.1 Your enthusiasm for online learning. 0 1 3 2 6 0 1.0 4.12.2 Your effort to prepare for this distance learning course (for example -

making sure you met the minimum technology requirements, were able tosign in to your course and reviewed the syllabus).

0 0 2 1 9 0 0.8 4.6

2.3 Your effort toward involvement/participation in class discussion and groupinteraction.

0 1 4 2 5 0 1.0 3.9

1 = Very Low | 2 = Low | 3 = Medium | 4 = High | 5 = Very High

Additional Questions1. What are the three things you liked most in this class? (For example, flexibility of the course, lecture slides, homework questions

and solutions etc.)• 1) I like how there were practice homework sets for every module

2) I liked how the lecture slides had audio with them3) I liked the weekly announcements that had the summary of what we were doing for the week

• I liked how you gave us the opportunity to re-do the homework assignments if needed. You really wanted us to learn.

The lecture slides were helpful for the exams. You explained things well.

The weekly schedule was consistent and easy to follow and maintain. This is huge for me and online classes.• I really enjoyed listening to the lecture slides. It was nice to be able to replay slides when need be. Found the homework and

solutions very helpful to work through the problems and to have help seeing what I did wrong looking at the soultions.• -Having material week by week so I didn't get overwhelmed

-Being able to look back on what I missed in the solutions so I can correct my thinking for the future-Having slides where the professor was talking through it

• flexibility• flexibility, did not have to spend more money on having someone watch me take the exams, and lecture slides were nice.• I really appreciated that the professor was willing to work with me since I had to be gone the last week of class. I liked the

flexibility in being able to listen to the lectures at a time that worked best for me. I thought the topic on Game Theory was veryinteresting.

• The flexibility of the class.The lecture slides of the class.The subject of the class.

• I liked having the multiple chances to do the homework, actually having lectures instead of having to just read from the book,and how you could work at your own pace for the most part.

• I really enjoyed the professor's quick responses, the multiple attempts at homework in order to get another chance to figure outwhat you did wrong the first time, and how the professor always posts the correct answers right away.

2. What will you tell your friends about your class?• This class did very good with keeping you up on course work so you didn’t fall behind (which is a concern for a lot of web

based classes).• That the instructor was very helpful and really understood the importance of helping her students. Great class to take.• That it was clear instruction. I felt 11 pm was a weird time for things to be uploaded. Especially for the test. For the first 6

hours the test would be open, people were probably sleeping.• I felt that I learned quite a bit and had a great experience while also being challenged• its a solid course.• Good class and not too hard but not easy. I still had to try and study and look over material.• Overall Great!

question continued on next page


Faculty Member: Hiraide, Norikatsu Course Name: Intermed Microecon(11824) Course #: ECON 520Hr./Days: Distance College: Arts and Sciences Term: Summer 2019

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Responses from 32 of the 38 enrolled (84%) Offered: In ClassOverall Effectiveness





Averages and Comparative Status1. Overall effectiveness as a teacher 4.6 4.6 HM HM11. Increased desire to learn about the subject 4.4 4.5 HM H14. Amount learned in the course 4.4 4.6 HM H





2. Made the course goals and objectives clear 0 0 0 5 27 0 0.4 4.83. Well prepared for class 0 0 1 4 27 0 0.5 4.85. Interest in helping students learn 0 0 0 6 26 0 0.4 4.810. Willingness to help outside of class 0 0 0 5 27 0 0.4 4.8


Instructor's Description of ClassA. Type of class LectureB. Class size About rightC. Physical facilities SatisfactoryD. Previously taught this course? 2-3E. Approach significantly different this term? YesF. Description of teaching load? On the light sideG. Attitude toward teaching this course I didn't mind- was neutralH. Control of course decisions Yes- I was responsible for all decisionsI. Differences in student preparation A minor problemJ. Student enthusiasm Mixed; both high and lowK. Student effort to learn SatisfactoryL. Additional comments? No additional comments


Faculty Member: Hiraide, Norikatsu Course #: ECON 510Hr./Days: 1130 MWF On Campus College: Arts and Sciences Term: Spring 2019

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Averages and Comparative Status1. Overall effectiveness as a teacher 4.0 4.0 M M11. Increased desire to learn about the subject 3.8 3.9 M M14. Amount learned in the course 4.0 4.2 M HM







Instructor's Description of ClassA. Type of classB. Class sizeC. Physical facilitiesD. Previously taught this course?E. Approach significantly different this term?F. Description of teaching load?G. Attitude toward teaching this courseH. Control of course decisionsI. Differences in student preparationJ. Student enthusiasmK. Student effort to learnL. Additional comments?


Faculty Member: Hiraide, Norikatsu Course #: ECON 510Hr./Days: 1730 TU On Campus College: Arts and Sciences Term: Fall 2018

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Averages and Comparative Status1. Overall effectiveness as a teacher 3.4 3.7 LM LM11. Increased desire to learn about the subject 3.0 3.3 LM LM14. Amount learned in the course 3.2 3.2 L L









Faculty Member: Hiraide, Norikatsu Course #: ECON 510Hr./Days: 1130 MWF On Campus College: Arts and Sciences Term: Spring 2018

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Averages and Comparative Status1. Overall effectiveness as a teacher 4.0 4.4 M HM11. Increased desire to learn about the subject 3.4 3.9 LM M14. Amount learned in the course 3.9 3.9 M M









Faculty Member: Hiraide, Norikatsu Course #: ECON 510Hr./Days: 805 TU On Campus College: Arts and Sciences Term: Fall 2017

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3.3 Sample Student Comments

Summer 2019 (Intermediate Microeconomics (online course))

• I liked how you gave us the opportunity to re-do the homework assignments if needed. You really wanted us to learn.

• I really appreciated that the professor was willing to work with me since I had to be gone the last week of class. I liked the flexibility in being able to listen to the lectures at a time that worked best for me. I thought the topic on Game Theory was very interesting.

• I really enjoyed the professor's quick responses, the multiple attempts at homework in order to get another chance to figure out what you did wrong the first time, and how the professor always posts the correct answers right away.

• This class did very good with keeping you up on course work so you didn’t fall behind (which is a concern for a lot of web based classes).

• The instructor was very helpful and really understood the importance of helping her students. Great class to take.

• I felt that I learned quite a bit and had a great experience while also being challenged.

Spring 2019 (Intermediate Macroeconomics)

• I can tell you are here for the students. Nori seems interested in helping his students succeed.

• I like that you are good at answering people’s questions. • Nori will take the time to help a confused student understand a concept. • I like how you go into more in depth about the subject matter than just what is on

the PowerPoint. • Interesting, the real world understanding of economics today. • For past econ classes, I was never able to really understand, therefore, I was never

passionate about coming, but you make it easy to learn!

Fall 2018 (Intermediate Macroeconomics (evening class)) • I like how nori is willing to teach us different ways than just one style so we

understand. • Teaching is engaging. • Practice questions help a lot. We have lots of practice exercises. • I like being able to do word problems within class, to be able to do good on the

test. • Convenient office hours and Lecture notes are good.

4. Sample Course Materials The following sample materials are from the Spring 2019 semester.

Course

COURSE INFORMATION

Days & Times Mondays, Wednesday, Fridays 11:30 – 12:20 Dates January 23 – May 13 Time Class Location Waters 348 Class Web Site K-State Canvas

Instructor Contact Info Name: Norikatsu Hiraide Office: Waters 244 Hours: Mondays and Wednesdays 12:30 pm – 1:30 pm (or Please make an appointment at your convenience)

E: [email protected] Preference: Email is answered within 24 hours

Instructor Details My background is in international economics. My research topic is the effects of trade agreements on Foreign Direct Investments (FDI). Tutoring sessions l Tuesdays at 5:30-7:00

p.m. in Waters 350 l Wednesdays at 7:00-

8:30 p.m. in Waters 132

COURSE INFORMATION

INTERMEDIATEMACROECONOMICS

Student Learning Outcomes: Upon completion of this course, students will be able to:

1. Evaluate the economic situations by using the various measures of economic activity.

2. Develop an economic model to analyze the economy as a whole. 3. Design an economic policy to solve the economic/social issues. 4. Apply economic reasoning to predict the impact of private and public proposals

on social welfare. :

Textbook Required textbook for this course is Macroeconomics by N. Gregory Mankiw, Worth Publishers. 9th edition (ISBN: 978-1464182891)

ECON 510, Section B, Spring 2019, 3 credits Course Overview Macroeconomics is the study of the economy as a whole and is concerned with some of the most important questions in economics such as: Why is there unemployment? What

are the consequences’ of monetary policy, tax cuts, stimulus packages? What causes recessions? Why are some nations rich while others are poor? Why do some economies

grow faster than others do?

CONTENTS

Course Info pg 1 Instructor Info pg 1 Class/HW assignment pg 2 Grading Scale pg 2

Classroom Policies pg 3 Course Schedule pg 5

Prerequisite:

Principles of Macroeconomics (ECON 110) Principles of Microeconomics (ECON 120) or (AGECON 120)

ASSESSMENT & EVALUATION DETAILS

Mid-term Examination I

• In class exam • Date: February 22 (Fri.) • Time: 50 minutes • Chapters 1,2,3 and 4 Total: 20% of final mark

In-class Quizzes

• 10 quizzes • Individually completed • 10 minutes to complete • Based on the textbook and topics we

covered in class • Dates: Unannounced • Simple Problem Solving questions Total: 15% of final mark

Homework Assignments • 6 homework assignments • Individually completed • 1 week to complete • Based on the textbook and topics

we covered in class • Dates: Will be announced in class • Problem Solving questions Total: 25% of final mark

Mid-term Examination II

• In class exam • Date: April 5 (Fri.) • Time: 50 minutes • Chapters 5, 7, 8 and 9 Total: 20% of final mark

Final Examination • Date: Monday, May 13, 11:50

am – 1:40 pm • Time: 110 minutes • Chapters 10, 11 and 12 (chapter

6 if time allows)

Total: 20% of final mark

Each learning activity is designed to help you learn about and apply Macroeconomic models. Assignments will be posted on K-State Canvas a week

before the due date. Learning will be assessed through in-class quizzes, homework assignments and three examinations.

GRADING SCALE

A = 90% –100%; B = 80% – 89%;

C = 70 – 79%; D = 60% – 69%; F = 59% and below

• Grades are solely on the points listed on the

syllabus. • There is no extra credit offered in the course

except for attending Joe Tiao Lecture on an economics issue of current interest.

In class Quizzes

15%

Homework Assigments

25%

Midterm Exam I

20%

Midterm Exam II

20%

Final Exam20%

POINT DISTRIBUTION

You will need to access the course Canvas page before each class for announcements, class notes, homework assignments and other class materials.

Workload & Expectations

I consider this course to be learning opportunities for both you and me. Therefore, it is my responsibility to be an effective instructor. It is my job to keep the class environment positive so that everyone can get engaged with the classes, and share your opinions and ideas. Also, I try to adjust my teaching strategies in response to the pace and depth of your learning.

At the same time, the real learning occurs when you invest in learning. This means that what you can learn from this course also depends on your time spent on learning the course materials. It is my responsibility to provide effective learning opportunities through the course materials, and class activities. In exchange, I expect you to invest your time in all learning activities and engage in the course materials. In order for this course to be a valuable learning experience, I need to be an effective teacher but at the same time, I request you to be a good learner. According to K-State Academic Procedures F115: Credit Hour, the amount of effort required to attain a specific amount of knowledge or skill is equivalent to 3 hours of effort per week for fifteen weeks per credit hour. For this three credit hour class, you would need to spend approximately 9 hours per week (135 hours over the semester) with the course – This includes formal class time, completing homework assignments, reading textbook/other reading materials and other course related activities. Attendance & Assignment Policy Your accomplishments and grades are highly linked to your attendance of the class. While attending class, please respect the academic environment and common courtesy during class and avoid doing activities that will distract you or others.

All assignments need to be submitted on the due date (by 11:45 am). Late assignments will be deducted 25%. Assignments more than 24 hours late will not be accepted. There is NO MAKE-UP for quizzes, and exams unless you have a good excuse (i.e., due to illness, death/emergency in the family, or the attendance of a college activity etc.). You will receive a grade of zero for any quizzes or/and exam missed without a good excuse. In the former case, contact me within 48 hours of the missed quiz or exam and bring me proper documentation.

Course Materials

STATEMENT REGARDING ACADEMIC HONESTY Kansas State University has an Honor and Integrity System based on personal integrity, which is presumed to be sufficient assurance that, in academic matters, one's work is performed honestly and without unauthorized assistance. Undergraduate and graduate students, by registration, acknowledge the jurisdiction of the Honor and Integrity System. The policies and procedures of the Honor and Integrity System apply to all full and part-time students enrolled in undergraduate and graduate courses on-campus, off-campus, and via distance learning. The Honor and Integrity System website can be reached via the following URL: www.k-state.edu/honor. A component vital to the Honor and Integrity System is the inclusion of the Honor Pledge which applies to all assignments, examinations, or other course work undertaken by students. The Honor Pledge is implied, whether or not it is stated: "On my honor, as a student, I have neither given nor received unauthorized aid on this academic work." A grade of XF can result from a breach of academic honesty. The F indicates failure in the course; the X indicates the reason is an Honor Pledge violation. STATEMENT FOR ACADEMIC ACCOMODATIONS FOR STUDENTS WITH DISABILITIES Students with disabilities who need classroom accommodations, access to technology, or information about emergency building/campus evacuation processes should contact the Student Access Center and/or their instructor. Services are available to students with a wide range of disabilities including, but not limited to, physical disabilities, medical conditions, learning disabilities, attention deficit disorder, depression, and anxiety. If you are a student enrolled in campus/online courses through the Manhattan or Olathe campuses, contact the Student Access Center at [email protected], 785-532-6441; for K-State Polytechnic campus, contact Academic and Student Services at [email protected] or call 785-826-2974.

STATEMENT DEFINING EXPECTATIONS FOR CLASSROOM CONDUCT All student activities in the University, including this course, are governed by the Student Judicial Conduct Code as outlined in the Student Governing Association By Laws, Article V, Section 3, number 2. Students who engage in behavior that disrupts the learning environment may be asked to leave the class. SYLLABUS CHANGE S This syllabus is a guide and every attempt is made to provide an accurate overview of the course. However, circumstances and events may make it necessary for the instructor to modify the syllabus during the semester and may depend, in part, on the progress, needs, and experiences of the students. Changes to the syllabus will be made with advance notice.

By the end of the course, students will be able to:

• Understand what kinds of topics we study in Macroeconomics.

• Understand the Demand and Supply model

• Apply the model to analyze the real world events.


• Understand the various measures of economic activity.

• Compute and explain the meaning of each economic indicators.

• Create the personal price index.


• Explain what brings the Supply and Demand

for Goods and Financial markets into Equilibria.

• Analyze the cause of growing gap between Rich and Poor in the long run.


• Explain the Role of Banks and Central Bank in the economy.

• Evaluate the current monetary policy by the Federal Reserve Banks.

The Data of Macroeconomics (Chapter 2)

National Income (Chapter 3) (Long run economy)

Inflation (Chapter 5) (Long run economy)


• Understand the relationship between inflation and interest rates.

• Investigate the reasons for Hyperinflation in Venezuela (Case Study).

What Macroeconomists study

Demand and Supply model

The U.S. Economy

Real GDP versus Nominal GDP

GDP Deflator, CPI, Unemployment rate

National Income Accounts Identity

Production of Goods and Services

Demand for Goods and Services

Equilibrium in Goods and Financial Markets

What is Money?

The Role of Banks in the economy

Quantity Theory of Money

Social Costs of Inflation

Monetary Policy by Central Bank

Monetary System (Chapter 4) (Long run economy)

Mid-term Exam 1: February 22 (Fri.)

COURSE CONTENT BY TOPICS Introduction to Macroeconomics (Chapter 1)

Learning Outcomes


• Explain why some economies grow faster than other economies.

• Evaluate if the economy is at the very long run equilibrium or not.

• Argue what kind of Economic Policies can promote economic growth.


• Understand the difference between Short Run and Long Run in the economy.

• Design an economic policy to mitigate the negative Supply or/and Demand shocks in the economy.

Economic Growth II (Chapter 9) (Very Long run)

The Business Cycle (Chapter 10) (Short run)

The Solow Model

Technological Progress

Policies to Promote Growth

Aggregate Demand

Aggregate Supply

Economic Growth I (Chapter 8) (Very Long run)

The Golden Rule Level of Capital

Population Growth

Mid-term Exam 2: April 17 (Wed.) or 19 (Fri.)

Stabilization Policy

Natural Rate of Unemployment

Frictional Unemployment

Structural Unemployment


• Evaluate if the economy is booming or not by using the idea of natural rate of unemployment.

• Understand the difference between Frictional and Structural unemployments.

Unemployment and the Labor market (Chapter 7) (Long run economy)


• Construct the IS-LM Model from Goods and Money Markets.

• Evaluate the effects of Fiscal Policy and Monetary Policy on the economy.

• Evaluate the current and past economic issues with IS-LM model.

• Design Economic Policies to solve the economic issues.

IS-LM Model II (Chapter 12) (Short run)

Goods Market and IS Curve

Money Market and LM Curve

Fiscal Policy and IS Curve

Monetary Policy and LM Curve

The Short-Run Equilibrium

The Open Economy (Chapter 6) (If time allows.)

The Great Depression

Final Exam: Monday, May 13, 11:50 am – 1:40 pm.

IS-LM Model II (Chapter 12) (Short run)

The Role of Net Exports

The Effects of Trade Policies

Exchange Rates

ECON 510B Spring 2019 Homework Assignment 1 (Ch.1 and Ch.2) Due date: Feb. 8 (in class) Name: ___________________________________ Please write your concise and clear answers in the space provided (or you can use separate sheets) and use your best handwriting to answer the problems. Question 1 (Questions) 1. Give an example of sticky price. Please briefly explain why the price you chose is sticky. 2. Give an example of flexible price. Please briefly explain why the price you chose is flexible. 3. Which component of GDP is the biggest in the U.S. in 2017? For questions 4-6, please fill in the blank(s). 4. GDP is the market value of all ___________ goods and services produced within an economy

in a given period of time. 5. Nominal GDP means the value of goods and services is measured in __________ prices. 6. Real GDP means the value of goods and services is measured in __________ prices.

Question 2 (Demand and Supply Analysis) (a) Write down demand and supply equations (in General functional notation) for coffee,

include one exogenous variable and one endogenous variable in each equation. (b) Draw a supply – demand graph for coffee. (c) Use your graph to show how a change in one of your exogenous variables affects the

model’s endogenous variables. (Please choose either demand side exogenous variable or supply side exogenous variable.)

Question 3 (Nominal and Real GDP, GDP deflator, and Inflation rate) 3-1:

2014 2015 2016

Price Quantity Price Quantity Price Quantity

Good A $30 50 $31 52 $33 55

Good B $45 50 $45 55 $46 60

Good C $60 100 $65 110 $70 120

Use the table above to answer the following questions. (a) Compute nominal GDP in each year (b) Compute real GDP in each year using 2014 as the base year

3-2: Use the U.S. Bureau of Economic Analysis GDP report to answer a) – c) and use the US BEA GDP by State report to answer d) a) Find the nominal GDP in 2015, 2016, and 2017 on page 14 (Table 7). b) According to the U.S. BEA, real GDP was $17,386.7 (billions of dollars), $17,659.2, and $18,050.7 in 2015, 2016 and 2017 respectively. Using the nominal GDP in each year you found in (a), compute the GDP deflator in each year. c) Compute the inflation rate from 2015 to 2016, from 2016 to 2017 and from 2015 to 2017. d) Name the three industries which contributed the most to the economic growth (Real GDP growth) in Kansas from quarter 1 in 2018 to quarter 2 in 2018.

Question 4 (Consumer Price Index) 4-1: Basket: 10 apples, 20 corns, and 40 gallons of gasoline

Price of apple Price of corn Price of gasoline per gallon

2014 $1 $1 $2

2015 $1.2 $1.5 $2.5

2016 $1.5 $2 $3

Use the information above to answer the following questions. (a) Compute the cost of the basket in each year (b) Compute the CPI in each year (use 2014 as the base year) (Round up to two decimal places

for your final answers) (c) Compute the inflation rate from 2014 to 2015 and from 2015 to 2016.

4-2: Access the Consumer Price Index chart at Bureau of Labor and Statistics. https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm a) Find the inflation rate in December 2018 for All items, Food, Energy, Gasoline and Electricity. b) Explain how the change in gasoline price in December 2018 affect the U.S. consumers now. (i.e., How do people change their consumption decisions due to the change in gasoline price?) Question 5 (Labor market) According to the U.S. Census Bureau, the total labor force was 159,187 (in thousands) in 2016. Also, the labor participation rate in 2016 was 62.8% and the unemployment rate was 4.9% in 2016. a) Compute the adult population in 2016. b) Compute the number of unemployed workers in 2016.

ECON 510B Spring 2019 Ch.9 in-class practice question (Evaluation of the golden rule steady state condition) Consider the following economy. l The capital stock is about 3 times one year’s GDP. l About 20% of GDP is used to replace depreciating capital. l Capital income is about 20% of GDP. l Population growth rate = 2% (n = 0.02) l Rate of technological progress = 1% (g = 0.01) Ø Evaluate if this economy is above or below the Golden rule level steady state. Ø Should we increase or decrease this economy’s saving rate to achieve the Golden rule level

steady state?

ECON 510B Spring 2018 Final Exam Study guide (Ch.10, 11, and 12) Final Exam: Ø 200 points total (20% of your final grade) Directions: Ø Date: May 13, 11:50 AM – 1:40 PM @Waters 348 Ø Please do not use a phone as a calculator. Study Guide: Ø Review lecture notes Ch. 10, 11, and 12 Ø Read textbook Ch. 10, 11, and 12 Ø Review HW 5 and 6 Ø Quiz 8, 9, and 10 Ø Practice questions for ch.10, 11, and 12 Ø Practice exam for final Office hours: May 10th (Fri.) 1:30 pm – 3:30 pm @ Waters 244 (or by appointment) Review sessions (Each session cover the same materials.) May 9th (Thu.) 5:00 pm – 6:00 pm @ Waters 333 7:00 pm – 8:00 pm @ Waters 333 OR May 10th (Fri.) 11:30 am – 12:20 pm @ Waters 348 (Ch.10) Introduction to Economic Fluctuations Ø Prices in the short run vs. Prices in the long run Ø AD-AS model (AD curve, LRAS and SRAS curves) Ø The short run and long run effects of a change in money supply Ø Demand shocks Ø Supply shocks Ø Stabilization policy (the Fed’s intervention) (Ch.11) Building the IS-LM model Ø Keynesian Cross model

Ø Deriving IS curve from Keynesian Cross Ø The government purchases multiplier and the tax multiplier Ø Fiscal policy and the IS curve Ø Money market model (real money demand and ream money supply) Ø Deriving LM curve from money market model Ø Monetary policy and the LM curve (Ch.12) Applying the IS-LM model Ø The effect of fiscal policy on IS-LM model Ø The effect of monetary policy on IS-LM model Ø Interaction between monetary and fiscal policy Ø IS shocks and LM shocks Ø Deriving AD curve from IS-LM model Ø The short run and long run effects of an IS shock Ø The short run and long run effects of a change in money supply

Formulas for final exam

1. IS curve: Y = C(Y-T) + I(r) + G 2. LM curve: !

"= 𝐿(𝑟, 𝑌)

Intermediate Macroeconomics Final Exam (version 1) (200 points)

Instructor: Norikatsu Hiraide

Spring 2019

Name:______________________________ Directions: 1. You have 110 minutes to finish your exam. 2. Do not use a phone as a calculator. 3. Keep your eyes on your own test. Formulas for final exam

1. IS curve: Y = C(Y-T) + I(r) + G 2. LM curve: !

"= 𝐿(𝑟, 𝑌)

Please write down your answers for multiple choice into the following table. (Note: if you write your multiple choice final answers in elsewhere, you will not get points for them.)

1. 2. 3. 4. 5.

6. 7. 8. 9. 10.

11. 12. 13. 14. 15.

16 17 18 19. 20.

Question 1 (Multiple Choice Questions) (2.5 points each, 50 points total)

1. Assume that the economy is initially in the long run equilibrium. If the demand for money increases, but the Fed keeps the money supply the same, then in the short run output will: A) fall and in the long run prices will remain unchanged. B) remain unchanged and in the long run prices will fall. C) remain unchanged and in the long run prices will remain unchanged. D) fall and in the long run prices will fall.

Use the following to answer questions 2: Exhibit: Shift in Aggregate Demand

2. (Exhibit: Short Run to Long Run) Based on the graph, if the economy starts from a short-term equilibrium at A, then the long-run equilibrium will be at ____ with a _____ price level. A) B; higher B) B; lower C) C; higher D) C; lower

3. If all prices are stuck at a predetermined level, then when a short-run aggregate supply curve is drawn with real GDP (Y) along the horizontal axis and the price level (P) along the vertical axis, this curve: A) is horizontal. B) is vertical. C) slopes upward and to the right. D) slopes downward and to the right.

4. If the short-run aggregate supply curve is horizontal and the long-run aggregate supply

curve is vertical, then a change in the money supply will change ______ in the short run and change ______ in the long run. A) only prices; only output B) only output; only prices C) both prices and output; only prices D) both prices and output; both prices and output

Use the following to answer questions 5: Exhibit: Supply Shock

5. (Exhibit: Supply Shock) In this graph, assume that the economy starts at point A and there is a favorable supply shock that does not last forever. In this situation, point ______ represents short-run equilibrium and point ______ represents long-run equilibrium. A) B; C B) B; A C) E; D D) E; A

6. If Central Bank A cares only about keeping the price level stable and Central Bank B

cares only about keeping output at its natural level, then in response to an exogenous increase in the price of oil: A) both Central Bank A and Central Bank B should increase the quantity of money. B) Central Bank A should increase the quantity of money whereas Central Bank B

should keep it stable. C) Central Bank A should keep the quantity of money stable whereas Central Bank B

should increase it. D) both Central Bank A and Central Bank B should keep the quantity of money stable.

7. According to the IS–LM model, when the government increases taxes and government purchases by equal amounts: A) income, the interest rate, consumption, and investment are unchanged. B) income and the interest rate rise, whereas consumption and investment fall. C) income and the interest rate fall, whereas consumption and interest rise. D) income, the interest rate, consumption, and investment all rise.

8. Assume that the money demand function is (M/P)d = 2,500 – 200r, where r is the

interest rate in percent. The money supply M is 1,000 and the price level P is 2. The equilibrium interest rate is ______ percent. A) 15 B) 10 C) 8 D) 6

Use the following to answer question 9: Exhibit: Keynesian Cross

9. (Exhibit: Keynesian Cross) In this graph, if firms are producing at level Y3, then inventories will ______, inducing firms to ______ production. A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease

10. A decrease in the price level, holding nominal money supply constant, will shift the LM

curve: A) upward and to the right. B) downward and to the right. C) downward and to the left. D) upward and to the left.

11. Equilibrium levels of income and interest rates are ______ related in the goods and

services market, and equilibrium levels of income and interest rates are ______ related in the market for real money balances. A) positively; positively B) positively; negatively C) negatively; negatively D) negatively; positively

Use the following to answer question 12: Exhibit: IS–LM Fiscal Policy

12. (Exhibit: IS–LM Fiscal Policy) Based on the graph, starting from equilibrium at interest rate r1 and income Y1, a tax cut would generate the new equilibrium combination of interest rate and income: A) r2, Y2 B) r3, Y2 C) r2, Y3 D) r3, Y3

13. In the IS–LM analysis, the increase in income resulting

from a tax cut is usually ______ the increase in income resulting from an equal rise in government spending. A) less than B) greater than C) equal to D) sometimes less and sometimes greater than

14. In the IS–LM model, changes in taxes initially affect planned expenditures through: A) consumption. B) investment. C) government spending. D) the interest rate.

15. If the money supply increases, then in the IS–LM analysis the ______ curve shifts to the ______. A) LM; left B) LM; right C) IS; left D) IS; right

16. According to the IS–LM model, if Congress raises taxes but the Fed wants to hold the

interest rate constant, then the Fed must ______ the money supply. A) increase B) decrease C) first increase and then decrease D) first decrease and then increase

Use the following to answer question 17: Exhibit: Policy Interaction

17. (Exhibit: Policy Interaction) Based on the graph, starting from equilibrium at interest rate r3, income Y2, IS1, and LM1, if there is an increase in government spending that shifts the IS curve to IS2, then in order to keep the interest rate constant, the Federal Reserve should _____ the money supply shifting to _____. A) increase; LM2 B) decrease; LM2 C) increase; LM3 D) decrease; LM3

Use the following to answer questions 18: Exhibit: IS–LM to Aggregate Demand

18. (Exhibit: IS–LM to Aggregate Demand) Based on the graph, if LM3 shifts to LM2 because the price level increases from P3 to P2 then, holding other factors constant: A) the aggregate demand curve will shift to the right. B) the aggregate demand curve will shift to the left. C) this represents a movement up the aggregate demand curve. D) this represents a movement down the aggregate demand curve.

19. If the demand function for money is M/P = 0.5Y – 100r, then the slope of the LM curve is: A) 0.001. B) 0.005. C) 0.01. D) 0.5.

20. In the IS–LM model, a decrease in the interest rate would be the result of a(n): A) increase in the money supply. B) increase in government purchases. C) decrease in taxes. D) increase in money demand.

Question 2: (50 points) An economy is initially described by the following equations. 𝐶 = 500 + 0.75(𝑌 − 𝑇) 𝐼 = 1000 − 50𝑟 !"= 𝑌 − 200𝑟

𝐺 = 1000 𝑇 = 1000 𝑀 = 6000 𝑃 = 2

a. What is the numerical formula for the IS curve? What is the slope of IS curve?

b. What is the numerical formula for the LM curve? What is the slope of LM curve?

c. Calculate the equilibrium interest rate and output in this economy.

d. Draw IS curve and LM curve on a graph. Label the equilibrium interest rate and output.

e. Suppose a newly elected president increases government spending by 10 percent. The Fed, however, wants to keep the same level of output we found in (c.). e-1: Should the Fed increase or decrease money supply to keep the same level of output? e-2: What percent of money supply should the Fed increase or decrease to keep the same level of output?

Question 3: (100 points total) 1. Derive LM curve from money market model. (15 points)

Be sure to label: i. the curves; ii. the initial equilibrium values; iii. the direction the curves shift.

2. A) Show the effect of fiscal policy on IS curve (Assume that there is an increase in tax rate, T.) Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction the curves shift. (10 points) B) Does fiscal policy also affect LM curve? Explain why or why not. (5 points)

3. Assume that there is a decrease in government spending. (15 points) a.) Show that how a decrease in government spending affects real interest rate and real GDP

using IS-LM model. b.) Show how the Fed can keep real GDP, Y, constant, after government spending decrease.

What happens to real interest rate because of the monetary policy? c.) Should the Fed buy or sell government bonds in open-market operations to keep Y

constant? Note: Be sure to label: i. the direction the curves shift. ii: new equilibrium values

4. Assume that there is an increase in government spending, G. (15 points) Show the effect of fiscal policy on AD curve using both IS-LM model and AD-AS model.

Note: Be sure to label: i. The direction the curves shift. ii. new equilibrium values

5. Assume that there is a decrease in government spending. Analyze the short run and the long run effects of this fiscal policy using both IS-LM model and AD-AS model. (20 points)

Be sure to label: i. the direction the curves shift; ii. the short-run equilibrium values; and iii. the long-run equilibrium values.

6. Instead of waiting for price adjustments, the Fed can conduct monetary policy to restore the full-employment level of output after the government spending cut in the previous question. (20 points)

a.) Show how the Fed can restore the economy to the full-employment level of output using both IS-LM model and AD-AS model.

Be sure to label: i. the direction the curves shift; ii the equilibrium values after the initial government spending cut; and iii. the equilibrium values after the Fed’s monetary policy.

b.) What would be the possible side effect of monetary policy by the Fed? c.) Briefly explain why the Fed does not want to wait for the price adjustments as in question

5?

teaching portfolio (nori) · 1. overall effectiveness as a teacher 4.5 4.4 hm 11. increased desire...

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