Shanghai Livingston American School Quarterly / Trimester Plan 3 AP Macro
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1 Shanghai Livingston American School Quarterly / Trimester Plan 3 AP Macro Concept / Topic To Teach: Unit 4 MODULE 22: SAVING, INVESTMENT, AND THE FINANCIAL Specific Objectives: ELD Standards SYSTEM Week 1 Week 2 Week 3 Week 4 Describe the relationship between savings and investment spending. Discuss the purpose of the five principal types of financial assets: stocks, bonds, loans, real estate, and bank deposits. MODULE 23: DEFINITION AND MEASUREMENT OF MONEY MODULE 24: THE TIME VALUE OF MONEY Give the definition and functions of money. Discuss how the various functions money plays and the many forms it takes in the economy. List the money aggregates. MODULE 25: BANKING AND MONEY CREATION MODULE 26: THE FEDERAL RESERVE SYSTEM HISTORY AND STRUCTURE Explain the role of banks in the economy. State the reasons for and types of banking regulation. Show how banks create money Give the history of the Federal Reserve System. Summarize the structure of the Federal Reserve System. Discuss how the Federal Reserve has responded to major financial crises. MODULE 27: THE FEDERAL RESERVE SYSTEM: MONETARY POLICY MODULE 28: THE MONEY MARKET State the functions of the Federal Reserve System. Explain the major tools the Federal Reserve uses to serve its functions. Define what the money demand curve is. Explain why the liquidity preference model determines the interest rate in the short run. Specific Vocabulary Matching Up Savings and Investment Spending A. The Savings Investment Spending Identity II. The Financial System A. Three Tasks of a Financial System 1. Reducing Transaction Costs 2. Reducing Risk The Meaning of Money A. What Is Money? B. Roles of Money 1. Medium of Exchange 2. Store of Value 3. Unit of Account C. Types of Money D. Measuring the Money Supply I. The Monetary Role of Banks A. What Banks Do B. The Problem of Bank Runs C. Bank Regulation 1. Deposit Insurance 2. Capital Requirements 3. Reserve Requirements 4. The Discount Window II. Determining the Money I. The Federal Reserve System A. The Functions of the Federal Reserve System 1. Financial Services 2. Supervise and Regulate Banking Institutions 3. Maintain Stability of the Financial System 4. Conduct Monetary Policy
2 3. Providing Liquidity B. Types of Financial Assets 1. Loans 2. Bonds 3. Loan-backed Securities 4. Stocks C. Financial Intermediaries 1. Mutual Funds 2. Pension Funds and Life Insurance Companies 3. Banks The Concept of Present Value A. Borrowing, Lending, and Interest B. Defining Present Value C. Using Present Value Supply A. How Banks Create Money B. Reserves, Bank Deposits, and the Money Multiplier C. The Money Multiplier in Reality The Structure of the Fed D. The Effectiveness of the Federal Reserve System E. The Savings and Loan Crisis of the 1980s F. Back to the Future: The Financial Crisis of Long - Term Capital (Mis)Management 2. Subprime Lending and the Housing Bubble II. What the Fed Does A. The Reserve Requirement B. The Discount Rate C. Open-Market Operations 3. Crisis and Response Assessment Based On Objectives: Core Value(s) Addressed:
3 Week 5 Week 6 Week 7 Week 8 Concept / Topic To Teach: MODULE 29: THE MARKET FOR LOANABLE FUNDS Unit 4 Section 1 Money Market Section 5 Preview and Assess Unit 4 Section 2 INFLATION, UNEMPLOYMENT, AND STABILIZATION POLICIES MODULE 30: LONG-RUN IMPLICATIONS OF FISCAL POLICY: DEFICITS AND THE DEBT MODULE 31: MONETARY POLICY AND THE INTEREST RATE MODULE 32: MONEY, OUTPUT, AND PRICES IN THE LONG RUN Specific Objectives: Discuss how the loanable funds market matches savers and investors. Identify the determinants of supply and demand in the loanable funds market. Combine the two models of interest rates. Review and Assess Unit 4 Discuss: -Why governments calculate the cyclically adjusted budget balance. -Why a large public debt may be a cause for concern. -Why implicit liabilities of the government are also a cause for concern. Show how the Federal Reserve implements monetary policy, moving the interest rate to affect aggregate output. Defend why monetary policy is an important tool for stabilizing the economy. Explain the effect of an inappropriate monetary policy. Evaluate the concept of monetary neutrality and its relationship to the long-term economic effects of monetary policy. ELD Standards Specific Vocabulary I. The Market for Loanable Funds A. The Equilibrium Interest Rate B. Shifts of the Demand for Loanable Funds C. Shifts of the Supply of Loanable Funds Money market Fed Money creation The functions of the FED Market of Loanable funds I. The Budget Balance A. The Budget Balance as a Measure of Fiscal Policy B. The Business Cycle and the Cyclically Adjusted Budget Balance C. Should the Budget Be Balanced? I. Monetary Policy and the Interest Rate II. Monetary Policy and Aggregate Demand A. Expansionary and Contractionary Monetary Policy III. Monetary Policy in
4 D. Inflation and Interest Rates II. Reconciling the Two Interest Rate Models A. The Interest Rate in the Short Run B. The Interest Rate in the Long Run II. Long-Run Implications of Fiscal Policy A. Deficits, Surpluses, and Debt B. Problems Posed by Rising Government Debt C. Deficits and Debt in Practice D. Implicit Liabilities Practice A. Inflation Targeting I. Money, Output, and Prices A. Short-Run and Long-Run Effects of an Increase in the Money Supply B. Money Neutrality B. C. Changes in the Money Supply and the Interest Rate in the Long Run Assessment Based On Objectives: Core Value(s) Addressed: Week 9 Week 10 Week 11 Week 12 Concept / Topic To Teach: MODULE 33: TYPES OF INFLATION, DISINFLATION, AND DEFLATION MODULE 34: INFLATION AND UNEMPLOYMENT: MODULE 35: HISTORY AND ALTERNATIVE VIEWS OF MACROECONOMICS MODULE 36: THE MODERN MACROECONOMIC Unit 4 Section 6 Stabilizing Policies Preview and Assess Unit 5 ECONOMIC GROWTH AND PRODUCTIVITY MODULE 37: LONG-RUN ECONOMIC GROWTH
5 THE PHILLIPS CURVE CONSENSUS Specific Objectives: Know the classical model of the price level. Identify the types of inflation: cost-push and demand-pull. Define what the Phillips curve is. Explain the nature of the shortrun trade-off between inflation and unemployment. Discuss why classical macroeconomics wasn t adequate for the problems posed by the Great Depression. State how Keynes and the experience of the Great Depression legitimized macroeconomic policy activism. Define what monetarism is and its views about the limits of discretionary monetary policy. Recognize the emergence of the new classical macroeconomics. State the elements of the modern consensus Review and Assess section 6. Measure long-run economic growth. Compare how real GDP has changed over time and how real GDP varies across countries. State the sources of long-run economic growth. Justify how productivity is driven by physical capital, human capital, and progress in technology. ELD Standards Specific Vocabulary Money and Inflation A. The Classical Model of Money and Prices B. The Inflation Tax C. The Logic of Hyperinflation II. Moderate Inflation and Disinflation A. The Output Gap and the Unemployment Rate I. Introduction to the Phillips Curve A. The Short-Run Phillips Curve I. Classical Macroeconomics A. Money and the Price Level B. The Business Cycle II. The Great Depression and the Keynesian Revolution A. Keynes Theory B. Policy to Fight Recessions III. Challenges to Keynesian Economics A. The Revival of Monetary Policy B. Monetarism C. Inflation and the Natural Rate of Unemployment Fiscal policy Monetary Policy Great Depression New classical macroeconomics I. Comparing Economies Across Time and Space A. Real GDP per Capita B. Growth Rates II. The Sources of Long-Run Growth A. The Crucial Importance of Productivity B. Explaining Growth in Productivity 1. Physical Capital 2. Human Capital 3. Technology
6 B. Inflation Expectations and the Short - Run Phillips Curve II. Inflation and Unemployment in the Long Run A. The Long-Run Phillips Curve B. The Natural Rate of Unemployment, Revisited C. The Costs of Disinflation III. Deflation A. Debt Deflation B. Effects of Expected Deflation D. The Political Business Cycle IV. Rational Expectations, Real Business Cycles, and New Classical Macroeconomics A. Rational Expectations B. Real Business Cycles I. The Modern Consensus A. Is Expansionary Monetary Policy Helpful in Fighting Recessions? B. Is Expansionary Fiscal Policy Effective in Fighting Recessions? C. Can Monetary and/or Fiscal Policy Reduce Unemployment in the Long Run? D. Should Fiscal Policy Be Used in a Discretionary Way? E. Should Monetary Policy Be Used in a Discretionary Way? 1. Central Bank Targets 2. Asset Prices 3. Unconventional Monetary Policies F. The Clean Little Secret of Macroeconomics Assessment Based On Objectives:
7 Core Value(s) Addressed:
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