The Final Exam will be held completely online in two parts

  • Let me start by saying, any evidence of collaboration between students on these exams will result in an “F” for the course. Please take this seriously.
  • The “take-home” part of the exam will take place on Saturday, December 12th between 9am and 5pm
  • The “take-home” part will take up to two hours to complete once you start the exam (IT IS NOT A 12 HOUR EXAM!)
  • The “take-home” part is open-book, but you should do much of your studying beforehand
  • The “in-class” part will be online and take place during our regular exam hours
  • The “in-class” part will require you to be online with Zoom on and a camera on
  • The “in-class” part is open-note, but do not expect to have time to explore, search for, or research the answers
  • The “in-class” exam will not allow you to go forwards and back through the exam

First, look at the midterm study guide. All that material is fair game for the exam

  • This is a comprehensive final exam
  • The exam will probably be about 60% new material, and 40% from before the midterm
  • The grade will be about 2/3 take home exam and 1/3 online exam

Some materials to study

  • Review Assignments
  • Review Midterm take home questions
  • Go back through readings & terms for all chapters related to lectures

Material (Lecture)

  • Get a good grasp on the big questions. The exam is not limited to this, but this hits on the major point value questions.
    • You must really understand the basic concepts of:
      • Inflation, unemployment, growth rates
      • The definitions of GDP and ways it is measured… expenditure/income/value-added, and real/nominal or per-capita
      • Know how to compare living standards across countries using GDP
      • Understand how exchange rates are written in convention and what their movements mean
      • Know the compound growth equation forwards and backwards
      • Know how to adjust nominal to real values and compare them over time
    • Growth discussed the production model, Solow model, and Romer model. How are these models different and what drives growth in each case. Generally understand how growth accounting applies to each
      • Be prepared to answer questions related to each of these.
      • Know how to solve for steady-state in Solow.
      • Transition diagrams. Know how to draw them.
    • Good grasp of the IS-MP-PC model. Know how to get the AD-AS model from here.
      • Be able to follow through on shocks or changes to any of the variables in this model
      • Know what all the terms are
      • Be able to explain the Taylor Rule and what predictions it makes about the economy
    • Banks/Finance. Read the banking chapter and understand money creation and how this can be interrupted during financial crises
      • How is money created/destroyed
      • What are roles of capital and liquidity requirements and who are these regulators?
    • Phillips Curve, Okun’s Law, Potential GDP, Inflation targets, the natural rate of unemployment
      • Know what all these are, how they show up in our models/equations, and how they relate to each other.
      • Without this basic understanding, nearly everything else here is really going to suffer.

Some Guidance…

  • Note, I am not asking or expecting you to do all of these questions. However, you should treat each one as a way of gauging your understanding of the material. Furthermore, this is not the extent of what will be on the exam. If you get these questions though, you should be in decent shape.
    • Ch 2: 1, 3, 5, 7
    • Ch 3: 1, 3, 4, 6, 7, 9
    • Ch 4: 2, 5, 7
    • Ch 5: 1, 4, 5, 6, 8
    • Ch 6: 4, 7
    • Ch 7: 1, 2, 3, 5, 9
    • Ch 8: 1, 2, 7, 8, 9, 10
    • Ch 9: 1, 3, 4, 5, 7, 8
    • Ch 10: 5, 6 (review my chapter as well)
    • Ch 11: 1, 4, 5, 6, 8, 9, 10
    • Ch 12: 1, 2, 5, 8, 11
    • Ch 13: 1, 2, 4, 7, 8, 14
    • Ch 14: 1, 3
    • Ch 15: 1, 2, 3

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