This document provides the syllabus for an economic reporting course taking place in Spring 2011. The course will be taught on Thursdays from 5-7:50pm in Room 430. The instructor is Greg David and the course will focus on key economic issues like the Great Recession, globalization, and the US-China relationship. Students will learn economic writing by contributing to a class blog and will complete a major assignment applying economics to a general interest story. The goals are to introduce students to economic language and concepts and enable them to reliably interpret economic data and policy issues for the public.

1. ECONOMIC REPORTING
Spring 2011
Date and Time: Thursday 5 p.m. – 7:50 p.m.
Room: 430
Instructor: Greg David
Director Business and Economic Reporting Program
greg.david@journalism.cuny.edu (also comes to my blackberry)
Office Hours: Officially Thursday 3 p.m. to 5 p.m. but I will be at school most days.
Phone: (914) 715-5930
To be scheduled:
TIPS ON BLOG WRITING: Stacy Ishmael, editor of the FT’s Tilt and an adjunct, explains the state of
financially oriented blog, online sites. Stacy will serve a blog coach in the class.
THE COURSE:
At the center of all business journalism is the economy--creating and destroying jobs, spurring
investment in some companies and sectors and shunning others, and transforming global relationships
across national boundaries for good and bad. This course--the introduction to business journalism at the
CUNY grad school--provides students with the economic context of the business world they seek to cover.
They need to be knowledgeable about key economic policy issues and know where to find and how to
assess economic data.
The course, as all courses in the business and economics concentration, will be based on the economic
news of the day—in this semester the Great Recession, the country’s anemic recovery, globalization, the
tense U.S.-China economic relationship and the European debt crisis. The first two-thirds of the classes will
concentrate on the big issues and the concepts of the economy. Meanwhile students will learn the art of
economic writing through work on the class blog on economic indicators. The last part of the semester will
apply what we have learned in three in-class exercises on class economics stories on the Producer Price
Index, the unemployment rate and the economic outlook. The major assignment will apply economics to
coverage of a story for general interest readers.
The goal is not to train students as economists, but to teach them enough about the terminology,
concepts and policy issues to enable themto serve as reliable interpreters for the general public.
OUTCOMES
Be introduced to the basic language of business reporting through study of the economy
Master the key concepts of economics
Learn the issues and how to cover fiscal and monetary policy, economic cycles, globalization and how
such institutions as the Federal Reserve work
Analyze economic issues fairly and interpret economic statistics reliably and with context
Produce daily stories on key economic issues for print and other mediums
Learn how to write longer economic stories, especially for a general audience
REQUIRED READING
While most of the class work involves newspaper and magazine articles and tv clips, students are
required to purchase two relatively inexpensive paperback books (easily obtained from Amazon.com with
discounts). You will need themin time to complete readings before the first class.
TEXTS:
The Secrets of Economic Indicators, second edition, Bernard Baumohl, Wharton School Publishing/A
Pearson Imprint, © 2008. List price new $19.99.
Economics Explained, Robert Heilbroner and Lester Thurow, Touchstone Book/Simon & Schuster, ©
1998, List price new $15
ASSIGNED STORIES
Most weekdays you will receive an e-mail with one or two stories to read, generally from the New York
Times and The Wall Street Journal. You can expect to discuss the stories in class and have your knowledge
tested in quiz.

2. YOUR SECONDARY SOURCE
In addition, each student will be assigned by lottery a second source to track the economy. Again, you
can expect to have to discuss the readings in class or have your reading tested on the weekly quiz. Some
courses may have two students assigned.
The sources are:
LEONHARDT: New York Times economics columnist David Leonhardt, whose column appears on
Wednesdays and writes additional pieces.
ECONOMIX. New York Times blog. Read the four posts each week most relevant to the class.
CAPITAL. Wall Street Journal column Capital by David Wessel and accompanying wsj.com videos
PLANET MONEY. Read or listen to a total of four posts or podcasts each week most relevant to the
class on this NPR site on business and the economy. (2 students)
REAL TIME ECONOMICS. Read four posts each week from the WSJ economics blog.
ECONOMIST. Read four posts each week most relevant to the class on the Economist’s economics site
http://www.economist.com/economics
CBS MONEYWATCH.COM. Read or watch a total of four posts or videos from the Long View section
of the web site. (2 students)
CNBC.COM Read or watch a total of four posts or videos each week from the government and the
economy section. (2 students)
ASSIGNMENTS
Economic indicators and the blog:
This will be the primary work in covering the economy.
Each student will choose one economic indicators from the list below in the first class (by lottery). Each
student will be responsible for posting a report/commentary the same day the indicator comes out or
following day on what the indicator reported and what that means for the economy. The posts begin the
week of Feb. 7 and continue through the week of May 2.
In March and April, students will also be required to post a second enterprise post on the general subject
of their indicator (CPI =inflation; unemployment rate=jobs).
One of the March or April posts must include a video or interactive element.
The April indicator post must also be a forecast written before the indicator is released.
In all five (5) posts are required.
Note bene: Every blog post required original reporting. At least two sources on an indicator post
and three on an enterprise post.
You can review the options in the ``Secrets of Economic Indicators.’’
INDICATORS
Unemployment rate—released the first Friday of every month
Weekly unemployment claims—released every Thursday; write on the second Thursday of each month
Retail sales—various days
Consumer price index—generally the third Thursday of each month
Producer price index—generally the third Wednesday of each month
Existing home sales—25th of each month, include S&P Shiller index numbers
Index of leading indicators—generally the third Thursday of each month
Auto sales—generally the first Thursday of each month
Consumer Confidence Index—generally the last Tuesday of the month
Federal Reserve Beige Book/GDP: each month report on one of these indicators
International Trade—U.S. Commerce Department monthly release

3. Major assignment
Each student will produce one major piece of 1,000 words or the broadcast equivalent that will show
how a major economic trend is affecting consumers or businesses. They may be on the general beat of your
indicator but they also may be on other topics. Potential topics will be discussed in class. Story idea
submissions are due Tuesday April 5. Stories are due Sunday May 1. The grade will be based on rewrites
due the following Sunday.
Or, I may be taking two students to the Sabew spring conference in Dallas. Those students will meet the
requirement by covering the conference for the cunyatsabew.comweb site.
In class exercises
There will be three in-class exercises toward the end of the semester.
Review sessions
Some of the material can be challenging. I will arrange a time for small group discussions when
additional help is needed. Fridays between 11 and 1 are particularly good for me though other times are
possible.
OTHER REQUIREMENTS
Deadlines are critical. Failure to submit work on time will result in a grade reduction.
Class attendance is mandatory and promptness is expected in accordance with the schools attendance
policy.
Ethics: Fabrication and/or plagiarism are also grounds for failure and potential disciplinary action.
School policies. This class follows all other policies of the J School.
Grades: Your final grade will be calculated:
Quizzes and class participation: 20%
Blog: 40%
In-class exercises 20%
Major assignment 20%
Final: To be decided
Updates: The syllabus may be updated. Changes in the reading will be sent by e-mail no later than
Monday night before the Thursday class.
Reading For Feb. 3:
Economic Indicators, Pages 1-23 and SCAN the sections on the individual indicators listed above
Thursday Feb. 3--Class 1
Introduction
An introduction to the class, format, requirements, selection of economic indicator and second reading
source.
Database searching: Librarian Barbara Gray on searching business and economic issues in databas es
with particular emphasis on the Times, Wall Street Journal and Bloomberg
Reading for Feb. 10 class:
Economics Explained Pages 1-68
A Fresh Look at the Apostle of Free Markets, Peter Goodman, NYT, April 13, 2009
Thursday Feb. 10-- Class 2
Economic Overview
Economics 101. What is the economy and how does it work? An introduction to the terms and phrases

4. that guide economics and economics coverage.
The Bloomberg Terminal: An introduction to the Bloomberg Terminal and how to use it for economic
stories by CUNY Grad Chris Prentice, now interning at Bloomberg
Reading for Thursday, Feb. 17 Class
Economics Explained, Pages 71-100
Inside the Meltdown, Frontline/PBS, http://www.pbs.org/wgbh/pages/frontline/meltdown/ Review the
timeline and watch the program
Layoffs Spread To More Sectors Of the Economy, NYT, by Catherine Rampell, January 27, 2009
In Tracking Recovery, Jagged Lines, David Leonhardt, NYT, March 3, 2010
Did the Great Recession Live Up to the Name, David Wessel, WSJ, April 8, 2010
Recession May Be Over, but Joblessness Remains, Catherine Rampell, NYT, Sept. 21, 2010
Job Losses Outweigh Success, David Leonhardt, NYT, Oct. 27, 2010
Thursday Feb. 17: Class 3
The Great Recession and the Lagging Recovery
The recession of 2007-2009 is characterized as the worst economic downturn since the Great
Depression. This class examines the economic downturn, compares it to other recession, and discusses the
recovery—now under way for more than a year.
Economics Explained, Pages 186-194
The Secrets of Economic Indicators, Pages 25-40
Life on Severance: Comfort, Then Crisis, WSJ, By Mary Pilon, Nov. 10, 2009
Poll Reveals Trauma of Joblessness in U.S., NYT, By Michelle Luo and Megan Thee-Brenan, Dec. 15,
2009
Downturn’s Ugly Trademark: Steep Lasting Drop in Wages, Sudeep Reddy, WSJ, Jan. 11, 2011
To be assigned: Feb. 5 story on January unemployment report
Union Members 2009, find report pdf available in press release
at http://www.bls.gov/news.release/union2.nr0.htm
Income Inequality: Too Big To Ignore, Robert H. Frank, NYUT Oct. 17, 2010
Obama the Centrist Irks a Liberal Lion, Michael Powell, Jan. 8, 2011
Thursday Feb. 24: Class 4
Unemployment, employment and inequality
The severity of the recession has been measured by the loss of millions of jobs and a skyrocketing
unemployment rate. This class examines how figures on unemployment are determined, why the
unemployment rate remains so high and fundamental changes in the American workforce. Also the state of
unions and the issue of inequality.
Economics Explained, Pages 124-142
Watch the 60 minutes pieces in chronological order
The Chairman, 60 minutes, Parts 1 and 2,
http://www.cbsnews.com/video/watch/?id=5069647n&tag=contentMain;contentBody
The Fed Chairman on the Economy, 60 minutes, at
http://www.cbsnews.com/video/watch/?id=7120553n&tag=contentMain;contentBody
In comments, Fed Officials Signal New Economic Path, Sewell Chan, NYT, Oct. 2, 2010
Feds Sets Out Plan Using $600 Billion to Spur Economy, David Sanger and Sewell Chan, Nov. 4, 2010
Under Attack, Fed Officials Defend Buying of Bonds, Sewell Chan. NYT, Nov. 16, 2010
A Contrarian at the Fed, Swell Chan, Dec. 14. 2010
The Fed’s QE2 Traders, Buying Bonds by the Billions, Graham Bowley, NYT, Jan. 10, 2010
Thursday March 3--Class 5
The Federal Reserve and Monetary Policy
No institution has been more at the center of the meltdown and recovery than the Federal Reserve Bank,
whose mission changed dramatically in the economic crisis. This class explains how the Fed works and
then examines how it has tried to revive the economy and the controversy it has created.

5. Reading for March 10 class:
Economics Explained, Pages 101-123
Ten Trillion and Counting, PBS/Frontline, available at
http://www.pbs.org/wgbh/pages/frontline/tentrillion/
Moody’s Says U.S. Debt Could Test Triple A Rating, David Jolly and Catherine Rampell, NYT, March
15, 2010
Economics: 7,000 Ways to Fix the Deficit, David Leonhardt, NYT, Nov. 21, 2010
In Interview, Bernanke Backs Tax Code Shift, Sewell Chan, NYT, Dec. 6, 2010
As Final Debt Plan Is Released, Signs That the Fight Is Just Beginning, Jackie Calmes, NYT, Dec. 2,
2010
Mounting Debts By States Stoke Fears of Crisis, Michael Cooper, Dec. 5, 2010
Deficit to Hit All Time High, Jonathan Weisman, WSJ, Feb. 1, 2010
Uncle Sam Wants His AAA Rating, Graham Bowley, NYT, Jan. 13, 2011
Obama Budget Focuses on Path to Rein in Deficit, Jackie Calmes, NYT, Feb. 14, 2011
House Advances Budget and Cuts $4 Billion, Carl Hulse, NYT, March 1, 2011
OPTIONAL:
Review Peter Peterson Foundation report on the nation’s fiscal future at
http://pgpf.org
Thursday March 10: Class 6
Debt and the Future
Efforts to slow the fall in the economy in the Great Recession have caused the federal debt to skyrocket
with grave consequences for the future. This class examines the policy of stimulus spending, the risks in
such a large debt and the politics of reducing deficits and controlling the debt.
Thursday March 17: Class 7
The Japanese Crisis: Worldwide Fallout
Thursday March 24: Class 8
Seminar on Economic Story Telling
Business journalists representing various platforms will discuss their approaches on economic story
telling and class will discuss possible topics and reporting strategies for major assignments.
PRINT AND ONLINE 5:15 to 6:30
Eric Gelman, economics editor, Bloomberg BusinessWeek
CnnMoney.com economic reporter or editor
Third panelist possible
BROADCAST PANEL 6:30 to 7:45
Alexis Chritoforous, CBS television and radio stations
Heidi Moore, NY Bureau Chief, NPR’s Marketplace
Reading for March 24 Class: Pieces from print panel will be assigned
Reading for March 31 Class
Economics Explained, Pages 195-213 (rest of chapter is optional)
Buy American, 60 minutes, available at
http://www.cbsnews.com/video/watch/?id=5037292n&tag=contentMain;contentBody
It’s A Flat World After All, NYT, Thomas Friedman, April 3, 2005
As Global Economy Shifts, Companies Rethink, Retool, Bob Davis, WSJ, Nov. 8, 2010
South Korea and U.S. Reach Deal on Trade, Sewell Chan, NYT, Dec. 4, 2010
2 Unions Backing Helps Chances of Trade Pact with South Korea, Steven Greenhouse, Dec. 9, 2010
Americans Sour on Trade, Sara Murray et. al., WSJ, Oct. 4, 2010
Supply Chain for iPhone Highlights Costs in China, David Barboza, NYT, July 5, 2010

6. The $6.50 Trade War, WSJ, Editorial, Jan. 11, 2011
Thursday March 31 Class 9
Globalization and International Trade
No force has reshaped the world’s economy in recent decades more than globalization. This class
examines what globalization is, how international trade works, who wins and who loses, and the current
debates over policy.
Reading for April 7
Dollar Shift: Chinese Pockets Filled As Americans’ Emptied, NYT, by Mark Land1er, Dec. 26, 2008
The Great Wallop, NYT, by Niall Ferguson and Moritz Schularick, Nov. 16, 2009
Contrarian Investor Sees Economic Crash in China, NYT, David Barboza, Jan. 8, 2010
Currency Dispute Likely to Further Fray U.S.-China Ties, Mark Landler, NYT, Feb. 4, 2010
White House Tries to Build United Front to Face China, Mark Landler and Sewell Chan, Oct. 26, 2010
Obama’s Economic View is Rejected on World Stage, Nov. 12, 2010
Can the Chinese Discover the Urge to Splurge, David Leonhardt, Nov. 28, 2010
U.S. Shifts Focus to Press China to Open Markets, NYT, Jan. 19, 2011
Thursday April 7 Class 10 The U.S. And China
The world’s two most important economies are locked in a firm embrace, filled with strains and the
need for cooperation. This class examines as a case study the relationship and its prospects.
Thursday April 14 Class 11
In class writing assignment--Producer Price Index
The class will review the month’s producer price index, conduct interviews with several economists and
write a 400-word story suitable for the news wires or online sites.
No class Thursday April 21—Spring Break
Reading for April 28 Class 12
Running Out of Time in Greece, Landon Thomas, NYT, April 9, 2010
Greek’s Wealth is Found in Many Places, Just Not on Tax Return, Suzanne Daley, NYT, May 2, 2010
Greece, Debt and a Lesson, David Leonhardt, NYT, May 12, 2010
Europe Approves Irish Rescue and New Rules on Banks, Stephen Castle, et. al, NYT, Nov. 29, 2010
In Ireland, There’s All Too Familiar Gloom, Graham Bowley, NYT, Dec. 5, 2010
The Crisis that Isn’t Going Away, Landon Thomas, NYT, Jan. 8, 2011
Can Europe Be Saved, Paul Krugman, Jan. 12, 2011
OR YOU CAN READ THIS INSTEAD OF THE first three stories in Greece
Beware of Greeks Baring Bonds, Michael Lewis, Vanity Fair, October 2010
Thursday April 28 Class 12
The European Debt Crisis
Each month it seems, another country in Europe needs a bailout to avoid defaulting on its debt. This
class examines the European market, the Euro, the policies that led to the debt crisis and its impact on the
rest of the world.
Thursday May 5 class replaced with Friday May 7 Class 12
In class writing assignment—Unemployment report
The monthly release of the unemployment rate is probably the most watched economic indicator of all.
This class will take the May unemployment rate, released at 8:30 in the morning, review it, conduct
interviews and write a 500-word story appropriate for use in the next day’s New York Times or other
newspaper.
Reading for May 12 Class to come.
Thursday May 14: Class 14

7. In class writing assignment
What is the outlook for the U.S. economy for the second half of 2011? Students will conduct a series of
in class interviews with economists and other experts. Based on interviews and readings, and supplemented
by other reporting as needed, students will file a 500-600 word outlook piece for the broadcast or online
equivalent by end of Friday, May 21.
Thursday May 19--Class 15
Wrap up
A final exam is possible, depending on the class’s performance on other assignments.