| MATHEMATICS | |||||
| Bachelor | TR-NQF-HE: Level 6 | QF-EHEA: First Cycle | EQF-LLL: Level 6 | ||
| Course Code | Course Name | Semester | Theoretical | Practical | Credit | ECTS |
| ECO2212 | Macroeconomics | Fall Spring |
3 | 0 | 3 | 8 |
| This catalog is for information purposes. Course status is determined by the relevant department at the beginning of semester. |
| Language of instruction: | English |
| Type of course: | Departmental Elective |
| Course Level: | Bachelor’s Degree (First Cycle) |
| Mode of Delivery: | Face to face |
| Course Coordinator : | Assoc. Prof. KAAN İRFAN ÖĞÜT |
| Course Lecturer(s): |
Assoc. Prof. DEREN ÜNALMIŞ Prof. Dr. NECİP ÇAKIR Assoc. Prof. KAAN İRFAN ÖĞÜT |
| Recommended Optional Program Components: | None |
| Course Objectives: | This course will provide an overview of macroeconomic issues: the determination of output, employment, unemployment, interest rates, and inflation. Monetary and fiscal policies are discussed, as are public debt and international economic issues. It introduces basic models of macroeconomics. The students are expected to know the topics covered in Introduction to Economics II (ECO1212) |
|
The students who have succeeded in this course; • Define and explain key macroeconomic concepts and principles. • Analyze aggregate demand in goods and financial markets. • Assess short-term and long-term responses of households, firms, and policymakers to economic fluctuations. • Explain the functioning of the labor market, including wage determination and employment dynamics. • Analyze inflation and unemployment using the Phillips curve framework. • Evaluate the role of money supply and interest rates in influencing economic activity. • Analyze the effects of exchange rate fluctuations on economic performance. |
| The teaching methods of the course are Lecture, Reading, Collaborative Learning, Differentiation, Discussion, Individual Study, Problem Solving. Key macroeconomic issues Aggregate demand and the Keynesian cross Theories of liquidity preference The IS-LM model, and the impact of fiscal andmonetary policy in the short-run Determination of employment and real wages in the labour market. Models of aggregate supply and the impact of fiscal and monetary policy in medium and longrun. Short and long-run Phillips curves. Stagflation The sacrifice ratio, Quantity Theory of Money Real interest rates, present value, bond and stock price determination Wealth effects, models of Modigliano and Friedman IS-LM with expectations. Policy effects Purchasing Power Parity, the interest parity condition, Openness and the Keynesian cross model, Openness, money markets and the IS-LM model. Policy effects Fixed and flexible exchange-rate regimes and impact on policy. Fiscal rules: Inflation-targetting, |
| Week | Subject | Related Preparation |
| 1) | Introduction | Blanchard Chapter 1 |
| 2) | Macroeconomics in General & Output, unemployment, and inflation | Blanchard Chapter 2 |
| 3) | The Goods Market & Financial Markets | Blanchard Chapter 3 |
| 4) | Financial Markets | Blanchard Chapter 4 |
| 5) | Goods and Financial Markets: The IS-LM Model. | Blanchard Chapter 5 |
| 6) | Financial Markets II: The Extended IS-LM Model | Blanchard Chapter 6 |
| 7) | The Labor Market | Blanchard Chapter 7 |
| 8) | Midterm Exam | |
| 9) | The Phillips Curve (PC), the Natural Rate of Unemployment and inflation | Blanchard Chapter 8 |
| 10) | The IS-LM-PC Model | Blanchard Chapter 9 |
| 11) | Expectations: The Basic Tools & Financial Markets and Expectations | Blanchard Chapter 14 |
| 12) | Expectations, Consumption, and Investment Expectations, Output, and Policy | Blanchard Chapters 15-16 |
| 13) | Openness in Goods and Financial Markets | Blanchard Chapters 17-18 |
| 14) | Output, the Interest Rate, and the Exchange & Exchange Rate Regimes | Blanchard Chapters 19-20 |
| Course Notes / Textbooks: | Macroeconomics, Olivier Blanchard, David R. Johnson,8th Edition, Pearson (2021) eTextbook on Pearson: Macroeconomics, Olivier Blanchard, 9th Edition, Pearson (2025) |
| References: |
| Semester Requirements | Number of Activities | Level of Contribution |
| Homework Assignments | 4 | % 10 |
| Midterms | 1 | % 40 |
| Final | 1 | % 50 |
| Total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 50 | |
| PERCENTAGE OF FINAL WORK | % 50 | |
| Total | % 100 | |
| Activities | Number of Activities | Duration (Hours) | Workload |
| Course Hours | 13 | 3 | 39 |
| Study Hours Out of Class | 14 | 10 | 140 |
| Homework Assignments | 1 | 20 | 20 |
| Midterms | 1 | 1 | 1 |
| Final | 1 | 2 | 2 |
| Total Workload | 202 | ||
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution | |
| 1) | To have a grasp of basic mathematics, applied mathematics and theories and applications in Mathematics | |
| 2) | To be able to understand and assess mathematical proofs and construct appropriate proofs of their own and also define and analyze problems and to find solutions based on scientific methods, | |
| 3) | To be able to apply mathematics in real life with interdisciplinary approach and to discover their potentials, | |
| 4) | To be able to acquire necessary information and to make modeling in any field that mathematics is used and to improve herself/himself, | |
| 5) | To be able to tell theoretical and technical information easily to both experts in detail and non-experts in basic and comprehensible way, | |
| 6) | To be familiar with computer programs used in the fields of mathematics and to be able to use at least one of them effectively at the European Computer Driving Licence Advanced Level, | |
| 7) | To be able to behave in accordance with social, scientific and ethical values in each step of the projects involved and to be able to introduce and apply projects in terms of civic engagement, | |
| 8) | To be able to evaluate all processes effectively and to have enough awareness about quality management by being conscious and having intellectual background in the universal sense, | |
| 9) | By having a way of abstract thinking, to be able to connect concrete events and to transfer solutions, to be able to design experiments, collect data, and analyze results by scientific methods and to interfere, | |
| 10) | To be able to continue lifelong learning by renewing the knowledge, the abilities and the competencies which have been developed during the program, and being conscious about lifelong learning, | |
| 11) | To be able to adapt and transfer the knowledge gained in the areas of mathematics ; such as algebra, analysis, number theory, mathematical logic, geometry and topology to the level of secondary school, | |
| 12) | To be able to conduct a research either as an individual or as a team member, and to be effective in each related step of the project, to take role in the decision process, to plan and manage the project by using time effectively. |