MATHEMATICS
Bachelor	TR-NQF-HE: Level 6	QF-EHEA: First Cycle	EQF-LLL: Level 6

Course Introduction and Application Information

Course Code	Course Name	Semester	Theoretical	Practical	Credit	ECTS
ECO2212	Macroeconomics	Fall	3	0	3	8

This catalog is for information purposes. Course status is determined by the relevant department at the beginning of semester.

Basic information

Language of instruction:	English
Type of course:	Departmental Elective
Course Level:	Bachelor’s Degree (First Cycle)
Mode of Delivery:	Hybrid
Course Coordinator :	Assoc. Prof. KAAN İRFAN ÖĞÜT
Course Lecturer(s):	Assoc. Prof. BÜLENT ANIL Prof. Dr. NECİP ÇAKIR Assoc. Prof. ÇAĞLAR YURTSEVEN
Recommended Optional Program Components:	None
Course Objectives:	To provide students with a comprehensive understanding of the key concepts and principles of macroeconomics

Learning Outcomes

The students who have succeeded in this course;
1. The World Economy and National Income Accounts
2. Analysis of Aggregate Demand and Liquidity Preference
3. Economic Policy in the Short Run
4. Labour Market, Wages and Unemployment
5. Macroeconomics in the Medium Run
6. Phillips Curve, Inflation and Unemployment
7. Quantity Theory of Money and Disinflation
8. Open Economy Macroeconomics
9. Economic Policies in Open Economies
10. Exchange Rate Determination

Course Content

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. Keynesian vs classical economics
Short and long-run Phillips curves. Stagflation
The sacrifice ratio, Quantity Theory of Money
The facts of growth.
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: Balanced budget, Golden Rule, Stability and Growth Pact
Inflation-targetting, Central Bank independence

Weekly Detailed Course Contents

Week	Subject	Related Preparation
1)	Key macroeconomic issues
2)	Aggregate demand and the Keynesian cross
3)	Theories of liquidity preference
4)	The IS-LM model, and the impact of fiscal and monetary policy in the short-run
5)	Determination of employment and real wages in the labour market.
6)	Models of aggregate supply and the impact of fiscal and monetary policy in medium and longrun. Keynesian vs classical economics
7)	Short and long-run Phillips curves. Stagflation
8)	The sacrifice ratio, Quantity Theory of Money
9)	The facts of growth
10)	Real interest rates, present value, bond and stock price determination
11)	Wealth effects, models of Modigliano and Friedman
12)	IS-LM with expectations. Policy effects
13)	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.
14)	Fiscal rules: Balanced budget, Golden Rule, Stability and Growth Pact Inflation-targetting, Central Bank independence

Sources

Course Notes / Textbooks:	O.Blanchard “Macroeconomics”, Prentice Hall, 5th Edition 2011
References:

Evaluation System

Semester Requirements	Number of Activities	Level of Contribution
Midterms	1	% 40
Final	1	% 60
Total		% 100
PERCENTAGE OF SEMESTER WORK		% 40
PERCENTAGE OF FINAL WORK		% 60
Total		% 100

ECTS / Workload Table

Activities	Number of Activities	Duration (Hours)	Workload
Course Hours	14	3	42
Study Hours Out of Class	14	6	84
Midterms	1	30	30
Final	1	40	40
Total Workload			196

Contribution of Learning Outcomes to Programme Outcomes

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.