| BUSINESS ADMINISTRATION | |||||
| 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 | Spring | 3 | 0 | 3 | 8 |
| Language of instruction: | English |
| Type of course: | Must Course |
| 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) | Being able to identify problems and ask right questions | 4 |
| 2) | Having problem solving skills and developing necessary analytical attitude | 4 |
| 3) | Comprehending theoretical arguments along with counter arguments in detail | 4 |
| 4) | Gaining awareness of lifelong learning and being qualified for pursuing graduate education | 1 |
| 5) | Applying theoretical concepts in project planning | |
| 6) | Communicating efficiently by accepting differences and carrying out compatible teamwork | |
| 7) | Increasing efficiency rate in business environment | |
| 8) | Developing innovative and creative solutions in face of uncertainty | 1 |
| 9) | Researching to gather information for understanding current threats and opportunities in business | |
| 10) | Being aware of the effects of globalization on society and business while deciding | 1 |
| 11) | Possessing digital competence and utilizing necessary technology | |
| 12) | Communicating in at least one foreign language in academic and daily life | |
| 13) | Possessing managing skills and competence | |
| 14) | Deciding with the awareness of the legal and ethical consequences of business operations | |
| 15) | Expressing opinions that are built through critical thinking process in business and academic environment | 3 |