INTERNATIONAL FINANCE
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	Spring	3	0	3	8

Basic information

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)

Learning Outcomes

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.

Course Content

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,

Weekly Detailed Course Contents

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

Sources

Course Notes / Textbooks:	Macroeconomics, Olivier Blanchard, David R. Johnson,8th Edition, Pearson (2021) eTextbook on Pearson: Macroeconomics, Olivier Blanchard, 9th Edition, Pearson (2025)
References:

Evaluation System

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

ECTS / Workload Table

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

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 correctly identify the problems and to be able to ask the correct questions	4
2)	To have the ability for problem solving and to utilize analytical approach in dealing with the problems of finance	3
3)	To understand and grasp the full details of theoretical arguments and counter arguments	3
4)	To be fully prepared for a graduate study in finance and to have lifelong learning awareness	1
5)	To be able to apply theoretical principles of finance to the realities of practical business life	3
6)	To develop solutions for managerial problems by understanding the requirements of international financial markets	2
7)	To think innovatively and creatively in complex situations	1
8)	To be able to make decisions both locally and internationally by knowing the effects of globalization on business and social life	2
9)	To have the competencies of the digital age and to use the necessary financial applications	1
10)	To be able to use at least one foreign language both for communication and academic purposes	1
11)	To understand the importance of business ethics and to take decisions by knowing the legal and ethical consequences of their activities in the academic world and business life	1
12)	To develop an objective criticism in business and academic life and having a perspective to self-criticize	2