BUSINESS ADMINISTRATION
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
Fall
3 0 3 8
The course opens with the approval of the Department at the beginning of each semester

Basic information

Language of instruction: En
Type of course: Non-Departmental Elective
Course Level: Bachelor
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
Course Objectives: To provide students with a comprehensive understanding of the key concepts and principles of macroeconomics

Learning Outputs

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: O.Blanchard “Macroeconomics”, Prentice Hall, 5th Edition 2011
References:

Evaluation System

Semester Requirements Number of Activities Level of Contribution
Attendance % 0
Laboratory % 0
Application % 0
Field Work % 0
Special Course Internship (Work Placement) % 0
Quizzes % 0
Homework Assignments % 0
Presentation % 0
Project % 0
Seminar % 0
Midterms 1 % 40
Preliminary Jury % 0
Final 1 % 60
Paper Submission % 0
Jury % 0
Bütünleme % 0
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
Laboratory 0 0 0
Application 0 0 0
Special Course Internship (Work Placement) 0 0 0
Field Work 0 0 0
Study Hours Out of Class 14 6 84
Presentations / Seminar 0 0 0
Project 0 0 0
Homework Assignments 0 0 0
Quizzes 0 0 0
Preliminary Jury 0 0 0
Midterms 1 30 30
Paper Submission 0 0 0
Jury 0 0 0
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) Being able to identify problems and ask right questions
2) Having problem solving skills and developing necessary analytical attitude
3) Comprehending theoretical arguments along with counter arguments in detail
4) Gaining awareness of lifelong learning and being qualified for pursuing graduate education
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
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
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