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 | 4 |
The course opens with the approval of the Department at the beginning of each semester |
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 |
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 |
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 |
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 |
Course Notes: | O.Blanchard “Macroeconomics”, Prentice Hall, 5th Edition 2011 |
References: |
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 |
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 |
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 |