FACULTY OF BUSINESS

Department of Economics

 

Announcements


 

 

ECON 300 | Course Introduction and Application Information

 
Course Name
Code
Semester
Theory
(hour/week)
Application/Laboratory
(hour/week)
Local Credits
ECTS
Advanced Macroeconomic Theory
ECON 300
Fall/Spring
3
0
3
6

Prerequisites
  ECON 202 To succeed (To get a grade of at least DD)

Course Language
English
Course Type
Elective
Course Level
First Cycle
Course Coordinator
Course Lecturer(s)
Course Assistants
Course Objectives This course offers theoretical building blocks of modern macroeconomics. To this end, the so-called (neo-) classical approach to macroeconomics is followed. The approach considers the decision-making of economic agents (individuals, firms, and the government) in a free market economy. Since some concepts necessary to understand the workings of the economy require using advanced mathematical tools, students are encouraged to refresh their memory on calculus.
Course Learning Outcomes The students who succeeded in this course;
  • a) To interpret the theories, concepts, and the role of Neo-Classical/ New-Classical macroeconomics.
  • b) To explain the relationship between macroeconomic variables and macroeconomic outcomes in Neo-Classical/ New-Classical context.
  • c) To discuss real life (practical) issues in macroeconomics by using theoretical frameworks.
  • d) To compare and contrast implications of several macroeconomic policies.
  • e) To compare the differences between the Neo-Classical/ New-Classical macroeconomics and Keynesian macroeconomics.
Course Content The course begins by introducing students to the subject of macroeconomics and to national income accounting. Next, one period (static) partial and general equilibrium macroeconomic modeling is developed through graphical analysis and mathematical modeling. Third, two-period partial and general equilibrium macroeconomic modeling approaches are taught by using graphical and mathematical tools. Finally, multi-period general equilibrium modeling and policy analyses are studied. This course also covers market solution and social planner’s solution to macroeconomic modeling.

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Introduction and Measurement Chapters 1 and 2 in SDW
2 Measurement Chapter 2 in SDW
3 Consumer and Firm Behavior Chapter 4 in SDW and Chapter 2 in HY1
4 Consumer and Firm Behavior Chapter 4 in SDW and Chapter 2 in HY1
5 A Closed-Economy One-Period Macroeconomic Model Chapter 5 in SDW and Chapter 2 in HY2
6 A Closed-Economy One-Period Macroeconomic Model Chapter 5 in SDW and Chapter 2 in HY1
7 A two-period Model Chapter 9 in SDW and Chapter 3 in HY1
8 A two-period Model Chapter 9 in SDW and Chapter 3 in HY1
9 Review
10 Midterm Exam
11 A Real Intertemporal Model Chapter 11 in SDW
12 A Real Intertemporal Model Chapter 11 in SDW
13 A Monetary Intertemporal Model Chapter 12 in SDW (Select Sections)
14 Market-Clearing Models of the Business Cycle Chapter 13 in SDW
15 Keynesian Business Cycle Theory Chapter 14 in SDW
16 Review of the Semester  

 

SOURCES

Course Notes / Textbooks Stephen D. Williamson (SDW), Macroeconomics, Fifth Edition (2013), Prentice Hall Hakan Yetkiner (HY1), Advanced Macroeconomics, Unpublished Manuscript
References

 

EVALUATION SYSTEM

Semester Requirements Number Percentage of Grade
Attendance/Participation
15
10
Laboratory
Application
Field Work
Special Course Internship (Work Placement)
Quizzes/Studio Critics
Homework Assignments
Presentation/Jury
Project
Seminar/Workshop
Midterms/Oral Exams
1
40
Final/Oral Exam
1
50
Total

PERCENTAGE OF SEMESTER WORK
16
50
PERCENTAGE OF FINAL WORK
1
50
Total

 

COURSE CATEGORY

Course Category

Core Courses
Major Area Courses
X
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

THE RELATIONSHIP BETWEEN COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS

#
Program Qualifications / Outcomes
* Level of Contribution
1
2
3
4
5
1 To have a sound knowledge of the quantitative and qualitative methods that will help to examine the premises of different theories for an applied subject so that a contribution to solving current economic problems can be made. X
2 To have the experience of writing, using software, and doing presentations in the newspapers, magazines, meetings, panels, and in equivalent virtual platforms (internet), in order to share their accumulated knowledge and problem solving ability acquired during their education.
3 To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently.
4 To have adequate social responsibility and awareness with regards to the needs of the society and to have sufficient experience and qualifications to organize and support the activities to influence the social dynamics in line with the social goals.
5 To be able to integrate the knowledge and training acquired during the university education with personal and work experience and produce a synthesis of knowledge she requires.
6 To have the ability to evaluate his/her advance (post graduate) level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically. X
7 To have sufficient practical and theoretical knowledge base in order to define the economic agents and their interaction both in the national and global level, to process economic data and to implement scientific research for development of economic policies. X
8 Keeping in mind that economics is a social science, to have the skills to integrate social dynamics into economic process both as an input and an output and to be open to theoretical innovations in this direction. X
9 To associate accumulated knowledge acquired during the university education with historical and cultural qualities of the society and to convey it to different groups.
10 To be able to follow knowledge and change in economics and communicate with colleagues in a foreign language. X
11 To possess social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis.
12 To have advanced level of speaking and writing skills of a second foreign language to support continuation of post graduate professional and individual development

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

ECTS / WORKLOAD TABLE

Activities Number Duration (Hours) Total Workload
Course Hours (Including Exam Week: 16 x Total Hours)
16
3
Laboratory
Application
Special Course Internship (Work Placement)
Field Work
Study Hours Out of Class
8
6
Presentations / Seminar
Project
Homework Assignments
1
34
Quizzes
Midterms / Oral Exams
1
15
Final / Oral Exam
1
15
    Total Workload

CLICK HERE FOR THE COURSE SYLLABUS