ECON 300 | Course Introduction and Application Information

Course Name
Advanced Macroeconomic Theory
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
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)
Assistant(s) -
Course Objectives The purpose of the course is to build macroeconomic models from microeconomic principles. The objective to follow this approach is to give the students deeper insights in understanding business cycles and key topics in macroeconomics. The focus of the course is the understanding of the static and dynamic decision-making of economic agents (consumers, firms, and the government) in a free market economy.
Learning Outcomes The students who succeeded in this course;
  • To understand the construction of a macroeconomic model that builds on microeconomic behavior of firms and consumers.
  • To use these models to understand real life issues in macroeconomics.
  • To understand important topics in macroeconomics such as the role of money, the role of monetary policy, the effects of money growth on inflation and aggregate economic activity.
  • To understand the effects of macroeconomic shocks on output, employment, consumption, investment, the real wage, and the real interest rate.
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. Then, a real intertemporal model with investment is introduced.Building on this model, a monetary intertemporal model is also studied. Finally, some important topics in macroeconomics such as the role of money, the role of monetary policy, the effects of money growth on inflation and aggregate economic activity.

 



Course Category

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

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Introduction and Measurement Chapters 1 and 2 in SDW
2 Business Cycle Measurement Chapters 2 and 3 in SDW
3 Consumer and Firm Behavior: The work -Leisure Decision and Profit Maximization Chapter 4 in SDW and Chapter 2 in HY1
4 Consumer and Firm Behavior: The work -Leisure Decision and Profit Maximization 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: The consumption-savings decision and credit markets Chapter 9 in SDW and Chapter 3 in HY1
8 A two-period Model: The consumption-savings decision and credit markets Chapter 9 in SDW and Chapter 3 in HY1
9 Midterm Exam
10 A Real Intertemporal Model with Investment Chapter 11 in SDW
11 A Real Intertemporal Model with Investment Chapter 11 in SDW
12 Money, Banking, Prices, and Monetary Policy Chapter 12 in SDW
13 Money, Inflation, and Banking Chapter 17 in SDW
14 Inflation, the Phillips Curve, and Central Bank Commitment Chapter 18 in SDW
15 Review of the Semester  
16 Review of the Semester  

 

Course 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
Participation
15
10
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Homework / Assignments
6
30
Presentation / Jury
Project
Seminar / Workshop
Portfolios
Midterms / Oral Exams
1
30
Final / Oral Exam
1
30
Total

Contribution of Semester Work to Final Grade
16
70
Contribution of Final Work to Final Grade
1
30
Total

ECTS / WORKLOAD TABLE

Activities Number Duration (Hours) Workload
Course Hours
Including exam week: 16 x total hours
16
3
48
Laboratory / Application Hours
Including exam week: 16 x total hours
16
Study Hours Out of Class
16
3
Field Work
Quizzes / Studio Critiques
Homework / Assignments
6
4
Presentation / Jury
Project
Seminar / Workshop
Portfolios
Midterms / Oral Exams
1
22
Final / Oral Exam
1
22
    Total
164

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
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