FACULTY OF BUSINESS

Department of Economics

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
Mode of Delivery -
Teaching Methods and Techniques of the Course -
Course Coordinator
Course Lecturer(s)
Assistant(s)
Course Objectives This course offers theoretical building blocks of modern macroeconomics by using the neo-classical approach. 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.
Learning Outcomes The students who succeeded in this course;
  • wil be able to interpret the theories, concepts, and the role of neo-classical/ new-classical macroeconomics;
  • wil be able to explain the relationship between macroeconomic variables and macroeconomic outcomes in neo-classical/ new-classical context;
  • wil be able to discuss real life (practical) issues in macroeconomics by using theoretical frameworks,
  • wil be able to compare and contrast implications of several macroeconomic policies;
  • wil be able to compare the differences between the neo-classical/ new-classical macroeconomics and Keynesian macroeconomics
Course Description 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 Measurement Chapter 2 in SDW
3 Consumer and Firm Behavior Chapter 4 in SDW and Chapter 1 in HY
4 Consumer and Firm Behavior Chapter 4 in SDW and Chapter 1 in HY
5 A Closed-Economy One-Period Macroeconomic Model Chapter 5 in SDW and Chapter 1 in HY
6 A Closed-Economy One-Period Macroeconomic Model Chapter 5 in SDW and Chapter 1 in HY
7 A Closed-Economy One-Period Macroeconomic Model Chapter 5 in SDW and Chapter 1 in HY
8 A Closed-Economy One-Period Macroeconomic Model Chapter 5 in SDW and Chapter 1 in HY
9 Midterm Exam
10 A two-period Model Chapter 9 in SDW and Chapter 2 in HY
11 A two-period Model Chapter 9 in SDW and Chapter 2 in HY
12 A Real Intertemporal ModelExam Chapter 11 in SDW
13 A Real Intertemporal ModelExam Chapter 11 in SDW
14 Business Cycle Models with Flexible Prices and Wages Chapter 13 in SDW (Select Sections)
15 New Keynesian Economics: Sticky Prices Chapter 14 in SDW
16 Review of the Semester

 

Course Notes/Textbooks

Stephen D. Williamson (SDW), Macroeconomics, Sixth Edition (2018), The Pearson Series in Economics ISBN-13: 978-0134472119

Hakan Yetkiner (HY), Advanced Macroeconomic Theory (unpublished).

Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
1
50
Final Exam
1
50
Total

Weighting of Semester Activities on the Final Grade
1
50
Weighting of End-of-Semester Activities on the Final Grade
1
50
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
16
5
80
Field Work
0
Quizzes / Studio Critiques
0
Portfolio
0
Homework / Assignments
0
Presentation / Jury
0
Project
0
Seminar / Workshop
0
Oral Exam
0
Midterms
1
26
26
Final Exam
1
26
26
    Total
180

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to acquire a sound knowledge of fundamental concepts, theories, principles and methods of investigation specific to the economic field.

X
2

To be able to apply adequate mathematical, econometric, statistical and data analysis models to process economic data and to implement scientific research for development of economic policies.

3

To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently.

4

To be able to have adequate social responsibility with regards to the needs of the society and to organize the activities to influence social dynamics in line with social goals.

5

To be able to integrate the knowledge and training acquired during the university education with personal education and produce a synthesis of knowledge one requires.

6

To be able to evaluate his/her advance level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically.

X
7

To be able to acquire necessary skills to integrate social dynamics into economic process both as an input and an output.

X
8

To be able to link accumulated knowledge acquired during the university education with historical and cultural qualities of the society and be able to convey it to different strata of society.

X
9

To be able to take the responsibility as an individual and as a team member.

10

To be able to attain social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis.

X
11

To be able to collect data in economics and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1)

12

To be able to speak a second foreign at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout human history to their field of economics.

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

 


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