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| IKT6900 | Open Macroeconomics | 3+0+0 | ECTS:7.5 | | Year / Semester | Fall Semester | | Level of Course | Third Cycle | | Status | Elective | | Department | DEPARTMENT of ECONOMICS | | Prerequisites and co-requisites | None | | Mode of Delivery | Face to face | | Contact Hours | 14 weeks - 3 hours of lectures per week | | Lecturer | Prof. Dr. Nebiye YAMAK | | Co-Lecturer | Prof. Dr. Nebiye Yamak | | Language of instruction | | | Professional practise ( internship ) | None | | | | The aim of the course: | | The basic theoretical foundations of open macroeconomics
To analyse the economic situation applying the open macroeconomic models
To be able to bring solutions to open macroeconomic problems
Effectiveness of fiscal and monetary policies,
To undersdanding aggregate supply and demand in an open economy:
The IS-LM-BP model
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| Programme Outcomes | CTPO | TOA | | Upon successful completion of the course, the students will be able to : | | | | PO - 1 : | Assumptions, models, theories and assumptions of macroeconomic models in open macroeconomic models.
| 4,5 | 1,2,5,6 | | PO - 2 : | To understanding aggregate internal and external market equilibrium in
Goods-money-exchange rates-foreign trade-capital markets in the short | 4,5 | 1,2,5,6 | | PO - 3 : | To understanding the role of money and fiscal policies in establishing general equilibrium in a country applying open macroeconomics. | 4,5 | 1,2,5,6 | | CTPO : Contribution to programme outcomes, TOA :Type of assessment (1: written exam, 2: Oral exam, 3: Homework assignment, 4: Laboratory exercise/exam, 5: Seminar / presentation, 6: Term paper), PO : Learning Outcome | | |
| Theoretical foundation and theories of open macroeconomics
To understand the principals of macroeconomic variables and their impacts on the operation of the open macroeconomics.
To learn to use open macroconomic models to understand how the levels of production, employment and prices
To understand the interaction effects of markets, governs, states and theories on macroeconomic balances and imbalances in an economy
To identify different theories and approaches to market structure, macroeconomic balances and imbalances of an economy in the short and long term.
The importance of the exchange rate, exchange systems and their role in shaping the international flow of goods, services and finance.
The interrelations between countries and the international externalities deriving from economic policies.
Types of change, systems of types of change, PPP and interest parity; Movement of goods, services and financial flows
The effect of opening the economy to trade in goods and services,
The relationships among the IS-LM curves, exchange rate (fixed and variable) , interest rates, GNP, the level of total expenditure and change in government spending or tax rates,
To examine the effect of trade in financial assets (i.e. capital flows) and BP curve, the Current Account (CA) and the Capital Account (KA)
Class Books:
Rudiger Dornbusch (1980) Open economy macroeconomics, (Basic Books, New York.
G. C. Lim, Paul D. Mcnelis (2008) Computational Macroeconomics for the Open Economy, 2008 Massachusetts Institute of Technology.
Selected articles in the fields of open macroeconomics
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| Course Syllabus | | Week | Subject | Related Notes / Files | | Week 1 | Basic concepts based on open macroeconomics. | | | Week 2 | Theoretical and historical foundation and theories of open macroeconomics | | | Week 3 | Assumptions, models, theories and assumptions of macroeconomic models in open macroeconomic models. | | | Week 4 | To understand the macroeconomic theories and variables in the operation of the open macroeconomics. | | | Week 5 | To learn to use open macroeconomic models to understand how the levels of production, employment and prices | | | Week 6 | To understand the interaction effects of markets, states and theories on open macroeconomic balances and imbalances in an economy
| | | Week 7 | The importance of the exchange rate, exchange systems and their role in shaping the international flow of goods, services and finance in a country applying open macroeconomics
| | | Week 8 | The relationships among the IS-LM-BP curves, in an open macroeconomic model | | | Week 9 | The relationships exchange rate (fixed and variable), interest rates, GNP, the level of total expenditure and change in government spending, tax rates, budget equilibrium | | | Week 10 | To understand the effect of trade in financial assets and BP curve | | | Week 11 | To understand the effect of trade in financial assets the Capital Account (KA)
| | | Week 12 | In an open economy: The IS-LM-BP model IS/LM equilibrium and aggregate supply and demand
Effectiveness of fiscal and monetary policies. | | | Week 13 | To understand aggregate internal and external market equilibrium in
Goods-money-exchange rates-foreign trade-capital markets in the short and long runs.
| | | Week 14 | To understand the role of money and fiscal policies in establishing general equilibrium in a country applying open macroeconomics. | | | Week 15 | To understand the role of open macroeconomic policies in a globalized world | | | Week 16 | To understand the role of open macroeconomic policies in a country applying international financial Policies, devaluation and competing theories. | | | |
| 1 | Class Books:Rudiger Dornbusch (1980) Open economy macroeconomics, (Basic Books, New York) | | | |
| 1 | G. C. Lim, Paul D. Mcnelis (2008) Computational Macroeconomics for the Open Economy, 2008 Massachusetts Institute of Technology. | | | |
| Method of Assessment | | Type of assessment | Week No | Date | Duration (hours) | Weight (%) | | Mid-term exam | 9 | 22/11/2024 | 2 | 30 | | Quiz | 15 | 21/12/2024 | 2 | 20 | | End-of-term exam | 16 | 10/01/2025 | 2 | 50 | | |
| Student Work Load and its Distribution | | Type of work | Duration (hours pw) | No of weeks / Number of activity | Hours in total per term | | Yüz yüze eğitim | 3 | 14 | 42 | | Sınıf dışı çalışma | 8 | 14 | 112 | | Arasınav için hazırlık | 12 | 2 | 24 | | Arasınav | 2 | 1 | 2 | | Ödev | 3 | 2 | 6 | | Kısa sınav | 1 | 1 | 1 | | Dönem sonu sınavı için hazırlık | 12 | 3 | 36 | | Dönem sonu sınavı | 2 | 1 | 2 | | Total work load | | | 225 |
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