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| IKT2002 | Macro Economics - II | 3+0+0 | ECTS:6 | | Year / Semester | Spring Semester | | Level of Course | First Cycle | | Status | Compulsory | | Department | DEPARTMENT of ECONOMICS | | Prerequisites and co-requisites | None | | Mode of Delivery | | | Contact Hours | 14 weeks - 3 hours of lectures per week | | Lecturer | Doç. Dr. Osman Murat TELATAR | | Co-Lecturer | None | | Language of instruction | Turkish | | Professional practise ( internship ) | None | | | | The aim of the course: | | The aim of the course is to develop students' skills to understand and compare the views of mainstream macroeconomics schools.
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| Learning Outcomes | CTPO | TOA | | Upon successful completion of the course, the students will be able to : | | | | LO - 1 : | learn the terminology of macroeconomics. | 1,2 | 1, | | LO - 2 : | understand the body of macroeconomic theory. | 1,2 | 1, | | LO - 3 : | comparate the basic schools of thought in modern macroeconomics. | 1,2 | 1, | | LO - 4 : | analyze current economics events and macroeconomic policies. | 1,2 | 1, | | LO - 5 : | discuss the impact of fiscal and monetary policy. | 1,2 | 1, | | 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), LO : Learning Outcome | | |
| Classical macro theory, Keynesian macro theory, monetarist macro theory, new classical macro theory, real business cycle theory, new Keynesian macro theory, and the other macroeconomics schools. |
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| Course Syllabus | | Week | Subject | Related Notes / Files | | Week 1 | The classical macro theory, Classical's main propositions, employment and output determination, Say Law, the quantity theory of money | | | Week 2 | Policy implications of the classical equilibrium model, monetary policy, fiscal policy | | | Week 3 | Keynes's General Theory, Keynes's main ideas, Keynes's anaysis of the labour market, Keynes's rejection of Say's Law, Keynes and the quantity theory of money, three interpretation of Keynes's General Theory | | | Week 4 | The orthodox keynesian school, orthodox keynesian school and the reinterpretation of Keynes, the IS-LM model, money market equilibrium, product market equilibrium, underemployment equilibrium in the Keynesian model | | | Week 5 | The monetarist macro theory, the reformulation of the quantity theory of monetary, monetary and fiscal policy, the expectations-augmented Phillips curve | | | Week 6 | The monetarist macro theory, the expectations-augmented Phillips curve analysis, the monetary approach to balance of payments theory and exchange rate determination | | | Week 7 | The new classical macro theory, the structure of new classical macro model, the rational expectations hypothesis | | | Week 8 | The new classical macro theory, implications of the rational expectations hypothesis, the policy implications of the new classical macro theory, monetary and fiscal policy | | | Week 9 | Mid-term exam | | | Week 10 | The reel business cycle theory, main propositions,the transition from monetary to real business cycle theory, reel business cycle theory in historical perspective, cycles versus random walks, supply-side shocks, reel business cycle theory | | | Week 11 | The reel business cycle theory, the reel business cycle aggregate demand and aggregate supply model, the policy implications of real business cycle theory, neutrality of money | | | Week 12 | The new keynessian theory, main propositions and features of new keynesian theori, nominal and real rigidities, hysteresis effects and unemployment | | | Week 13 | The new keynessian theory and its policy implications, monetary policy, fiscal policy | | | Week 14 | The Austrain school, the Austrain school and business fluctuations, the Mises-Hayek model, the Austrain critique of rational expectations | | | Week 15 | The Post-keynesian school, common themes, the post-keynesian critique of rational expectations, comparing the Austrain and post-keynesian schools | | | Week 16 | End-of-term exam | | | |
| 1 | Ünsal, E. M. 2013; Makro İktisat, İmaj Yayınları, 10. Baskı, Ankara | | | 2 | Ünsal, E. M. 2013; Makro İktisat, İmaj Yayınları, 10. Baskı, Ankara | | | 3 | Bocutoğlu, E. 2012; Karşılaştırmalı Makro İktisat Teoriler ve Politikalar, Murathan Yayınevi, Gözden Geçirilmiş 5. Baskı, Trabzon | | | 4 | Bocutoğlu, E. 2012; Karşılaştırmalı Makro İktisat Teoriler ve Politikalar, Murathan Yayınevi, Gözden Geçirilmiş 5. Baskı, Trabzon | | | |
| 1 | Snowdan, B.; Vane, H.; Wynarczyk, P. 1994; A Modern Guide to Macroeconomics An Introduction to Competing Schools of Thought, Edward Elgar Publishing Limited, UK | | | 2 | Snowdan, B.; Vane, H.; Wynarczyk, P. 1994; A Modern Guide to Macroeconomics An Introduction to Competing Schools of Thought, Edward Elgar Publishing Limited, UK | | | 3 | Froyen, Richard T. 2005; Macroeconomics Theories and Policies, Eighth Edition, Pearson Prentice Hall, USA. | | | 4 | Froyen, Richard T. 2005; Macroeconomics Theories and Policies, Eighth Edition, Pearson Prentice Hall, USA. | | | |
| Method of Assessment | | Type of assessment | Week No | Date | Duration (hours) | Weight (%) | | Mid-term exam | 9 | 04/2023 | 1 | 50 | | End-of-term exam | 16 | 06/2023 | 1 | 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 | 10 | 1 | 10 | | Arasınav | 1 | 1 | 1 | | Dönem sonu sınavı için hazırlık | 14 | 1 | 14 | | Dönem sonu sınavı | 1 | 1 | 1 | | Total work load | | | 180 |
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