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Program Type: 
Thesis
Non Thesis
Course Code: 
ECON 507
Semester: 
Spring
Course Type: 
Core
P: 
3
Lab: 
0
Credits: 
3
ECTS: 
6
Course Language: 
English
Course Coordinator: 
Courses given by: 
Course Objectives: 

This is the second course of the macroeconomics sequence. We continue to analyze the development of macroeconomic analysis in the 20th century. The aim of the course is to allow the students taking the course complete their understanding of the 20th century macroeconomic developments.

Course Content: 

The course begins with a review of the Grand Neoclassical Synthesis of interpretation of Keynes seen in the previous semester. We then turn to the Monetarist critique of the Keynesian analysis and to a critique of Monetarism in turn. Rational expectations and the real business cycles theories are analyzed and the neo-Keynesian rebuttal is examined. In the second half of the course, we turn to a discussion of open economy macroeconomics, monetary and fiscal policies and an analysis of growth theories.

Teaching Methods: 
1: Lecture, 2: Question-Answer, 3: Discussion,
Assessment Methods: 
A: Testing, C: Homework, Q: Quiz

Vertical Tabs

Course Learning Outcomes

1. Being clear on the responses to Keynesian macroeconomics.
2. Critically evaluating monetarism and rational expectations schools.
3. Having a good understanding of the Real Business Cycles Approach.
4. Understanding clearly how macroeconomics works in an open economy.
5. Understanding the basic principles of economic growth.

Course Flow

COURSE CONTENT
Week Topics Study Materials
1 Introduction: Review of the Grand Neoclassical Synthesis Interpretation of Keynes Modern Macroeconomics, Ch. 1.
2 Monetarism Readings T.B.A.
3 Endogenous Money and the Critique of Monetarism Readings T.B.A.
4 Rational Expectations School Richard Froyen, Macroeconomics, Ch. 2,  Snowdon & Wane, Modern Macroeconomics, Ch. 2.1-5.      
5 Real Business Cycles Approach Richard Froyen, Macroeconomics, Ch. 3, Snowdon & Wane, Modern Macroeconomics, Ch. 2.1-5.      
6 Neo-Keynesian Rebuttal: Part I Readings T.B.A.
7 Neo-Keynesian Rebuttal: Part II Readings T.B.A.
8 Midterm  
9 Open Economy Macroeconomics: Part I Richard Froyen, Macroeconomics, Ch. 5, Snowdon & Wane, Modern Macroeconomics, Chs. 2.6-17.      
10 Open Economy Macroeconomics: Part II Richard Froyen, Macroeconomics, Ch. 5, Snowdon & Wane, Modern Macroeconomics, Chs. 2.6-17.      
11 Monetary and Fiscal Policy Richard Froyen, Macroeconomics, Chs. 6 & 7, Snowdon & Wane, Modern Macroeconomics, Ch. 3.      
12 Macroeconomic Growth: Part I Richard Froyen, Macroeconomics, Ch. 8
13 Macroeconomic Growth: Part II Richard Froyen, Macroeconomics, Ch. 8
14 The Future of Turkish Economy Snowdon & Wane, Modern Macroeconomics, Ch. 8.      

Recommended Sources

RECOMMENDED SOURCES
Textbook Richard Froyen, Macroeconomics, Pearson, 2013; Brian Snowdon and Howard Wane, Modern Macroeconomics, Edgar Elgar, 2005.
Additional Resources There are additional readings in the form original articles and books.

Material Sharing

MATERIAL SHARING
Documents Textbooks, books, journal articles and lecture notes.
Assignments  
Exams A Mid-term and a Final

Assessment

ASSESSMENT
IN-TERM STUDIES NUMBER PERCENTAGE
Mid-terms 1 50
Quizzes (attendance, presentation, etc.) 0  
Assignments 0  
  Toplam 50
Contribution of the Final Examination to Overall Grade 1 50
Contribution of the in-Term Studies to Overall Grade 1 50
  Toplam 100

Course’s Contribution to Program

COURSE'S CONTRIBUTION TO PROGRAM
No Program Learning Outcomes Contribution
    1 2 3 4 5
1 Formulate and develop a critical and comprehensive understanding of global and national economic problems, and construct and design practical solutions;         x
2 Extract information and concepts from various disciplines in social sciences and integrate them under the rubric of economics;         x
3 Construct testable hypotheses to find original, practical solutions to various social ills and problems;     x    
4 Develop an analytical understanding of economic problems, and the ability to evaluate the inherent logic, assumptions and conclusions of alternative approaches;         x
5 Develop the necessary technical skills to evaluate alternative approaches in economics;         x
6 Formulate research projects, plan and conduct research in social sciences in general and in economics in particular;     x    
7 Present the results of their research in national and international conferences and in scientific and professional venues;     x    
8 Apply the scientific / academic modes of thought and analysis to their professional lives and form a bridge between the analytical and abstract modes of thinking of academia and the practical and dynamic skills of business life.   x      
9 Nurture and develop the analytical and technical skills necessary to continue their studies at a Ph.D. level, either in Turkey or elsewhere around the globe.         x

ECTS

ECTS ALLOCATED BASED ON STUDENT WORKLOAD BY THE COUSE DESCRIPTION
Activities Quantity Duration (Hour) Total Workload (Hour)
Course Duration (Including the Exam Week: 15 x total course hours) 15 3 45
Hours for off-the-classroom study (Pre-study, practice) 15 10 150
Mid-terms 1 10 10
Quizzes (attendance, presentation, etc.) 3 3 9
Assignments 2 7 14
Final Examination 1 10 10
Total Work Load     238
Total Work Load / 25 (s)     9.52
ECTS Credit of the Course     10