Macroeconomics

Course Code:

ECON 222

Course Period:

Spring

Course Type:

Core

P:

3

Application:

0

Credits:

3

ECTS:

7

Prerequisite Courses:

Principles of Macroeconomics

Course Language:

İngilizce

Course Coordinator:

Nuri Vedit İnal

Courses given by:

Nuri Vedit İnal

Course Objectives:

The aim of this course is to make the students taking it to be competent in critically evaluating the alternative macroeconomic approaches.

Course Content:

At the center of this course - and of macroeconomics in general - stands Keynes’ General Theory. Since it is the failure of the neoclassical approach that gave rise to Keynesianism, a good understanding of the Keynesian Revolution requires an analysis of the neoclassical theory. Hence, the course begins with an analysis of the neoclassical approach and then turns to a detailed analysis of Keynes. As the course proceeds, you will see how Keynes revolutionized economic thinking and how his thoughts were gradually assimilated into the neoclassical mainstream once the 1929 Depression was over. After discussing Keynes’ analysis, we shall then turn to Monetarism, the Rational Expectations School and Neo-Keynesianism as developments of macroeconomic analysis after Keynes.

Course Methodology:

1: Lecture, 2: Question-Answer, 3: Discussion, 12: Case Study

Course Evaluation Methods:

A: Testing, B: Experiment, C: Homework, Q: Quiz

Vertical Tabs

Course Learning Outcomes

Learning Outcomes	Program Learning Outcomes	Teaching Methods	Assessment Methods
To acquire a good understanding of the macroeconomic problems.	1, 2, 6, 7	1, 2, 3	A
Development of the systematic and logical methods of economic analysis in general and of macroeconomic analysis in particular.	1, 2, 6, 7	1, 2, 3	A
To acquire a good understanding of the development of macroeconomic analysis during the 20th century.	1, 2, 6, 7	1, 2, 3	A
To be able to critically evaluate the various approaches in macroeconomics.	1, 2, 6, 7	1, 2, 3	A
To be able to follow global and national economic problems and evaluate the solutions proposed.	1, 2, 6, 7	1, 2, 3	A

Course Flow

Week	Topics	Study Materials
1	The Neoclassical Theory of Output and Employment	Froyen, Chs. 3 and 4.
2	The Neoclassical Theory of Output and Employment	Froyen, Chs. 3 and 4.
3	Keynes’ Theory of Output and Employment: The Role of Effective Aggregate Demand.	Froyen, Ch. 5; Ünsal Ch. 6.
4	Keynes’ Theory of Output and Employment: The Role of Effective Aggregate Demand.	Froyen, Ch. 5; Ünsal Ch. 6.
5	Mainstream Interpretation of Keynes, Section I: The IS-LM System	Froyen, Chs. 6 and 7; Ünsal Chs. 7 and 8.
6	Mainstream Interpretation of Keynes, Section I: The IS-LM System	Froyen, Chs. 6 and 7; Ünsal Chs. 7 and 8.
7	MID-TERM EXAM.
8	Mainstream Interpretation of Keynes, Part II: The Neo-Classical Synthesis (Aggregate Supply and Demand Analysis).	Froyen, Ch. 8; Ünsal Ch. 9.
9	Mainstream Interpretation of Keynes, Part II: The Neo-Classical Synthesis (Aggregate Supply and Demand Analysis).	Froyen, Ch. 8; Ünsal Ch. 9.
10	Neoclassical Resurgence, Part I: Monetarism.	Froyen, Chs. 9 and 10; Ünsal Chs. 10.1, 10.3 and 11.6.
11	Neoclassical Resurgence, Part I: Monetarism.	Froyen, Chs. 9 and 10; Ünsal Chs. 10.1, 10.3 and 11.6.
12	Neoclassical Resurgence, Part II: Rational Expectations	Froyen, Ch. 11; Ünsal Ch. 10.4.
13	New Keynesian Macroeconomics.	Froyen, Ch. 12; Ünsal Ch. 10.5.
14	What Did We Learn: A Review of the Course	Froyen, Ch. 13.

Recommended Sources

Textbook		Richard Froyen, Macroeconomics, Theories and Policies, 10th Edition, August 2012; Erdal Ünsal, Makroiktisat, İmaj Yayıncılık, 9. Baskı, 2011
Additional Resources		Vedit İnal, Lecture notes for the Course.

Material Sharing

Documents
Assignments
Exams		A mid-term and a final exam.

Assessment

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

Course’s Contribution to Program

No	Program Learning Outcomes	Contribution
		1	2	3	4	5
1	Students can keep themselves informed and analyze the current economic development in Turkey and in the world from an international political economy perspective paying a particular attention to the interaction of the Turkish economy with the global economy.					X
2	Being aware of the development and accumulation of economic thought, students can master qualitative and quantitative knowledge and methods to test various economic theories that can be applied to the analysis of the current economic problems.				X
3	Students can use statistical and econometric analyses by learning how to use information technologies that have validity and widespread use in the field of economics.	X
4	By learning how to learn in the field of economics, students can research and work individually or as a team using the Turkish and English academic resources.			X
5	Being aware of the ethical values, students know the individual, social and ecological dimensions of the concept of social responsibility and can prove that they understand the active citizenship duty that falls upon them within this framework.	X
6	Students can clearly express, present and share their knowledge, the outcomes of their studies, their ideas and comments to people in their field or other disciplines/units using the necessary data, in national and international academic and professional environments, in Turkish or English.				X
7	Students can show that understanding the universality of social rights and the concepts of social justice, which form the basis of the modern societies, and the importance of scientific perspective, which is necessary to the social development and global competitiveness.					X

ECTS

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	6	90
Mid-terms	1	20	20
Quizzes (attendance, presentation, etc.)	0	0	0
Assignments	0	0	0
Final Examination	1	20	20
Total Work Load			175
Total Work Load / 25 (s)			7
ECTS Credit of the Course			7

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