Monetary Economics

Course Code:

ECON 321

Course Period:

Autumn

Course Type:

Core

P:

3

Application:

0

Credits:

3

ECTS:

6

Prerequisite Courses:

Macroeconomics

Course Language:

İngilizce

Course Coordinator:

Ozan Ekin Kurt

Courses given by:

Ozan Ekin Kurt

Course Objectives:

Analyzing the macroeconomic effects of monetary policy on an economy operating in the context of international financial arrangements.

Course Content:

This course analyzes monetary policy for a country operating in an open economy. We start with an analysis of money and the demand for money. After introducing central banking and the supply of money, we focus on tools, targets and conduct of monetary policy. Foreign exchange markets and the determination of the exchange rate are discussed. The course ends with integration of monetary theory and policy into macroeconomic analysis. Some issues about the international financial system are also addressed.

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 central bank operations and the central banking practices around the world.	1, 2, 3, 4, 7	1, 2, 3	A, C
To acquire an analytical understanding of the basic elements of monetary policy.	1, 2, 3, 7	1, 2, 3	A, C
To distinguish between the impacts of different monetary policies and be able to evaluate them critically.	1, 2, 3, 7	1, 2, 3	A, C
To have a good understanding of the operation of the foreign exchange markets.	1, 2, 3, 7	1, 2, 3	A, C
To be able to relate monetary theory and policy to macroeconomic analysis.	1, 2, 3, 7	1, 2, 3	A, C

Course Flow

Week	Topics	Study Materials
1	Introduction and What's Money?
2	Quantity Theory, Inflation, and the Demand for Money
3	Central Banks: A Global Perspective
4	The Money Supply Process I
5	The Money Supply Process II
6	Tools of Monetary Policy
7	The Conduct of Monetary Policy: Strategy and Tactics
8	Midterm Exam
9	The Foreign Exchange Market
10	The IS Curve
11	The Monetary Policy and Aggregate Demand Curves
12	Aggregate Demand and Supply Analysis I
13	Aggregate Demand and Supply Analysis II
14	The International Financial System

Recommended Sources

Textbook		The Economics of Money, Banking and Financial Markets, Frederic Mishkin, Pearson, 11th Edition, 2016.
Additional Resources		Ümit Akçay, Para, Banka, Devlet: Merkez Bankası Bağımsızlaşmasının Ekonomi Politiği, Sosyal Araştırmalar Vakfı, İstanbul, 2009. Lecture notes, newspaper and journal articles, national and international data sets, review sheets.

Material Sharing

Documents		Lecture Notes, occasional newspaper and journal articles
Assignments		A written assignment
Exams		A midterm and a final exam

Assessment

IN-TERM STUDIES	NUMBER	PERCENTAGE
Mid-terms	1	80
Quizzes (attendance, presentation, etc.)	0
Assignments	1	20
	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.
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.
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	5	75
Mid-terms	1	10	10
Quizzes (attendance, presentation, etc.)	0	0	0
Assignments	1	5	5
Final Examination	1	10	10
Total Work Load			145
Total Work Load / 25 (s)			5,8
ECTS Credit of the Course			6

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