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Course Code: 
ECON 321
Course Period: 
Autumn
Course Type: 
Core
P: 
3
Application: 
0
Credits: 
3
ECTS: 
6
Prerequisite Courses: 
Course Language: 
İngilizce
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

Programme Learning Outcomes

Teaching Methods

Assessment Methods

 
 
 

1) 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

 

2) To acquire an analytical understanding of the basic elements of monetary policy.

1,2,3,7

1,2,3

A, C

 

3) 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

 

4) To have a good understanding of the operation of the foreign exchange markets.

1,2,3,7

1,2,3

A, C

 

5) To be able to relate monetary theory and policy to macroeconomic analysis.

1,2,3,7

1,2,3

A, C

 
 

Course Flow

COURSE CONTENT

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

 

15

Final

All Content

 

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

Homework assignments

Exams

Midterm Exam and Final Exam

 
 

Assessment

IN-TERM STUDIES

NUMBER

PERCENTAGE

Mid-terms

1

80

Assignments

1

20

Term project

0

0

Total

 

100

CONTRIBUTION OF FINAL EXAMINATION TO OVERALL GRADE

 

50

CONTRIBUTION OF IN-TERM STUDIES TO OVERALL GRADE

 

50

Total

 

100

 

 

COURSE CATEGORY

Expertise/Field Courses

 
 

Course’s Contribution to Program

COURSE'S CONTRIBUTION TO PROGRAMME

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.

 

 

 

 

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.

 

 

 

 

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.

 

 

 

 

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.

 

 

 

 

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.

 

 

 

 

 

 

ECTS

Activities

Quantity

Duration(Hour)

Total Workload (Hour)

Course Duration (Including the exam week: 15x Total course hours)

15

3

45

Hours for off-the-classroom study (Pre-study, practice)

15

5

75

Mid-terms

1

10

10

Homework

1

5

5

Final examination

1

10

10

Total Work Load

 

 

145

Total Work Load / 25 (h)

 

 

5.8

ECTS Credit of the Course

 

 

6

 
 
3