Macroeconomics II
Content
Objective
explain the relationship between various indicators in an open economy and study the theoretical framework necessary to predict the efficiency of macroeconomic policy applications
Course Content
the course starts with the definitions of the basic concepts and gives the open economy framework. then, discusses the efficiency of economic policy in IS-LM and AS-AD frameworks assuming fixed or flexible exchange rates with perfect or imperfect capital movements. finally, current economic developments are discussed using the theoretical frameworks previously analyzed.
Course Learning Outcomes
have a knowledge of the relations between different economic indicators
discuss the possible outcomes of economic policy in different situations (such as fixed or flexible exchange rates etc...)
understand the theoretical background of current economic developments
Teaching and Learning Methods
in the practice sessions (2 h per week), previously distributed newspaper/journal articles are discussed and problem sets are solved
References
macroéconomie internationale (G. Koenig)
macroéconomie internationale (M. Aglietta)
various newspaper/journal articles
Weekly Contents
| Week | Weekly Contents |
|---|---|
| 1 | open economy framework |
| 2 | balance of payments, balance sheet of the financial system |
| 3 | economic indicators, national accounting equations |
| 4 | policy efficiency under fixed prices and exchange rates: perfect vs imperfect capital movements |
| 5 | policy efficiency under fixed prices and exchange rates: perfect vs imperfect capital movements |
| 6 | policy efficiency under fixed prices and exchange rates: perfect vs imperfect capital movements |
| 7 | policy efficiency under fixed prices and flexible exchange rates: perfect vs imperfect capital movements |
| 8 | policy efficiency under fixed prices and flexible exchange rates: perfect vs imperfect capital movements |
| 9 | policy efficiency under fixed prices and flexible exchange rates: perfect vs imperfect capital movements |
| 10 | policy efficiency under flexible prices and flexible exchange rates: perfect vs imperfect capital movements |
| 11 | policy efficiency under flexible prices and flexible exchange rates: perfect vs imperfect capital movements |
| 12 | open economy Philips curve |
| 13 | open economy Philips curve |
| 14 | revision |
| Week | Weekly Contents |
|---|---|
| 1 | no pratice session |
| 2 | no practice session |
| 3 | balance of payments, financial sytem |
| 4 | income multiplier in the standard MF model |
| 5 | article lecture and the discussion of 2001 turkish crisis |
| 6 | exam 1 |
| 7 | flexible exchange rates and expectations |
| 8 | income multiplier in the standard MF model (flexible exchange rates) |
| 9 | income multiplier in the standard MF model |
| 10 | article lecture and comparison of fixed and flexible exchange rates |
| 11 | exam 2 |
| 12 | income multiplier in the standard AS-AD model |
| 13 | article lecture and discussion of the effects of the global crisis on the turkish economy |
| 14 | revision |
Assessment System
| Activities | Number | Contribution |
|---|---|---|
| Contribution of in-term studies to overall grade | 6 | 60 |
| Contribution of final exam to overall grade | 1 | 40 |
| Total | 7 | 100 |
| Activities | Number | Contribution |
|---|---|---|
| Assignments | 0 | 0 |
| Presentation | 0 | 0 |
| Midterm Examinations (including preparation) | 0 | 0 |
| Project | 0 | 0 |
| Laboratory | 0 | 0 |
| Other Applications | 0 | 0 |
| Quiz | 1 | 10 |
| Term Paper/ Project | 0 | 0 |
| Portfolio Study | 0 | 0 |
| Reports | 0 | 0 |
| Learning Diary | 4 | 40 |
| Thesis/ Project | 0 | 0 |
| Seminar | 0 | 0 |
| Other | 1 | 10 |
| Make-up | 0 | 0 |
| Total | 6 | 60 |
ECTS
| Activities | Number | Period | Total Workload |
|---|---|---|---|
| Class Hours | 14 | 3 | 42 |
| Working Hours out of Class | 14 | 2 | 28 |
| Assignments | 0 | 0 | 0 |
| Presentation | 0 | 0 | 0 |
| Midterm Examinations (including preparation) | 2 | 12 | 24 |
| Project | 0 | 0 | 0 |
| Laboratory | 0 | 0 | 0 |
| Other Applications | 0 | 0 | 0 |
| Final Examinations (including preparation) | 1 | 17 | 17 |
| Quiz | 1 | 6 | 6 |
| Term Paper/ Project | 0 | 0 | 0 |
| Portfolio Study | 0 | 0 | 0 |
| Reports | 0 | 0 | 0 |
| Learning Diary | 4 | 1 | 4 |
| Thesis/ Project | 0 | 0 | 0 |
| Seminar | 0 | 0 | 0 |
| Other | 1 | 2 | 2 |
| Make-up | 0 | 0 | 0 |
| Total Workload | 123 | ||
| Total Workload / 25 | 4.92 | ||
| Credits ECTS | 5 | ||