ECON 520 | Course Introduction and Application Information

Course Name
International Macroeconomics
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 520
Fall/Spring
3
0
3
7.5

Prerequisites
None
Course Language
English
Course Type
Elective
Course Level
Second Cycle
Course Coordinator
Course Lecturer(s)
Assistant(s)
Course Objectives This course provides an overview of issues in international macroeconomics, and develops the concepts and analytic tools necessary for understanding macroeconomic issues under open economy regime(s).
Course Description The students who succeeded in this course;
  • To describe and analyze core international open economy macro models
  • To describe and analyze key concepts and applications under open economy regime(s), based on the core models
  • To make policy analysis based on core models
  • To use core models to comment on actual (i.e. practical) open economy macroeconomic issues.
  • To compare and contrast the results of different core models
Course Content The course aims to give a rigorous introduction to international macroeconomics. To this end, the lectures present core models, including one-period, two period, and infinite horizon open economy models, and discuss dynamic and stochastic analysis of current account, exchange rate determination, terms of trade, and global financial markets. After this course, students will have a deeper understanding of core models of open economy models and major research issues in international macroeconomics. The students will also be equipped with skills needed to critically read and evaluate the mainstream literature.

 



Course Category

Core Courses
Major Area Courses
X
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Introduction to General Equilibrium Course Notes (HY)
2 Introduction to General Equilibrium Course Notes (HY)
3 Introduction to General Equilibrium Course Notes (HY)
4 Introduction to Dynamic Macroeconomics Course Notes (HY)
5 Introduction to Dynamic Macroeconomics Course Notes (HY)
6 Intertemporal Trade and the Current Account Balance Chapter 1 in O&R
7 Intertemporal Trade and the Current Account Balance Chapter 1 in O&R
8 Intertemporal Trade and the Current Account Balance Chapter 1 in O&R
9 Midterm
10 Dynamics of Small Open Economies Chapter 2 in O&R
11 Dynamics of Small Open Economies Chapter 2 in O&R
12 The Real Exchange Rate and the Terms of Trade Chapter 4 in O&R
13 The Real Exchange Rate and the Terms of Trade Chapter 4 in O&R
14 Uncertainty and International Financial Markets Chapter 5 in O&R
15 Review of the Semester  
16 Review of the Semester  

 

Course Notes/Textbooks

Obstfeld, Maurice, and Kenneth Rogoff (O&R), Foundations of International Macroeconomics, (MIT Press, 1996)

Hakan Yetkiner (HY), Course Notes in Macroeconomic Theory.

Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Homework / Assignments
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
1
50
Final Exam
1
50
Total

Weighting of Semester Activities on the Final Grade
1
50
Weighting of End-of-Semester Activities on the Final Grade
1
50
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: 16 x total hours)
16
Study Hours Out of Class
16
6
Field Work
Quizzes / Studio Critiques
Homework / Assignments
Presentation / Jury
Project
Seminar / Workshop
Oral Exam
Midterms
1
20
Final Exam
1
20
    Total
184

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To improve and deepen actual and advanced level knowledge in economics in the level of expertise by inventive thoughts and/or research and to get inventive contributions to science.

X
2

To comprehend the interaction between economics and related fields; to achieve inventive results by using knowledge requiring expertise in analysis, synthesis and evaluation of new and complex ideas.

X
3

To be able to apply the advanced level knowledge acquired in economics and finance.

X
4

Creating new knowledge by combining the knowledge of financial economics with the knowledge coming from other disciplines and also be able to solve problems which requires expert knowledge by applying scientific methods.

X
5

To be able to critically evaluate the knowledge in financial economics, to lead learning and carry out advanced level research independently.

6

Being able to use a foreign language for both following scientific progress and for written and oral communication.

X
7

To be able to develop new strategic approaches for unexpected, complicated situations in financial economics and take responsibility in solving it.

X
8

To be able to use computer programs needed in the field financial economics as well as information and communication technologies in advanced levels.

X
9

To possess the communication network to put the economic and social needs of the region of residence on the agenda.

10

To have adequate social responsibility and conciousness about the needs of society and to have the experience and authority  to organize and support the operations that can affect and drive  the social dynamics when necessary.

X
11

To be able to think analytically to identify problems in financial economics and to be able to make policy recommendations in economics and finance based on scientific analysis of issues and problems.

X
12

To protect the social, scientific and ethical values at the data collection, interpretation and dissemination stages and to be able to introduce and supervise these values.

13

To be able to use the skills of modeling, empirical analysis and formulating policy options that are developed for financial economics, in interdisciplinary contexts.

X

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest