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

 

Course Textbooks

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

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

References

 

EVALUATION SYSTEM

Semester Requirements Number Percentage
Participation
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Homework / Assignments
Presentation / Jury
Project
Seminar / Workshop
Portfolios
Midterms / Oral Exams
1
50
Final / Oral Exam
1
50
Total

Contribution of Semester Work to Final Grade
1
50
Contribution of Final Work to Final Grade
1
50
Total

ECTS / WORKLOAD TABLE

Activities Number Duration (Hours) Workload
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
Portfolios
Midterms / Oral Exams
1
40
Final / Oral Exam
1
40
    Total
224

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

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

Developing and deepening the knowledge of economics to an expert level, building on the competencies of the undergraduate education.

2 Comprehending the interaction between related disciplines and economics.
3 Applying the advanced level knowledge acquired in economics.
4 Creating new knowledge by combining the knowledge of economics with the knowledge coming from other disciplines and also be able to solve problems which requires expert knowledge by applying scientific methods.
5 To be able to critically evaluate the knowledge in economics, to lead learning and carry out advanced level research independently.
6 To be able to comprehend and evaluate any issue or problem in economics individually, to develop solutions to problems independently and apply them when necessary.
7 To be able to develop new strategic approaches for unexpected, complicated situations in economics and take responsibility in solving it.
8 To possess the communication network to put the economic and social needs of the region of residence on the agenda.
9 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.
10 To be able to think analytically to identify problems in economics and to be able to make policy recommendations in economics based on scientific analysis of issues and problems.
11 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.
12 To be able to use the skills of modeling, empirical analysis and formulating policy options that are developed for economics, in interdisciplinary contexts.
13 To follow research in economics in a foreign language and engage in oral and written communication with collegues in a foreign language.

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