GERİ DÖN

Ders Öğretim Planı

Dersin Kodu Dersin Adı Dersin Türü Yıl Yarıyıl AKTS Kredi
EBUS204 Macroeconomics Ders 2 4 6.00 3.00

Dersin Seviyesi

Lisans

Dersin Sunulduğu Dil

İngilizce

Dersin Amacı

Fundamental economic ideas and the operation of the economy on a national scale. Production, distribution and consumption of goods and services, the exchange process, the role of government, the national income and its distribution, GDP, consumption function, savings function, investment spending, the multiplier principle and the influence of government spending on income and output. Analysis of monetary policy, including the banking system and the Federal Reserve System

Dersi Veren Öğretim GörevlisiGörevlileri

Prof.Dr N.Zeynep Ökten

Öğrenme Çıktıları

1 Demonstrate an understanding the basic economic decisions that underlie the economic process: What and how to produce goods and services and how they are distributed.
2 Understand the concepts of scarcity, choice and opportunity cost and apply these concepts to the analysis of the workings of a market economy.
3 Identify the process of how the nation’s output of goods and services is measured through the national income and product accounts; clearly comprehend the income and expenditure approaches to measuring national output and national income.
4 Acquire the ability to clearly illustrate the specific roles and functions of monetary and fiscal policy in the economy and explain how these are applied to the process of shaping economic policy and stabilizing the economy, specifically with regard to controlling inflation, promoting full employment and facilitating economic growth.
5 Explain the process of how fiscal policy is enacted and how its functions – taxation and spending – are designed to achieve the goals of equilibrium between Aggregate Demand and Supply; develop a firm understanding of the differences between, and the specific roles of, discretionary fiscal policy and automatic stabilizers in stabilizing employment, income

Öğrenim Türü

Birinci Öğretim

Dersin Ön Koşulu Olan Dersler

Yok

Ders İçin Önerilen Diğer Hususlar

Yok

Dersin İçeriği

Week 1:First Principles 3 hrs What is the difference between macro and micro economics? The central choices of economic decision making: what, how and for whom to produce? The participants in the market economy Key concepts used in economic analysis: Scarcity, choice, opportunity cost Marginal analysis and choice Ceteris Paribus or ‘everything else held constant.’ Positive and normative economics and using theories and models to measure economic events Criteria for evaluation of economic policy and policy proposals Economic systems – the market economy, mixed economies & command economies Review of expressing relationships between economic variables using graphs Week 2: Economic Models: Trade-offs and Trade. 3 hrs Defining the resources used in the production of goods and services The production possibility frontier applied to the concept of opportunity cost/tradeoffs and to marginal costs and benefits; increasing marginal opportunity costs. Productive efficiency; inefficient choices and unattainable choices Week 3- 4:: Macroeconomics: The Big Picture 3 hrs Macroeconomics: Theory and Policy The Business Cycle in Market Economies; short-term vs. long-term growth trend Expansion, peak, decline, trough Emergence of modern-day macroeconomic policy to moderate effects of recessions: Keynesian policy/government spending and taxation to stimulate aggregate demand Components of aggregate demand and aggregate supply Shifts in the AD and AS curves: What do they show? The roots of macroeconomics: John Maynard Keynes and the Great Depression Classical vs. Keynesian economics; the short-run vs. long run model of macroeconomic equilibrium The Keynesian short-run model and the classical economists’ long-run model Keynes’ challenge to Say’s Law: the Demand Driven Economy Wage and Price inflexibility; The role of Government Concerns of Inflation (boom times) and deflation (severe economic downturns) The impact of recession on trade imbalances Week 5:Gross Domestic Product: Measuring the economy’s output of goods and services; Government Sector: federal state and local government in the economyThe financial sector; the international sector The three markets: goods and service, labor market, money market Nominal and real GDP; The difference between GNP and GDP Expenditure Measure of GDP: consumption by households, businesses, government and the rest of the world (Net exports) Income Measure of GDP: Income from labor, rent, interest, proprietors’ income, profit Value added approach vs. measure of final goods and services produced What GDP Does Not Include; alternative measures of GDP Week 6:-7: Unemployment and Inflation (Labor force/Unemployment) 3 hrs How is the labor force defined? Who is in the labor force? Measuring employment and unemployment. Who is not counted in the Government’s official count of the unemployed? Types of unemployment; cyclical unemployment and the business cycle. The difference between the ‘household survey’ (the civilian labor force) and the ‘establishment survey’ (number of payroll jobs added by employers). The labor force participation rate Unemployment and the changes in the global economy Week 8: midterm exam Week 9:Measuring inflation /the consumer price index What does it say about the state of the economy? Real vs. nominal income and earnings Real and Nominal rates of interest Costs and causes of inflation Week 10: Fiscal The multiplier effect Government spending and taxation Automatic stabilizers: the income tax, unemployment insurance Discretionary tax and spending policy Week11:Money, Banking and the Federal Reserve System 3 hrs What is money? Commodity and fiat monies; the barter system Money as a medium of exchange; Money supply defined: M1 and M2 Gold and the money supply: Week 12: Monetary Policy Week13 :Film screening: “Too Big to Fail” or “Inside Job.” 1.5 hrs Preceding the film, discussion questions will be distributed; film will be followed by discussion of the issues raised in the context of the limits of monetary policy during the “Great Recession,” and the pros and cons of the recent financial reform legislation. Week 14: International trade and economics

Haftalık Ayrıntılı Ders İçeriği

Hafta Teorik [OgretimYontemVeTeknikleri] [OnHazirlik]
1 Week 1:First Principles 3 hrs What is the difference between macro and micro economics? The central choices of economic decision making: what, how and for whom to produce? The participants in the market economy Key concepts used in economic analysis: Scarcity, choice, opportunity cost Marginal analysis and choice Ceteris Paribus or ‘everything else held constant.’ Positive and normative economics and using theories and models to measure economic events Criteria for evaluation of economic policy and policy proposals Economic systems – the market economy, mixed economies & command economies Review of expressing relationships between economic variables using graphs
2 Week 2: Economic Models: Trade-offs and Trade. 3 hrs Defining the resources used in the production of goods and services The production possibility frontier applied to the concept of opportunity cost/tradeoffs and to marginal costs and benefits; increasing marginal opportunity costs. Productive efficiency; inefficient choices and unattainable choices
3 Week 3- 4:: Macroeconomics: The Big Picture 3 hrs Macroeconomics: Theory and Policy The Business Cycle in Market Economies; short-term vs. long-term growth trend Expansion, peak, decline, trough Emergence of modern-day macroeconomic policy to moderate effects of recessions: Keynesian policy/government spending and taxation to stimulate aggregate demand Components of aggregate demand and aggregate supply Shifts in the AD and AS curves: What do they show? The roots of macroeconomics: John Maynard Keynes and the Great Depression Classical vs. Keynesian economics; the short-run vs. long run model of macroeconomic equilibrium The Keynesian short-run model and the classical economists’ long-run model Keynes’ challenge to Say’s Law: the Demand Driven Economy Wage and Price inflexibility; The role of Government Concerns of Inflation (boom times) and deflation (severe economic downturns) The impact of recession on trade imbalances
4 Macroeconomics: Theory and Policy The Business Cycle in Market Economies; short-term vs. long-term growth trend Expansion, peak, decline, trough Emergence of modern-day macroeconomic policy to moderate effects of recessions: Keynesian policy/government spending and taxation to stimulate aggregate demand Components of aggregate demand and aggregate supply Shifts in the AD and AS curves: What do they show? The roots of macroeconomics: John Maynard Keynes and the Great Depression Classical vs. Keynesian economics; the short-run vs. long run model of macroeconomic equilibrium The Keynesian short-run model and the classical economists’ long-run model Keynes’ challenge to Say’s Law: the Demand Driven Economy Wage and Price inflexibility; The role of Government Concerns of Inflation (boom times) and deflation (severe economic downturns) The impact of recession on trade imbalances Are all recessions the same? Comparisons of the recent “Great Recession” to the Great Depression (1930 –
5 Gross Domestic Product: Measuring the economy’s output of goods and services; Government Sector: federal state and local government in the economyThe financial sector; the international sector The three markets: goods and service, labor market, money market Nominal and real GDP; The difference between GNP and GDP Expenditure Measure of GDP: consumption by households, businesses, government and the rest of the world (Net exports) Income Measure of GDP: Income from labor, rent, interest, proprietors’ income, profit Value added approach vs. measure of final goods and services produced What GDP Does Not Include; alternative measures of GDP
6 Unemployment and Inflation (Labor force/Unemployment) 3 hrs How is the labor force defined? Who is in the labor force? Measuring employment and unemployment. Who is not counted in the Government’s official count of the unemployed? Types of unemployment; cyclical unemployment and the business cycle. The difference between the ‘household survey’ (the civilian labor force) and the ‘establishment survey’ (number of payroll jobs added by employers). The labor force participation rate Unemployment and the changes in the global economy
7 Midterm exam
8 Measuring inflation the consumer price index What does it say about the state of the economy? Real vs. nominal income and earnings Real and Nominal rates of interest Costs and causes of inflation
9 Fiscal Policy:The multiplier effect Government spending and taxation Automatic stabilizers: the income tax, unemployment insurance Discretionary tax and spending policy Progressive, proportional and regressive taxes and their impacts Fiscal Policy Lags The circular flow diagram with government spending and taxation Budget deficits and surpluses; Government debt and deficits: Are they the same thing?
10 Money, Banking and the Federal Reserve System 3 hrs What is money? Commodity and fiat monies; the barter system Money as a medium of exchange; Money supply defined: M1 and M2 Gold and the money supply: Why was the gold standard adopted (1873) and why was it later eliminated (1971)?
11 Monetary Policy The structure of the CentralBanks How the centralbanks regulates the money supply: reserve requirements, the discount rate, open market operations; the goals of monetary policy The federal funds rate; fed funds market Banking legislation and deregulation since the 1980’s The role of credit, debit cards and electronic money in the money supply Role of financial intermediaries – modern depository institutions
12 Discussions
13 Film screening: “Too Big to Fail” or “Inside Job.” 1.5 hrs Preceding the film, discussion questions will be distributed; film will be followed by discussion of the issues raised in the context of the limits of monetary policy during the “Great Recession,” and the pros and cons of the recent financial reform legislation.
14 International Trade and Supplemental Reading The history of trade agreements: From GATT to NAFTA and Trade deficits and trade surpluses Importance of trade to the U.S. economy; U.S. trade in international context Comparative advantage and trade; Terms of trade between nations Currency exchange rates: how are they determined? The World Trade Organization: What is its role? The movement from trade protection toward free trade among nations since the 1940’s The dimensions of globalization; trade, foreign direct investment, foreign portfolio investment, immigration; The debate about trade policies and globalization

Ders Kitabı Malzemesi Önerilen Kaynaklar

Krugman and Wells, Eds., Macroeconomics 3 rd. ed, Worth Publishers, 2012

Planlanan Öğrenme Aktiviteleri ve Metodları

Değerlendirme

Staj Durumu

yok

İş Yükü Hesaplaması

Etkinlikler Sayısı Süresi (saat) Toplam İş Yükü (saat)
Ara Sınav 1 60 60
Final Sınavı 1 90 90
Toplam İş Yükü (saat) 150

Program ve Öğrenme Çıktıları İlişkisi

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* Katkı Düzeyi : 1 Çok düşük 2 Düşük 3 Orta 4 Yüksek 5 Çok yüksek