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| MLY3017 | Fiscal Policy | 3+0+0 | ECTS:4 | | Year / Semester | Fall Semester | | Level of Course | First Cycle | | Status | Elective | | Department | DEPARTMENT of ECONOMETRICS | | Prerequisites and co-requisites | None | | Mode of Delivery | | | Contact Hours | 14 weeks - 3 hours of lectures per week | | Lecturer | Dr. Öğr. Üyesi Hikmet YILMAZ | | Co-Lecturer | Dr. Hikmet YILMAZ | | Language of instruction | Turkish | | Professional practise ( internship ) | None | | | | The aim of the course: | | This course aims to provide the students with general knowledge about fiscal policy practises and how to apply fiscal policy for economic stability and growth. |
| Learning Outcomes | CTPO | TOA | | Upon successful completion of the course, the students will be able to : | | | | LO - 1 : | define the main concepts of fiscal policy | 1 - 2 - 3 - 5 | 1, | | LO - 2 : | explain the difference between expansionary and contractionary fiscal policy
| 1 - 2 - 3 - 5 | 1, | | LO - 3 : | foresee the various effects of the fiscal policy in economical and social aspect | 2 - 5 | 1, | | LO - 4 : | evaluate the effects of long-term budget deficits | 1 - 2 | 1, | | LO - 5 : | summarize the relationship between fiscal policy and political approaches | 1 - 2 - 3 - 5 | 1, | | CTPO : Contribution to programme outcomes, TOA :Type of assessment (1: written exam, 2: Oral exam, 3: Homework assignment, 4: Laboratory exercise/exam, 5: Seminar / presentation, 6: Term paper), LO : Learning Outcome | | |
| Fiscal policy: Some definitions, aims, instruments, impact of fiscal policy. Debate on efficiency of fiscal policy: Classical approach, Keynesian approach, Monetarist approach Supply-side economics, New classical approach and New Keynesian economics. Fiscal policy and national income equilibrium: multiplier-accelerator model: income multiplier, expenditure multiplier, balanced budget multiplier. Relative effectiveness of monetary and fiscal policies in closed and open economies. Fixed rules vs. automatic/active fiscal policy in achieving economic stability. Inflation and fiscal policy: definitions of inflation, importance and cause of inflation. Recession/stagnation and fiscal policy: causes of recession, fiscal policy against recession. Stagflation and fiscal policy: explanations of stagflation, formulation of stagflation. Budget deficit problem and fiscal policy. Fiscal policy in achieving economic development. Economic stabilization and fiscal policy: in Turkey |
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| Course Syllabus | | Week | Subject | Related Notes / Files | | Week 1 | Fiscal Policy and Its Relationship with the Economy Policy | | | Week 2 | Fiscal Policy Obvejtives and Tools
Purpose of Economy Policy and Fiscal Policy
| | | Week 3 | Economic Theory and Fiscal Policy-I
The Keynesian and Classical Explanations of Fiscal Policy
Monetarist Thought and Fiscal Policy
| | | Week 4 | Economic Thought and Fiscal Policy
New Classical Economy and Fiscal Policy
New Keynessian Economy and Fiscal Policy
Public Choice Theory and Fiscal Policy
| | | Week 5 | National Income and Fiscal Policy
Fiscal Policy Multipliers
Balanced Budget Multiplier
| | | Week 6 | Effectiveness of Fiscal Policy and Fiscal Policy in Realization of the Economic Stabilization
The IS and LM Curve
Shift the IS and LM Curve (Fiscal and Monetary Expansion)
| | | Week 7 | Fiscal Policy Applications Methods
Discretionary Fiscal Policy (Fiscal Expansion)
Limitations of Fiscal Policy
Automatic Stabilizers
| | | Week 8 | Inflation and Fiscal Policy: Cost of Inflation | | | Week 9 | Mid-term exam | | | Week 10 | Depression and Fiscal Policy: Crowding Out and Crowding in with Fiscal Policy | | | Week 11 | Stagflation and Fiscal Policy: Inflation and Unemployment | | | Week 12 | Budget Deficits and Fiscal Policy
The Government Budget Constraint and Public Finance
Fiscal Sustainability and Fiscal Solvency
Fiscal Deficits in Turkey and Turkey's Fiscal Positions
| | | Week 13 | Fiscal Discipline and Fiscal Policy | | | Week 14 | Fiscal Policy and Income Distribution
Distributional Justice and Fiscal Policy
Public Intervention and Income Redistribution
| | | Week 15 | Fiscal Policy and Economic Development
Fiscal policy and Growth
Public Finance and Economic Development in Turkey
| | | Week 16 | End-of-term exam | | | |
| 1 | Ulusoy, A. 2020; Maliye Politikası, Umut Kitapevi, Kocaeli | | | 2 | Pınar, A., 2020; Maliye Politikası, Turhan Yayınevi, Ankara | | | |
| 1 | Ataç, B. A. Önder, İ. Turhan, S. 2020; Maliye Politikası, Anadolu Üniversitesi Yayınları, Eskişehir | | | |
| Method of Assessment | | Type of assessment | Week No | Date | Duration (hours) | Weight (%) | | Mid-term exam | 9 | 11/2023 | 1 | 50 | | End-of-term exam | 16 | 01/2024 | 1 | 50 | | |
| Student Work Load and its Distribution | | Type of work | Duration (hours pw) | No of weeks / Number of activity | Hours in total per term | | Yüz yüze eğitim | 3 | 14 | 42 | | Sınıf dışı çalışma | 4 | 14 | 56 | | Arasınav için hazırlık | 10 | 1 | 10 | | Arasınav | 1 | 1 | 1 | | Dönem sonu sınavı için hazırlık | 10 | 1 | 10 | | Dönem sonu sınavı | 1 | 1 | 1 | | Diğer 1 | 1 | 0 | 0 | | Total work load | | | 120 |
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