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| ITEO5036 | Open Economy Macroeconomics | 3+0+0 | ECTS:7.5 | | Year / Semester | Spring Semester | | Level of Course | Second Cycle | | Status | Elective | | Department | DEPARTMENT of ECONOMICS | | Prerequisites and co-requisites | None | | Mode of Delivery | | | Contact Hours | 14 weeks - 3 hours of lectures per week | | Lecturer | Prof. Dr. Seyfettin ARTAN | | Co-Lecturer | | | Language of instruction | | | Professional practise ( internship ) | None | | | | The aim of the course: | | To provide students with a thorough understanding of core concepts and methods of macro-economic theory and policy for the open economy. |
| Programme Outcomes | CTPO | TOA | | Upon successful completion of the course, the students will be able to : | | | | PO - 1 : | explains fluctuations in exchange rates | 1,5 | 1,3, | | PO - 2 : | follows developments in national and international financial markets | 1,5 | 1,3, | | PO - 3 : | analysis policy practices in European Union countries | 1,5 | 1,3, | | PO - 4 : | analysis economic relations between countries using mathematical functions | 1,5 | 1,3, | | PO - 5 : | interprets relations between countries in open economies | 1,5 | 1,3, | | 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), PO : Learning Outcome | | |
| Balance of payments accounts, Exchange rates, competitiveness and the Marshall?Lerner condition. IS/LM analysis in the open economy: the Mundell?Fleming model. Exchange rate expectations, including overshooting. Inflation and unemployment in the open economy. Supply shocks. Policy analysis in the open economy: exchange rate as policy instrument, fiscal policy, supply-side policies. Applications to macroeconomic performance and policy in Europe and to European Monetary Union. |
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| Course Syllabus | | Week | Subject | Related Notes / Files | | Week 1 | Balance of payments accounts | | | Week 2 | Exchange rates, competitiveness and the Marshall?Lerner condition
| | | Week 3 | IS/LM analysis in the open economy: the Mundell?Fleming model
| | | Week 4 | Aggregate Demand and Aggregate Supply
| | | Week 5 | Inflation and unemployment in the open economy
| | | Week 6 | Inflation and the rational expectations hypothesis | | | Week 7 | Supply shocks | | | Week 8 | Mid-term exam
| | | Week 9 | Policy analysis in the open economy
| | | Week 10 | Exchange rate regimes | | | Week 11 | Optimum Currency Areas and Currency Unions | | | Week 12 | Optimum Currency Areas and Currency Unions | | | Week 13 | Applications to macroeconomic performance and policy in Europe | | | Week 14 | Applications to macroeconomic performance and policy in Europe | | | Week 15 | Applications to macroeconomic performance and policy in European Monetary Union | | | Week 16 | End-of-term exam | | | |
| 1 | Uribe, Martin and Schmitt-Grohe, Stephanie, 2017, Open Economy Macroeconomics, Princeton University Press, USA. | | | |
| Method of Assessment | | Type of assessment | Week No | Date | Duration (hours) | Weight (%) | | Mid-term exam | 8 | /04/2024 | 2 | 30 | | In-term studies (second mid-term exam) | 10 | /05/2024 | 1 | 20 | | End-of-term exam | 16 | /06/2024 | 2 | 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 | 8 | 14 | 112 | | Arasınav için hazırlık | 12 | 2 | 24 | | Arasınav | 2 | 1 | 2 | | Ödev | 3 | 2 | 6 | | Kısa sınav | 1 | 1 | 1 | | Dönem sonu sınavı için hazırlık | 12 | 3 | 36 | | Dönem sonu sınavı | 2 | 1 | 2 | | Total work load | | | 225 |
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