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Course Description Course Name : Macroeconomics II Course Code : EC 204 Course Type : Compulsory Level of Course : First Cycle Year of Study : 2 Course Semester : Spring (16 Weeks) ECTS : 5 Name of Lecturer(s) : Prof.Dr. E.ALPER GÜVEL Learning Outcomes of the Course : 1. Defines the concepts of Inflationary Gap, Deflationary Gap, General Price Level Adjustment and long run equilibrium. 2. Determines the differences among the Basic Assumtions of Keynesian, Monetarist, New Classical and New Keynesian Theories. 3.Analyses Aggregate Supply and Aggregate Demand Framework 4. Researches the Relevancy of active economic policies according to different theories. 5. Analyses the Structure of Labour Market and bargaining process 6. Specifies the Types, determinants and concequences of unemployment and inflation, 7. Explains The relation between unemployment and inflation rates in the short-run and long-Run: Phillips Curve Framework 8.Identifies the relation between Current National Income and inflation rate: Dynamic Aggregate Supply and Dynamic Aggregate Demand Framework, 9. Specifies Political Business Cycle Models: Effect of political decisions on business cycles. 10. Open Economy Macroeconomics: Learns the the concepts of Balance of Payments, Current Account, and Capital Account. Mode of Delivery : Face-to-Face Prerequisites and Co-Prerequisites : None Recommended Optional Programme Components : None Aim(s) of Course : This is a two-term course which teaches the structure of the economy in terms of aggregate economic variables. We shall begin with Keynesian Aggregate Supply, General Price Level Adjustment and Long Term Equilibrium. In spring semestre we will explain the assumptions underlying Keynesian, Monetarist, New Classical and New Keynesian Macroeconomic Theories. We will also analyze the effects of economic policies, especially the effects of monetary policy on real economic variables like employment and Current National Income according to these theories. We will also explain the relation between unemployment and inflation rates by using Phillips Curve. Then we will analyze the relation between inflation rate and Current National Income by using Dynamic Aggregate Supply and Dynamic Aggregate Demand Framework. We will also analyze the effect of political decisions on economic policies and outcomes. Our last subject will be macroeconomics for open economies. Course Contents : 1.Inflationar Gap, Deflationary Gap, General Price Level Adjustment and long run equilibrium. 2.Differences among the Basic Assumtions of Keynesian, Monetarist, New Classical and New Keynesian Theories. 3.Aggregate Supply and Aggregate Demand Framework, 4.Relevancy of active economic policies according to different theories. 5.Structure of Labour Market and bargaining process , 6.Types, determinants and concequences of unemployment and inflation, 7.The relation between unemployment and inflation rates in the short-run and long-Run: Phillips Curve Framework, 8.The relation between Current Nationalk Income and and inflation rate: Dynamic Aggregate Supply and Dynamic Aggregate Demand Framework, 9. Political Business Cycle Models: Effect of political decisions on business cycles. 10.Open Economy Macroeconomics: Balance of Payments, Current Account, and Capital Account, Language of Instruction : Turkish Work Place : Faculty classroom   Course Outline /Schedule (Weekly) Planned Learning Activities Week Subject Student's Preliminary Work Learning Activities and Teaching Methods 1 KEYNESIAN MACROEOCONOMICS AND LONG TERM EQUILIBRIUM Related chapter of the reference book LECTURE 2 MONETARIST MACROECONOMICS AND AGGREGATE SUPPLY CURVE Related chapter of the reference book LECTURE 3 MONETARIST MACROEOCONOMICS AND ECONOMIC POLICIES Related chapter of the reference book LECTURE 4 NEW CLASSICAL MACROECONOMICS AND AGGREGATE SUPPLY CURVE Related chapter of the reference book LECTURE, PROBLEMS 5 NEW CLASSICAL MACROEOCONOMICS AND IRRELEVANCY OF ECONOMIC POLICIES Related chapter of the reference book LECTURE, PROBLEMS 6 NEW KEYNESIAN MACROECONOMICS: LABOUR MARKET AND COMMODITY MARKETS Related chapter of the reference book LECTURE, PROBLEMS 7 NEW KEYNESIAN MACROECONOMICS AND ECONOMIC POLICIES Related chapter of the reference book LECTURE, PROBLEMS 8 Midterm 9 INFLATION AND UNEMPLOYMENT: PHILLIPS CURVE Related chapter of the reference book LECTURE, PROBLEMS 10 KEYNESIAN MACROEOCONOMICS, MONETARIST MACROECONOMICS, PHILLIPS CURVE AND ECONOMIC POLICIES Related chapter of the reference book LECTURE, PROBLEMS 11 NEW CLASSICAL MACROECONOMICS, NEW KEYNESIAN MACROECONOMICS, PHILLIPS CURVE AND ECONOMIC POLICIES Related chapter of the reference book LECTURE, PROBLEMS 12 DEMOCRACY AND ECONOMY: POLITICAL BUSINESS CYCLES Related chapter of the reference book LECTURE, PROBLEMS 13 DYNAMIC AGGREGATE SUPPLY-DYNAMIC AGGREGATE DEMAND FRAMEWORK - I Related chapter of the reference book LECTURE, PROBLEMS 14 DYNAMIC AGGREGATE SUPPLY-DYNAMIC AGGREGATE DEMAND FRAMEWORK - II Related chapter of the reference book LECTURE, PROBLEMS 15 THE OPEN ECONOMY MACROECONOMICS Related chapter of the reference book LECTURE, PROBLEMS 16/17 Final Exam   Required Course Resources Resource Type Resource Name Recommended Course Material(s)  Kemal Yıldırım, Doğan Kahraman ve Murat Taşdemir, Makro Ekonomi Seçkin, 2009.  Prof.Dr.E.Alper Güvel, Makro Ekonomi-II,2011,Karahan Kitabevi Required Course Material(s)   Assessment Methods and Assessment Criteria Semester/Year Assessments Number Contribution Percentage     Mid-term Exams (Written, Oral, etc.) 1 100     Homeworks/Projects/Others 0 0 Total 100 Rate of Semester/Year Assessments to Success 40   Final Assessments 100 Rate of Final Assessments to Success 60 Total 100   Contribution of the Course to Key Learning Outcomes # Key Learning Outcome Contribution* 1 Models problems with Mathematics, Statistics, and Econometrics 1 2 Explains Econometric concepts 1 3 Estimates the model consistently and analyzes & interprets its results 1 4 Acquires basic Mathematics, Statistics and Operation Research concepts 1 5 Equipped with the foundations of Economics, and develops Economic models 4 6 Describes the necessary concepts of Business 1 7 Acquires the ability to analyze, benchmark, evaluate and interpret at conceptual levels to develop solutions to problems 2 8 Collects, edits, and analyzes data 1 9 Uses a package program of Econometrics, Statistics, and Operation Research 1 10 Effectively works, take responsibility, and the leadership individually or as a member of a team 2 11 Awareness towards life-long learning and follow-up of the new information and knowledge in the field of study 3 12 Develops the ability of using different resources in the form of academic rules, synthesis the information gathered, and effective presentation in an area which has not been studied 3 13 Uses Turkish and at least one other foreign language, academically and in the business context 3 14 Good understanding, interpretation, efficient written and oral expression of the people involved 2 15 Questions traditional approaches and their implementation while developing alternative study programs when required 2 16 Recognizes and implements social, scientific, and professional ethic values 2 17 Follows actuality, and interprets the data about economic and social events 3 18 Improves himself/herself constantly by defining educational requirements considering interests and talents in scientific, cultural, art and social fields besides career development 1 * Contribution levels are between 0 (not) and 5 (maximum).   Student Workload - ECTS Works Number Time (Hour) Total Workload (Hour) Course Related Works     Class Time (Exam weeks are excluded) 14 4 56     Out of Class Study (Preliminary Work, Practice) 14 4 56 Assesment Related Works     Homeworks, Projects, Others 0 0 0     Mid-term Exams (Written, Oral, etc.) 1 2 2     Final Exam 1 3 3 Total Workload: 117 Total Workload / 25 (h): 4.68 ECTS Credit: 5