Information Package / Course Catalogue
Macroeconomics
Course Code: İKP540
Course Type: Area Elective
Couse Group: Second Cycle (Master's Degree)
Education Language: Turkish
Work Placement: N/A
Theory: 3
Prt.: 0
Credit: 3
Lab: 0
ECTS: 5
Objectives of the Course

To capture the development of macroeconomics and forming of macroeconomic schools of thought in a historical perspective and to be able to make analyses and comments on modern issues of macroeconomics.

Course Content

Students will be able to analyze and discuss modern macroeconomic issues from an economic perspective.

Name of Lecturer(s)
Learning Outcomes
1.To learn macroeconomics’s ascent as an independent research area.;
2.To learn the development of schools of macro economic thought.;
3.To acquire knowledge on Keynes’s economic views and the General Theory.;
4.To learn the main postulates of Monetarism and its differences from other macroeconomic schools.;
5.To gain extensive knowledge on rational expectations and the New Classical Economics. To analyse the role of technology shocks in business cycles.;
Recommended or Required Reading
1.Mankiw G. (2003), Macroeconomics
2.Lucas R.E. Jr. (2000), “Some Macroeconomics fort he 21st Century”, Journal of Economic Perspectives, Winter
Weekly Detailed Course Contents
Week 1 - Theoretical
Introduction: Macro economic problems, aim and tools, rise of the Keynesian economics.
Week 2 - Theoretical
Keynes vs. Classical Economists:Keynes’s rejection to Say’s Law, General Theory and its content, causes and effects of the Great Depression.
Week 3 - Theoretical
The Orthodox Keynesians:The equilibrium debate, equilibrium with involuntary unemployment, the Phillips Curve, Tobin and others.
Week 4 - Theoretical
The Orthodox Monetarism: The Quantity Theory of Money, expectations augmented Phillips Curve, stabilisation policy and Friedman’s views.
Week 5 - Theoretical
The New Classical School: Muth and Lucas, structure of the new classical models, views on business cycles, unanticipated changes in monetary policy and dynamic time-inconsistency, monetary rules and central bank independency.
Week 6 - Theoretical
The Real Business Cycle School: Technology shocks and business cycles, the Solow residual, RBCT’s explanation to the Great Depression.
Week 7 - Theoretical
The New Keynesian School: Explanation of equilibrium with involuntary unemployment with real rigidities, macro economics without the LM curve.
Week 8 - Intermediate Exam
Midterm Exam
Week 9 - Theoretical
The Post Keynesian School: Taxonomic criticism of Say’s Law, investments,liquidity and non-neutrality debate, information, decision making and uncertainity.
Week 10 - Theoretical
The Austrian School: Intertemporal structure of investments, savings, investments and growth, a macro economic framework based on capital, inflation, deflation and business cycles.
Week 11 - Theoretical
New Political Macro Economics I:Political effects to economy policy making, political business cycles, opportunist and partisan models.
Week 12 - Theoretical
New Political Macro Economics II:Central bank independency revisited, the political economy of debts and deficits, the political economy of growth, institutions and political barriers to growth.
Week 13 - Theoretical
Modern Economic Growth:Growth in the long run, the convergence debate, Solow vs. Romer, institutions and the effect of geography.
Week 14 - Theoretical
Turkish Economy- Crises and Development:Undisciplened growth, planning and political factors, supply shocks, political crises.
Week 15 - Theoretical
Conclusion:Developments in macroeconomics: Consensus and disagreements in macroeconomics, and a survey of the general state of Turkish academic macroeconomics.
Week 16 - Final Exam
Final Exam
Assessment Methods and Criteria
Type of AssessmentCountPercent
Midterm Examination1%40
Final Examination1%60
Workload Calculation
ActivitiesCountPreparationTimeTotal Work Load (hours)
Lecture - Theory142370
Individual Work121236
Midterm Examination1819
Final Examination19110
TOTAL WORKLOAD (hours)125
Contribution of Learning Outcomes to Programme Outcomes
PÇ-1
PÇ-2
PÇ-3
PÇ-4
PÇ-5
PÇ-6
PÇ-7
OÇ-1
3
3
3
3
3
3
3
OÇ-2
5
4
4
4
5
4
4
OÇ-3
3
4
3
4
4
4
4
OÇ-4
4
3
4
4
4
4
4
OÇ-5
5
4
4
4
4
4
4
Adnan Menderes University - Information Package / Course Catalogue
2026