Overview
The course is designed to students with provide a comprehensive understanding of the many facets of economic policymaking, to strengthen their analytical skills, and to enable them to formulate economic policy recommendations and advice.
- This course focuses on macroeconomic policy problems in the short-run.
- Macroeconomic theory is covered to analyze these macroeconomic problems.
- The course introduce policy implementations to solve macroeconomic problems.
- We study the collection and descriptive analysis of macroeconomic data.
- We learn to employ empirical analysis to manage macroeconomic research.
- Students experience how to conduct economic policy analysis.
You can find course syllabus here.
Textbooks
- There are several books that I can recommend.
- We use some chapters from each textbook.
- You can find related chapters in the course plan.
Main Textbook:
F. Mishkin, Macroeconomics: Policy and Practice, 2nd Edition,Pearson.
Complementary Textbooks:
G. Mankiw, Macroeconomics, 8th Ed., Palgrave Macmillian
O. Blanchard, Macroeconomics, 8th Ed., Pearson
Course Plan
Week 1: Introduction to Economic Policy: Economic Analysis
Mishkin, Macroeconomics -Chapter 1 and 2
Readings
Economic Models: Simulations of Reality
Micro and Macro: The Economic Divide
Econometrics: Making Theory Count
Week 2: Interpretation of Macroeconomic Data
Data Sources
Electronic Data Deivery System -TCMB
Week 3: Macroeconomic Basics
Mishkin, Macroeconomics – Chapter 3,4,5
Readings
Week 4: Long Run in the Economy: Economic Growth
Mishkin, Chapters 6-7
Readings
Acemoğlu & Üçer – High-Quality versus Low-Quality Growth in Turkey – Causes and Consequences
Video
Daron Acemoglu – Inclusive institutions, democracy and the key drivers of economic growth
Week 5 : Short Run in the Economy: Business Cycles
Mishkin, Chapter 8
Readings
Recession : When Bad Times Prevail
Week 6: Back to Macroeconomic Theory
Mankiw, Chapters 10-11
Lecture 7 : Analysis of Business Cycles I : The Demand Side of the Economy
Mishkin, Chapters 9-10-11
Lecture 8 : Analysis of Business Cycles II : The Supply Side of the Economy
Mishkin, Chapter 11.
Mankiw, Chapter 13.
Readings
Türkiye’nin Enflasyon Tercihleri
Lecture 9 : Aggregate Demand – Aggregate Supply Model : Policy Analysis
Mishkin – Chapter 12 and 13
Lecture 10 : Monetary Policy
Merkez Bankacılığı ve Para Politikası
Readings
Inflation Targeting : Holding the Line
Monetary Policy: Stabilizing Prices and Output
Lecture 11 : Macroeconomic Policy
Readings
Current Account Deficits: Is There a Problem?
Fiscal Policy: Taking and Giving Away
Capital Accounts: Liberalize or Not?
Lecture 12: The Role of Expectations in Macroeconomic Policy – Modern Business Cycle Theory
Bilgin Bari 