ISL244E Syllabus 2023 Spring Final

ITU Faculty of Management, Department of Management Engineering
ISL244E – MACROECONOMICS
Spring 2023
Instructors: Prof. Dr. Ipek Ilkkaracan (ilkkaracan@itu.edu.tr)

Assoc. Prof. Dr. Derya Gültekin (dkaraka@itu.edu.tr)
Faculty of Management
Dept. of Management Engineering, Economics Division
Assistant: İbrahim Şapaloğlu (sapaloglu19@itu.edu.tr)
I. Course Description and Objectives:
This course is designed as a follow-up to the first-semester course titled Microeconomics, which focused on the study
of a particular product, labor and capital markets through an investigation of the behavior of economic agents of
society, namely individuals as consumers and workers, and firms/businesses as producers. This course will follow up
on these micro-foundations to explore the other major field of economics: Macroeconomics. The aim will be to
understand the aggregate economic variables such as national income, growth, unemployment, inflation, savings,
investment, productivity, and economic fluctuations. We look at how these macro variables are defined and measured;
identify their observed trends in time-series and cross-section data; explore their causes and effects. The lectures will
develop an analytical framework showing how these macroeconomic variables relate to one another and their
relevance to economic policymaking. The latter half of the course will focus on the implications of an open economy
context for these macroeconomic phenomena, by exploring international trade, capital flows, exchange rates, the
balance of payments, and economic fluctuations in a globalized economy. Considering the relationship between
economic growth and human development and social and environmental sustainability will be a cross-cutting theme
throughout the course.
II. Textbooks:
• Blanchard, O., Johnson, D. (2013/2017/2019), Macroeconomics (6th/7th/8th edition), Pearson, USA.
Goodwin, N., Harris, J., Nelson, JA, Rajkarnikar, PJ, Roach, B, Torras, M. Macroeconomics in
Context. Available from: VitalSource Bookshelf, (4th Edition). Taylor & Francis, 2022.
III. Course Outline: (BJ for Blanchard&Johnson; GHNRRT for Goodwin, et.al.; see under textbooks
above)
Week 1: Macroeconomics in Context: An Introduction (GHNRRT. Ch.1-2)
Week 2: Measuring National Income and Growth (BJ. Ch.2; GHNRRT Ch.4 p.137-156, Ch.5)
Week 3: Measurement of Inflation (BJ. Ch.2 p.49-51; GHNRRT Ch.4, p.158-162; Ch.10, p.380-383;
Ch.12, p.442-447)
Week 4: Causes of Inflation (BJ. Ch.2 p.49-51; GHNRRT Ch.4, p.158-162; Ch.10, p.380-383; Ch.12,
p.442-447)
Week 5: Money and Banking (GHNRRT Ch.10-11)
Week 6: Equilibrium in Goods and Financial Markets (BJ. Ch.3, 4; GHNRRT Ch.8)
Week 7: Goods and Financial Markets: The IS-LM Model (BJ. Ch.5)
Week 8: Unemployment and the Labour Market (BJ. Ch.6; GHNRRT Ch.7)
1
Week 9: Putting All Markets Together: The AS-AD Model (BJ. Ch.7)
Week 10: Economic Growth (BJ. Ch.10, 11; GHNRRT Ch.16)
Week 11: Open Macroeconomics I: Balance of Payments, Exchange Rates; Goods and Financial
Markets Equilibrium (BJ. Ch.18, 19)
Week 12: Open Macroeconomics II: Output, Interest Rate and the Exchange Rate (BJ. Ch.20;
GHNRRT Ch.13)
Week 13: Open Macroeconomics III: Output, Interest Rate and the Exchange Rate (BJ. Ch. 21;
GHNRRT Ch.13)
Week 14: Growth and Sustainability in the Twenty-First Century (GHNRRT Ch.17)
IV. Course Format and Requirements
In addition to the weekly lectures by the instructor, before exams, there will be problem-solving sessions whose exact
times will be announced. The students are highly encouraged to attend the problem-solving sessions.
Throughout the semester, you will be given 1 midterm exam. The time of the exam will be announced during the
semester.
The lecture presentations and any other course materials used in the lectures will be posted on the course website on
http://ninova.itu.edu.tr .
V. Course Evaluation
Grading: Midterm Exam 50%; Final Exam 50%
VI. Learning Outcomes

Upon completion of this course, the students are expected to have achieved the following learning outcomes:
• Knowledge of the fundamental macroeconomic concepts and variables; how they are measured, associated
shortcomings and basic trends in macroeconomic data.
• Understanding of macroeconomic theories and models by different schools of thought and ability to use them
to explain how different macroeconomic variables relate to one another, the causes and effects of their
observed trends;
• Ability to apply the understanding of macroeconomic theories to critically analyze and evaluate the impact of
macroeconomic policies;
• Understanding of how a modern market economy operates in a changing national and global context; and
implications thereof for a sustainable economic system and human development.

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ITU Faculty of Management, Department of Management Engineering

Instructors: Prof. Dr. Ipek Ilkkaracan (ilkkaracan@itu.edu.tr)

Assistant: İbrahim Şapaloğlu (sapaloglu19@itu.edu.tr)

I. Course Description and Objectives:

Week 1: Macroeconomics in Context: An Introduction (GHNRRT. Ch.1-2)

Week 5: Money and Banking (GHNRRT Ch.10-11)

Week 10: Economic Growth (BJ. Ch.10, 11; GHNRRT Ch.16)

IV. Course Format and Requirements

VI. Learning Outcomes

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