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Academic Units

Course Syllabi

EC 121

Introduction to Economics I

(3+0+0)  3 Credits  /  6 ECTS

Introduction to microeconomics. Supply and demand. Elasticity. Consumer behavior. Demand curve. Behavior of firms.  Supply curve. Market equilibrium. Costs. Perfect competition. Monopoly. Monopolistic competition. Oligopoly. Factor markets. Taxes. Public Goods. Externalities. Government Behavior. Capital and financial markets.

Pre-requisites: None.
EC 122

Introduction to Economics II

(3+0+0)  3 Credits  /  6 ECTS

Introduction to macroeconomics. National income. Income and expenditure. Business cycles. Unemployment. Inflation. Economic growth in the long-run.  Savings. Investment. Financial system. Aggregate demand and aggregate supply. Fiscal policy. Monetary system. Monetary policy. Balance of payment. Exchange rate. Open economy macroeconomics.

Pre-requisites: None.
MA 121

Mathematics I

(3+0+0)  3 Credits  /  5 ECTS

Sets of Numbers. Exponents and Radicals. Equations. Inequalities. Applications of Equations and Inequalities in Economics. Functions and Graphs. Lines. Parabolas and Systems. Applications of Functions and Systems of Equations in Economics. Exponential and Logarithmic Functions. Mathematics of Finance. Introduction to Probability and Statistics. Limits and Continuity. The Derivative and Rules for Derivatives. Differentiation. Marginal Analysis. Chain Rule. Implicit Differentiation. Higher Order Derivatives. Elasticity of Demand. Relative and Absolute Extrema. Concavity. Applications of Maxima and Minima in Economics.

Pre-requisites: None.
MA 122

Mathematics II

(3+0+0)  3 Credits  /  5 ECTS

The Indefinite Integral. Techniques of Integration. The Definite Integral. Area and Area between Curves. Consumers' and Producers' Surplus. Integration by Parts. Integration by Partial Fractions. Functions of Several Variables. Partial Derivatives. Applications of Partial Derivatives in Economics. Implicit Partial Differentiation. Higher Order Partial Derivatives. Chain Rule. Maxima and Minima for Functions of Two Variables. Lagrange Multipliers. Matrix Algebra: Matrices, Determinants. Cramer's Rule.

Pre-requisites: None.
SC 201

Introduction to Statistics

(3+0+0)  3 Credits  /  6 ECTS

Introduction and Describing Data: Frequency Tables. Distribution and Graphic Presentation. Describing Data: Numerical Measures. Describing Data: Displaying and Exploring Data. A Survey of Probability Concepts. Discrete Probability Distributions. Continuous Probability Distributions. Sampling Methods and Central Limit Theorem. Estimation and Confidence Intervals. One - Sample Tests of Hypothesis. Two – Sample Tests of Hypothesis. Analysis of Variance. Data Set Exercises using Excel.

Pre-requisites: None.
EC 223

Intermediate Microeconomics

(3+0+0)  3 Credits  /  5 ECTS

The Market. Consumer Behavior: Preferences and Utility. Utility Maximization and Demand. Elasticities of Demand and Applications. Consumer Surplus and Market Demand. Technology and Profit Maximization. Cost Minimization and Cost Curves. Firm Supply and Market Supply. Equilibrium. Monopoly and Monopoly Behavior. Oligopoly and Externalities.

Pre-requisites: None.
EC 224

Intermediate Macroeconomics

(3+0+0)  3 Credits  /  5 ECTS

Main macroeconomic issues. The goods market. Financial markets and money. The IS-LM model. The IS-LM model in an open economy. The Labor Market. AS-AD model. Inflation and unemployment. Inflation and money. Open economy. Economic policy.

Pre-requisites: None.
EC 311

Public Finance

(3+0+0)  3 Credits  /  5 ECTS

Financing Government Expenditures. How Societal Resources are Efficiently Allocated among the Public and the Private Sector? Principles of Taxation and the Role of Government. Excess Burden and Optimal Taxation. Voting and Its Relevance for Public Finance. Optimal Provision and Pricing Mechanisms for Public Goods. Externalities and Corrective Mechanisms. Redistribution of Income and Wealth. Inflation and Public Finance. Welfare Economics. Analysis of Public Sector Decision Making and Privatization. Project Evaluation. Cost Benefit Analysis.

Pre - requisites: None.
IF 321

Monetary and Financial Economics

(3+0+0)  3 Credits  /  5 ECTS

Introduction and overview of the financial system: Why study money, banking and financial markets? An overview of the financial system. What is money? Interest Rates: Understanding interest rates. The behavior of interest rates. Risk and term structure of interest rates. Theory of Rational Expectations and Efficient Markets: The stock market, the theory of rational expectations and the efficient markets hypothesis. Financial Structure: An economic analysis of financial structure. Banks and Nonbank Finance: Banking and management of financial institutions. Banking industry: Structure and competition. Economic analysis of regulation. Nonbank finance. Derivatives. Central Banking: Structure of Central Banks and the Federal Reserve System. Multiple Deposit Creation and the Money Supply Process. Determinants of the Money Supply. Tools of Monetary Policy. Conduct of Monetary Policy: Goals and Targets. Monetary Theory: The Demand for Money. The Keynesian Framework and the ISLM Model. Monetary and Fiscal Policy in the ISLM Model. Aggregate Demand and Supply Analysis. Transmission mechanisms of Monetary Policy: The Evidence.

Pre- Requisites: None.
EC 323

Econometrics I

(3+0+0)  3 Credits  /  5 ECTS

Introduction and Review of Statistical Concepts. Single Equation Regression Models - The Nature of Regression Analysis and Two Variable Regression Analysis: Some Basic Ideas. Two Variable Regression Model: The Problem of Estimation. Classical Normal Linear Regression Model (CNLRM): The Probability Distribution of Disturbance. Properties of OLS Estimators under the Normality Assumption. The Method of Maximum Likelihood (ML). Two Variable Regression: Estimation and Hypothesis Testing. Hypothesis Testing: Some Practical Aspects. Extensions of the Two Variable Linear Regression Model. Regression through the Origin. Nonlinear Regression Model in terms of Parameters. Multiple Regression Analysis: The Problem of Estimation. Multiple Regression Analysis: The Problem of Inference. Dummy Variable Regression Models. Some Practical Aspects using E-views, Stata, Excel and Data.

Pre-requisites: None.
EC 324

Econometrics II

(3+0+0)  3 Credits  /  5 ECTS

Multicollinearity: What Happens if the Regressors are Correlated? Heteroscedasticity: What happens if the Error Variance Nonconstant? Autocorrelation: What Happens if the Error Terms are Correlated? Econometric Modeling: Model Specification and Diagnostic Testing. Nonlinear Regression Models. Qualitative Response Regression Models. Panel Data Regression Models. Dynamic Econometric Models: Autoregressive and Distributed - Lag Models. Simultaneous - Equation Models. Time Series Econometrics: Some Basic Concepts. Time Series Econometrics: Forecasting. Some Practical Aspects using E-views, Stata, Excel and Data. Application of Modeling using Real Economic Data.

Pre-requisites: None.
EC 327

International Economics

(3+0+0)  3 Credits  /  5 ECTS

What is an International Economics? Balance of Payments. International Trade Theory I: Absolute and Comparative Advantage. International Trade Theory II: Heckscher-Ohlin Theory. International Trade Theory III: Trade, Growth and Industrialization. Imperfect Competition and International Trade. International Factor Movements. International Trade Policy and Economic Integration: Trade Restrictions, Custom Unions and Free Trade Areas. Political Economy of Trade Policy. Trade Policy in Advanced Countries. Trade Policy in Developing Countries. International Monetary Theory I: The Role of Money in the Economy and the Balance of Payments. The International Monetary Theory II: Foreign Exchange Markets and Exchange Rate Problems. The International Economic System: Historical Development and Status Quo.

Pre-requisites: None.
EC 328

International Monetary Economics

(3+0+0)  3 Credits  /  5 ECTS

Internationalisation of Financial Markets. Demise of Bretton Woods System. Elasticity Approach to the Balance of Payments. Absorption Approach to the BoP. Mundell-Fleming Model and the Derivation of the BP Curve. Monetary Approach to the BoP. Purchasing Power Parity.  The Monetary Approach to Exchange Rate Determination. The Portfolio Balance Model. Comparison of FX, OMO, SFXO. Exchange Rates and Efficient Market Hypothesis.

Pre-requisites: None.
EC 332

Industrial Economics

(3+0+0)  3 Credits  /  5 ECTSTheories of the Firm. Market Structure. Cournot and Bertrand Duopoly. Product Differentiation and Stackelberg. Collusive Duopoly. Defining the Strategy Space of the Firm. Performance of Firms. Performance of Firms in the EU. Location Theory. Technological Change and Innovation. Industrial Policy.

Pre-requisites: None.
EC 431

Economics of Growth

(3+0+0)  3 Credits  /  6 ECTS

Facts of growth. Growth accounting. Solow model without exogenous technical change. Solow model with exogenous technical change. Convergence. Balanced growth. Endogenous growth models. Knowledge economy. Research and development. Social infrastructure. AK model. Natural resources and economic growth. Poverty and economic growth. Neo-Ricardian growth model. Marxist growth model. Real business cycles.

Pre- requisites: None.
EC 432

History of Economic Thought

(3+0+0)  3 Credits  /  6 ECTS

Introduction. Paradigm Shifts. Pre - classicals and the First Economists: Aristo, Plato, Ibn Khaldun and Salamanca School. Classicals: Adam Smith and Ricardo. Classicals: Karl Marx and J.S. Mill. Neo - Classicals: Jevons and Marshall. Neo - Classicals: Walras, Menger, Wicksell. Keynes and Keynesians. Post-Keynesians. Heterodox Traditions: Veblen and Schumpeter. Planning Economists. Neo-Marxians. Washington Consensus and Market Friendly State Intervention.

Pre - requisites: None.
EC 433

Turkish Economy

(3+0+0)  3 Credits  /  6 ECTS

Late Ottoman economy. Izmir Economic Congress. Economic policies during the early republic. Etatism and industrialization. Economic policies during the World War II. New Etatism and liberalism. Plan-based industrialization and populism. 1994 Crisis. Globalization. Capital flows. Post- 1989 macroeconomic instability. 2000 disinflation program. 2000-2001 Financial Crisis. Transition to stronger economy, Turkey- EU relations. 2008 Global Economic Crisis. Employment. Income distribution. External economic relations. Developments in agriculture, industry and services sectors.

Pre-requisites: None.
EC 434

Political Economy of Development

(3+0+0)  3 Credits  /  6 ECTS

Introduction. Development and Structural Change.  Indicators of Economic Development and Measuring Development. History of Economic Growth and Development. Dual Sector Models: Lewis Model. Balanced - Unbalanced Growth Models. Harrod-Domar Model. The Two Gap Model. Critique of Dual Sector Models. Structuralism and Development. ECLA and Dependency School. Washington Consensus. Market Friendly State Intervention and Post - Washington Consensus.

Pre - requisites: None.
EC 435

Applied Economics

(3+0+0)  3 Credits  / 6 ECTS

The Microeconomic Topics: Firms Decision of Prices. Small Firm. Growth of Firms. Oligopoly. Privatization. Multinational Firms. Economics of Environment. Social Policy: Health and Education. Regional Policy. Agriculture. The Macroeconomic Topics: Spending and Saving. Investment. Public Expenditure. Money- Inflation- Unemployment. International Trade. Developing Countries. Analyzing and Interpreting Sets of Economic Data Related with Concepts and Some Fundamental Article using Econometric Methods.

Pre-requisites: None.
EC 490

Research Methods and Graduation Project

(3+0+0)  3 Credits  /  8 ECTS

Research Methods. Independent study on graduation project.

Pre- requisites: None.
EC 310

Games and Strategies


(3+0+0)  3 Credits  /  5 ECTS

Games with simultaneous moves: Pure strategies. Nash equilibrium. Dominant strategy equilibrium. Games with simultaneous moves: Mixed Strategies. Collective action games. Games with sequential moves. Subgame perfect equilibrium. Combining simultaneous and sequential moves. Strategy and voting. Bargaining. Markets and competition.

Pre-requisites: None.