COURSE CONTENTS
ECON 101 Introduction to Economics I (3 0 3) ECTS: 6
Introduction to the principles of microeconomics covering the economic problem, theories of supply and demand, market equilibrium, consumer and firm behavior, different market structures.
ECON 102 Introduction to Economics II (3 0 3) ECTS: 6
Introduction to the principles of macroeconomics covering national income accounting, determination of output, employment, unemployment, inflation and interest rates, monetary and fiscal policy, international trade and finance.
ECON 104 Analysis of Economic and Financial Data (1 2 2) ECTS: 5
This course provides an introductory understanding of elementary mathematical, graphical and statistical empirical tools to analyze basic properties of economic data. The course covers; data types (time, series, cross section, panel data, data frequency), graphical representation of data, frequency tables, measures of central tendency, measures of dispersion, economic policy change and change in data generating mechanism, stochastic and deterministic trend (seasonality), probability and probability distributions.
ECON 107 Computer Applications in Social Sciences (1 2 2) ECTS: 5
Computer hardware and software, Computer and Information System, Windows Operating System, Microsoft Word, Excel, PowerPoint, Internet browsing, Introduction to Statistical Package for Social Scientists (SPSS), Data handling in SPSS, and Data Tables and Charts.
ECON 204 Economic History (3 0 3) ECTS: 5
This course is an introduction to global economic history. Topics include ancient economies, medieval economic formations and commercial networks, institutions and their historical roles in the economy, the evolution of commerce and industry, the industrial revolution, globalization(s), economic aspects of wars, modern financial and economic crises.
ECON 207 Microeconomic Theory I (3 0 3) ECTS: 6
The first part of an intermediate level microeconomic theory sequence covering fundamental tools of optimization theory and equilibrium analyses, consumer preferences, budget constraint, utility, consumer choice, Slutsky equation, consumer welfare, technology, profit maximization, profit function, cost minimization, cost function, cost curves, and choice under uncertainty.
ECON 208 Microeconomic Theory II (3 0 3) ECTS: 6
The second part of an intermediate level microeconomic theory sequence covering perfect competition, monopoly and price discrimination, monopolistic competition, basic concepts of game theory, theories of oligopoly, factor markets, general equilibrium analysis and welfare economics, externalities and public goods, asymmetric information.
ECON 209 Macroeconomic Theory I (3 0 3) ECTS: 6
This is the first intermediate level core macroeconomic theory course in the eight-quarter undergraduate sequence in economics. Its purpose is to analyze the functioning of the aggregate economy starting from topics in basic aggregate data measurement. Given an introduction to the macroeconomic data and the basic flexible price model, the course addresses the macroeconomic concern of long-run economic growth and its determinants. The course covers the following topics: macroeconomic measurement and data, labour markets and unemployment, economic growth, consumption and saving, investment, and money and banking.
ECON 210 Macroeconomic Theory II (3 0 3) ECTS: 6
This is the second intermediate level core macroeconomic theory course in the eight-quarter undergraduate sequence in economics. The topics we shall study include the business cycles, the effectiveness of the government’s intervention through fiscal and monetary policies, macro policies under different exchange rate systems, government debt and budget deficits, the financial system, alternatives perspectives on stabilization policy, credit market imperfections, Rational expectations hypothesis, Hysteresis hypothesis, and The Neoclassical Synthesis.
ECON 214 History of Economic Thought (3 0 3) ECTS: 4
The course develops a history of the development of economic ideas and theories: mercantalism, physiocrats, the classical school (Adam Smith to Ricardo), Marxian school, marginal revolution, Keynesian revolution, and various responses to Keynesian macroeconomics to date.
ECON 223 Quantitative Methods in Economics (3 0 3) ECTS: 4
This course introduces fundamental mathematical tools and techniques used in undergraduate economic theory courses. Topics to be covered include equilibrium analysis in economics, matrix algebra and its economic applications, comparative statics analysis, economic applications to comparative statics analysis, exponential and logarithmic functions, unconstrained and constrained static optimization theory with applications to economic analysis, economic dynamics and integral calculus.
ECON 305 Money and Banking (3 0 3) ECTS: 7
This course will investigate the functioning of financial markets and institutions, the origins and role of money, theories regarding the supply of and demand for money and the role of money in determining aggregate demand, output, prices and other key macroeconomic variables. The relationship between money, credit and debt will be emphasized. This course will also analyse the evolving role of central banking and views regarding the role and conduct of monetary policy, including recent and historical international policy actions. Economic tools and concepts will be developed within a unifying analytical framework to enable students understand issues in these topic areas. The real-world application of these tools and concepts will also be stressed.
ECON 311 Econometrics I (2 2 3) ECTS: 7
ECON 311 provides an introductory understanding of basic theoretical and empirical methods used in analyzing economic data and models. The course covers; simple and multiple regression models, method of estimation, Goodness of fit, hypothesis tests, functional forms, model specifications and selections, prediction, multicollinearity, structural differences, and dummy variables.
ECON 312 Econometrics II (2 2 3) ECTS: 7
ECON 312 is the second introductory econometrics course and covers the following topics; Heteroscedasticity, Autocorrelation, two stage least squares method, weighted least squares, Univariate time series models, unit roots, co-integration, error correction model, Simultaneous equation models and instrumental variables.
ECON 313 Tax Law (3 0 3) ECTS: 4
The course addresses the principles of taxation and Turkish Tax System. It focuses on the sources of the Turkish tax legislation, procedures of taxation, tax laws and their applications in Turkey, and Turkish Tax Administration.
ECON 316 Financial Economics (3 0 3) ECTS: 5
The course covers basic concepts of financial investment, management of investment portfolios and pricing of assets in these portfolios. Topics include diversification, asset allocation, portfolio optimization, factor models, the relation between risk and return, mutual funds, performance evaluation as well as basic coverage of pricing and use of financial derivatives, including options, forwards and futures.
ECON 317 International Economics I (3 0 3) ECTS: 6
This course provides a critical overview of theoretical, empirical and policy issues relating to international economics. This course will introduce the microeconomic issues relevant to the economic relations among countries. It provides an introduction to the main theories of international trade, including standard neoclassical free trade approaches and recent theories addressing imperfect competition, economies of scale, national competitiveness issues, and managed trade.
ECON 318 International Economics II (3 0 3) ECTS: 6
This course is designed to enable the students to understand the basic concepts of external balance, foreign exchange markets, and macroeconomic problems of an open economy under different exchange rate regimes. With respect to the external balance, initially the Balance of Payments accounts are studied in depth (with specific reference to the Turkish Balance of Payments). Foreign Exchange Market specifically spot, forward and futures markets are discussed in connection with external balance accounts. The course also introduces the basic theories about external balance and open economy macroeconomics to the students. In this respect, monetary model and portfolio balance model are studied, and open economy macro model in Mundell-Fleming setup is discussed.
ECON 320 Fiscal Policy and Public Finance (3 0 3) ECTS: 7
This course examines the role of public sector in the economy. The aim of the course is to provide an understanding of the reasons for government intervention in the economy, the extent of that intervention and the response of private agents to government actions. It will in particular focus on design of tax systems and benefit schemes and the mechanisms of social insurance.
ECON 403 Development Economics (3 0 3) ECTS: 5
A survey of historical roots and general aspects of underdevelopment, major theories of economic development, sustainable growth, structural changes in underdeveloped countries, inequality and poverty, the role of state, current issues in trade, technology, and financial policy.
ECON 407 Turkish Economy (3 0 3) ECTS: 7
The structural characteristics of the Turkish economy covering national income, savings, investments, public economy, privatization and neo-liberal economic policies, international economic relations, past economic crisis, major sectors of the economy, employment, informal sector, regional economic differences, structural change.
ECON 411 Industrial Organization (3 0 3) ECTS: 5
Industrial organization is a branch of microeconomics that studies the functioning of markets, in particular markets with imperfect competition where firms act strategically. The topics to be covered in this field include, monopoly pricing and durable-good monopoly, price discrimination, monopolistic competition, vertical control, oligopoly models, collusion and price wars, repeated games, concentration and barriers to entry, strategies to deter entry, product differentiation, advertising, and research and development.
ECON 412 Seminar in Economics (0 6 3) ECTS: 7
The seminar is devoted to a detailed study of an individual research theme on an assigned theoretical or applied economic problem. Each student prepares a paper during the semester. The student is advised by an instructor in his/her research and is expected to write regular progress reports so that specific problems and aspects of his/her work can be discussed.
ECON 413 Agricultural Economics (3 0 3) ECTS: 5
An introduction to the economics of agricultural and food markets covering application of basic principles of microeconomics and macroeconomics to agriculture, agricultural development, the role of agriculture in Turkish economy, government policies in agriculture, agricultural trade policy and preferential trading arrangements.
ECON 414 Labor Economics (3 0 3) ECTS: 5
Labor economics is the study of how labor markets operate in theory and in practice. Numerous aspects of the labor market will be examined throughout the semester. The topics to be covered include the supply of and demand for labor, labor-market equilibrium, wage determination, compensating wage differentials, human capital, labor mobility, labor market discrimination, labor unions, incentive pay, and unemployment.
ECON 415 Competition Policy and Regulation (3 0 3) ECTS: 5
This course provides basic analytical tools for the economics of competition and introduces students to the applications of economic theory to understand competition and regulatory policies. Topics to be covered include the competitive ideal, monopoly, natural monopoly, models of oligopoly, identification and measurement of market power, the theory of contestable markets, collusion, horizontal and vertical mergers, price discrimination and exclusionary practices such as predatory pricing, price squeezing, loyalty discounts, raise of rivals’ costs, refusal to deal, tying and bundling.
ECON 416 Financial Markets (3 0 3) ECTS: 5
Analysis of the structure and functions of financial markets covering the money market, the bond market, the foreign exchange market, the stock market, and the derivative markets. It provides the analytical skills necessary to understand forces that determine prices of financial and real assets, and how interest rates, prices of bonds, international capital flows, and exchange rates are simultaneously determined.
ECON 418 Turkish Tax System (3 0 3) ECTS: 5
The course covers the following topics: The sources of taxes in Turkey, basic tax concepts, tax payers and their responsibilities, tax collection, taxes on income, wealth, and consumption.
ECON 420 Urban Economics (3 0 3) ECTS: 5
This course draws on economic theory and applied methods to analyze the factors underlying urban economies and the markets for land, housing, and transportation. A number of key topics in urban economics will be considered: the theory of location choice and land rents; agglomeration, congestion and other local spillovers; housing investment and the evolution of the housing stock; land use and land use regulation; and local public finance.
ECON 423 Time Series Econometrics (3 0 3) ECTS: 5
The course aims to provide a basic introduction to modern time series analysis. Topics covered include difference equations and their solutions, Autoregressive (AR), Moving Average (MA), and ARMA models, forecasting, unit roots, stationarity, nonstationarity, cointegration, error correction, testing for unit roots and cointegration, and Autoregregressive Distributed Lag (ARDL) models.
ECON 425 Applied Econometrics (2 2 3) ECTS: 5
The course aims to introduce specification and estimation of multivariate econometric models used in empirical analysis of various micro and macroeconomic theories: Seemingly Unrelated Regression (SUR), Simultaneous Equations, Vector Auto Regression (VAR), Vector Error Correction Models (VECM), Panel VAR, and Panel VECM Models.
ECON 426 Introduction to Game Theory (3 0 3) ECTS: 5
Introduction to basic concepts and techniques of game theory covering formulation and solution of games, Nash equilibrium, Prisoners’ dilemma, strategic decision-making, and applications to law, government, politics, trade, management, and economic behavior.
ECON 427 Introduction to Economic Dynamics (3 0 3) ECTS: 5
This course is an example-driven treatment of introductory economic dynamics for students with a basic familiarity with spreadsheets. It aims to teach students to set up and investigate simple dynamic models. It studies the “motion” of economic processes: disequilibrium behaviour in convergence to equilibrium. This course presents the essentials of macroeconomic dynamics, including: Keynesian Dynamics, IS-LM dynamics, inflation-unemployment dynamics, rational expectations and saddle points, and fiscal dynamics and chaos theory.
ECON 428 Economics of Innovation and Knowledge (3 0 3) ECTS: 5
Introduction to the economic analysis of knowledge and innovation, covering the creation and diffusion of knowledge, its role in the economic growth of nations, the effects of technological change on policy and the distribution of income, and other policy issues, i.e. methods for promoting innovation, such as prizes, intellectual property, and contests.
ECON 430 Game Theory with Economic Applications (3 0 3) ECTS: 5
An advanced game theory course starting with a review of basic definitions and equilibrium concepts, and developing selected applications ranging from auctions to political economy and industrial organization.
ECON 434 Panel Data Econometrics (3 0 3) ECTS: 5
The course covers the basic panel data models and estimation methods; fixed and random effects models, dynamic panel data models, unbalanced panel data models, maximum Likelihood estimation, the Arellano and Bond estimator, the Arellano and Bover estimators, method of moments, generalized methods of moments, Nonstationary panels; panel unit root tests, panel cointegration tests, estimation and evaluation of panel cointegration models.
ECON 436 Introduction to Economic Growth (3 0 3) ECTS: 5
The aim of the course is to provide students with a rigorous introduction to the conceptual tools developed to analyze and identify the sources of economic progress. What makes economies grow? Why are some countries so rich and others so poor? What explains growth miracles and disasters? The course will cover the exogenous and endogenous growth model; and discuss the role of ideas, human capital, and innovation in the growth process.
ECON 437 Energy Economics (3 0 3) ECTS: 5
This course is designed to expose students to working of energy markets and interrelationship among these markets. Demand for energy, supply of energy, and public policies affecting energy markets are discussed. The aspects of coal, oil, natural gas, electricity and nuclear power as well as renewable energy are addressed. Policy issues on energy tax, price regulation, deregulation, energy efficiency and policies for controlling emission are elaborated.
ECON 438 Health Economics (3 0 3) ECTS: 5
This course provides an introduction to economic analysis of the health care industry to explain the demand for and supply of medical care. Topics covered include analysis of behavior of consumers, producers, and insurers; and public policies to regulate the industry and to provide health care services.
ECON 440 Topics in Microeconomics (3 0 3) ECTS: 5
This course is designed to provide a coherent development of some important topics in microeconomic analysis at a more advanced level than that of standard intermediate courses. It thus extends and deepens the work of introductory and intermediate courses, bridging the gap between intermediate and graduate level courses in economics, and providing insight into some recent areas of economic research activity. Throughout there is an emphasis on the application of economic principles. Topics covered may include economics of asymmetric information, principal agent model, hidden action, moral hazard, hidden types adverse selection; topics in game theory; auctions; bargaining theory; topics in behavioural economics, labor economics, education economics.
ECON 442 Topics in Macroeconomics (3 0 3) ECTS: 5
This course seeks to bridge the gap between the typical intermediate macroeconomics and the more advanced macroeconomics courses offered at the graduate level. The main challenges for the macroeconomic theory are to explain the long-term economic growth and the short-term business fluctuations observed in the world. This course offers an introduction to advanced economic analysis of these issues. The course is divided into two parts. Part one deals with the economy in the long-run covering economic growth and structural unemployment. Part two contains the analysis of short-run fluctuations.
ECON 443 Topics in Monetary Economics (3 0 3) ECTS: 5
This course focuses on monetary theory and policy. It surveys selected current research topics in the field. Topics studied include alternative models of money, the transmission mechanism of monetary policy, the persistence of inflation, and the conduct of monetary policy in a New Keynesian environment.
ECON 445 Behavioral Economics (3 0 3) ECTS: 5
An overview of basic theories and principles of behavioral economics—the study of violations of the standard economic assumptions that individuals optimize stable and purely self‐interested objective functions—and selected applications. Main topics to be covered are but not limited to behavioral decision theory, time inconsistency and self-control, and social preferences and fairness.
ECON 446 General Equilibrium and Welfare Economics (3 0 3) ECTS: 5
This course covers, at an introductory level, some of the main topics of general equilibrium and welfare economics, such as Pareto optimal allocations and the core of a pure exchange economy, general equilibrium models of exchange and production, social welfare functions and social optima, welfare properties of general equilibrium, externalities in an exchange economy, and uncertainty in exchange.
ECON 447 Education Economics (3 0 3) ECTS: 5
This course combines economic theory, econometric literature and institutional literature to examine current issues in education. Topics include (but will not be limited to): The basic theory of investments in education (human capital theory); the empirical problem of disentangling the return to education from the return to innate ability; the role of education in national economic growth; the association between education and individual earnings and reasons why that relationship has changed over time; the role of early childhood education; educational reforms (money, choice, educational standards, and teacher selection/training); and the problem of increasing access to higher education.
ECON 448 Environmental and Resource Economics (3 0 3) ECTS: 5
This course focuses on the application of economic principles in the analysis of environmental and natural resource issues. The topics to be covered in this field include property rights, externalities, environmental valuation, static and dynamic efficiency, models of natural resource use over time, energy, recyclable resources, water, fisheries, forestries, air pollution, water pollution, and sustainable development.
ECON 450 Applied Macroeconomics (3 0 3) ECTS: 5
The course is designed to consolidate the students understanding of macroeconomic theory and its applications to macroeconomic problems. The course aims to impart knowledge of theory, data analysis and empirical research relating to key topics in applied macroeconomics. The emphasis is on practical approaches and on the use of macroeconomic theory to understand real-world policy debates. Topics include consumption and saving, investment, inflation, unemployment, exchange rates, economic growth, fiscal and monetary policy, globalization, regional trading blocs, and financial markets and institutions.
STAT 205 Statistics For Economics I (3 0 3) ECTS: 6
Stat 205 is the first course of the statistics sequences taught at the department of economics. The course provides first part of a strong introductory understanding of applied statistical methods enabling students to carry out statistical analysis in many economic situations. The course covers; Graphs to describe data, numerical measures to describe data, probability methods, discrete probability distributions, continuous probability distributions, and bivariate distributions.
STAT 206 Statistics For Economics II (3 0 3) ECTS: 6
Stat 206 is the second course of the statistics sequences taught at the department of economics. The course provides second part of a strong introductory understanding of applied statistical methods enabling students to carry out statistical analysis in many economic situations. The course covers; sampling methods; sampling distributions and sampling statistics; Point estimation and properties of point estimators; interval estimation; Tests of statistical hypothesis: test about one mean, tests about two means, tests about proportions and tests for variances;