| School/Faculty/Institute |
Faculty of Econ., Admin. and Social Sciences |
| Course Code |
ECON 351 |
| Course Title in English |
Monetary Theory and Policy |
| Course Title in Turkish |
Para Teorisi ve Politikası |
| Language of Instruction |
EN |
| Type of Course |
Flipped Classroom |
| Level of Course |
Intermediate |
| Semester |
Fall |
| Contact Hours per Week |
| Lecture: 3 |
Recitation: 0 |
Lab: 0 |
Other: 0 |
|
| Estimated Student Workload |
126 hours per semester |
| Number of Credits |
5 ECTS |
| Grading Mode |
Standard Letter Grade
|
| Pre-requisites |
ECON 204 - Macroeconomic Theory II
|
| Expected Prior Knowledge |
Basic knowledge of macroeconomics |
| Co-requisites |
None |
| Registration Restrictions |
Only undergraduate students |
| Overall Educational Objective |
Learn explanatory concepts in monetary economics and fundamental practices related to monetary policy. |
| Course Description |
This course introduces the role of money, monetary policy and financial markets in the economy. It is designed in two parts. In the former, the basic concepts, such as the time value of money, interest rate setting, risk and term structure are provided. In the latter, the linkage of the financial concepts to the monetary policy is explained, such as the central bank balance sheet, the monetary toolbox of central banks, the effects of monetary policies. Main topics covered by the course include theories of money and financial markets, determination of interest rate, structure and operations of banking system, conduct of monetary policy, examination of the effects of monetary policy on business cycles. |
| Course Description in Turkish |
Bu ders, para, para politikası ve finansal marketlerin ekonomide oynadığı rolü tanıtmaktadır. İki parçaya ayrılan derste, önce, paranın zaman değeri, faiz oranları, risk ve dönem yapısı gibi temel kavramlar; sonra da, finansal kavramların para politikasıyla ilişkileri, merkez bankası bilançosu, merkezi bankaların para araçları, para politikalarının etkileri, açıklanır. Dersin kapsamındaki ana konular arasında, para ve finans piyasaları teorileri, faiz oranının belirlenmesi, bankacılık sisteminin yapısı ve operasyonları, para politikası yürütülmesi ve para politikasının iş döngüleri üzerindeki etkilerinin incelenmesi şeklindedir. |
Course Learning Outcomes and Competences
Upon successful completion of the course, the learner is expected to be able to:
1) Acquire knowledge about financial system, money and in return, banking system in detail
2) Understand the determination and the behavior of the interest rate
3) Demonstrate an understanding of the emergence of central banks and the role that central banks play in macroeconomic policy making; identify the short-run and long-run objectives of central bank;
4) Describe and explain the main channels of the monetary transmission mechanism and supply of money;
5) Comprehend the interaction between monetary policy making, financial markets and real variables; explain and evaluate macroeconomic policies in the short- and long-run
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| Program Learning Outcomes/Course Learning Outcomes |
1 |
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5 |
| 1) Has a broad understanding of economics with a deep exposure to other social sciences and mathematics. |
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| 2) Demonstrates knowledge and skills in understanding the interactions of different areas of economics. |
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| 3) Displays a sound comprehension of microeconomic and macroeconomic theory.
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| 4) Applies economic concepts to solve complex problems and enhance decision-making capability. |
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| 5) Uses quantitative techniques to analyze different economic systems.
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| 6) Applies theoretical knowledge to analyze issues regarding Turkish and global economies. |
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| 7) Demonstrates proficiency in statistical tools and mainstream software programs to process and evaluate economic data. |
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| 8) Behaves according to scientific and ethical values at all stages of economic analysis: data collection, interpretation and dissemination of findings.
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| 9) Uses written and spoken English effectively (at least CEFR B2 level) to exchange scientific information. |
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| 10) Exhibits individual and professional ethical behavior and social responsibility. |
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| 11) Displays learning skills necessary for further study with a high degree of autonomy |
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Relation to Program Outcomes and Competences
| N None |
S Supportive |
H Highly Related |
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Program Outcomes and Competences |
Level |
Assessed by |
| 1) |
Has a broad understanding of economics with a deep exposure to other social sciences and mathematics. |
H |
|
| 2) |
Demonstrates knowledge and skills in understanding the interactions of different areas of economics. |
H |
|
| 3) |
Displays a sound comprehension of microeconomic and macroeconomic theory.
|
H |
|
| 4) |
Applies economic concepts to solve complex problems and enhance decision-making capability. |
S |
|
| 5) |
Uses quantitative techniques to analyze different economic systems.
|
S |
|
| 6) |
Applies theoretical knowledge to analyze issues regarding Turkish and global economies. |
H |
|
| 7) |
Demonstrates proficiency in statistical tools and mainstream software programs to process and evaluate economic data. |
N |
|
| 8) |
Behaves according to scientific and ethical values at all stages of economic analysis: data collection, interpretation and dissemination of findings.
|
S |
|
| 9) |
Uses written and spoken English effectively (at least CEFR B2 level) to exchange scientific information. |
S |
|
| 10) |
Exhibits individual and professional ethical behavior and social responsibility. |
S |
|
| 11) |
Displays learning skills necessary for further study with a high degree of autonomy |
S |
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| Prepared by and Date |
DİLA ASFUROĞLU , November 2023 |
| Course Coordinator |
DİLA ASFUROĞLU |
| Semester |
Fall |
| Name of Instructor |
Asst. Prof. Dr. DİLA ASFUROĞLU |
Course Contents
| Week |
Subject |
| 1) |
Introduction |
| 2) |
Why Study Money, Banking, and Financial Markets? & An Overview of the Financial System |
| 3) |
What is money? |
| 4) |
Understanding Interest Rates & The Behavior of Interest Rates |
| 5) |
The Risk and Term Structure of Interest Rates |
| 6) |
Central Banks: A Global Perspective |
| 7) |
The Money Supply Process |
| 8) |
The tools of Monetary Policy |
| 9) |
The Conduct of Monetary Policy: Strategy and Tactics |
| 10) |
Quantity Theory, Inflation, and the Demand for Money |
| 11) |
The IS Curve |
| 12) |
The Monetary Policy and Aggregate Demand Curves |
| 13) |
Aggregate Demand and Supply Analysis |
| 14) |
Monetary Policy Theory |
| 15) |
Final Examination Period |
| 16) |
Final Examination Period |
| Required/Recommended Readings | The Economics of Money, Banking, and Financial Markets, Frederic S. Mishkin, 11th Edition, Pearson.
Money, Banking and Financial Markets, Cecchetti, S.G., Global Edition, McGraw-Hill.
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| Teaching Methods | Lectures (Flipped Learning) |
| Homework and Projects | None |
| Laboratory Work | None |
| Computer Use | None |
| Other Activities | None |
| Assessment Methods |
| Assessment Tools |
Count |
Weight |
| Attendance |
14 |
% 10 |
| Quiz(zes) |
5 |
% 10 |
| Midterm(s) |
4 |
% 80 |
| TOTAL |
% 100 |
|
| Course Administration |
asfuroglud@mef.edu.tr
More detailed information about the course, like office hours, can be found in the blackboard.
Attendance will not be taken for this course.
Missing pop-up and pre-quizzes: No make up |
Information Package / Course Catalogue