FACULTY OF ARTS AND SCIENCES

Department of Mathematics

ECON 304 | Course Introduction and Application Information

Course Name
Monetary Theory and Policy
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 304
Fall/Spring
3
0
3
4

Prerequisites
None
Course Language
English
Course Type
Elective
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course -
Course Coordinator -
Course Lecturer(s)
Assistant(s)
Course Objectives To acquaint the students with money basics, monetary policies, inflation, interest, exchange rates theories and practices
Learning Outcomes The students who succeeded in this course;
  • Will be able to explain monetary theories, policies, and money per se.
  • Will be able to discuss the monetary reasons of economic crises.
  • Will be able to analyze the relationship of Turkey with the International Monetary Fund (IMF).
  • Will be able to explain the functioning of the Central Bank and its conduct of monetary policy.
  • Will be able to discuss the reasons of inflation and its impact on the economy.
  • Will be able to analyze issues related to monetary unions, especially the Eurozone.
Course Description This course will explore the theoretical and empirical analysis of the effect of money on economy. The effect of money, credit and liquidity on income, employment, economic growth and inflation will be analyzed. The goals of monetary policy, the methods used to obtain these goals, and the effects of these methods will be discussed. Moreover, issues such as the functioning of monetary policy in international financial system; the relationship of the financial system with the real economy, monetary policy channels (money, bank credit, and balance sheet channels), and reasons and outcomes of inflation will be undertaken.

 



Course Category

Core Courses
Major Area Courses
Supportive Courses
X
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 What Is Money? Chapter 3 in Mishkin
2 Central banks Chapter 14 in Mishkin
3 Money supply process Chapter 15 in Mishkin
4 Tools of Monetary Policy Chapter 16 in Mishkin
5 The Conduct of Monetary Policy: Strategy and Tactics Chapter 17 in Mishkin
6 The Foreign Exchange Market Chapter 18 in Mishkin
7 The International Financial System Chapter 19 in Mishkin
8 Quantity Theory, Inflation, and the Demand for Money Chapter 20 in Mishkin
9 The IS-MP Model and Philips Curve Chapter 21 in Mishkin
10 The Monetary Policy and Aggregate Demand Curves Chapter 22 in Mishkin
11 Aggregate Demand and Supply Analysis Chapter 23 in Mishkin
12 Monetary Policy Theory Chapter 24 in Mishkin
13 The Role of Expectations in Monetary Policy Chapter 25 in Mishkin
14 Transmission Mechanisms of Monetary Policy Chapter 26 in Mishkin
15 Review of the Semester  
16 Review of the Semester  

 

Course Notes/Textbooks

The Economics of Money, Banking, and Financial Markets (12th Edition) by Frederic S. Mishkin

 

Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
15
10
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
1
20
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
1
30
Final Exam
1
40
Total

Weighting of Semester Activities on the Final Grade
17
60
Weighting of End-of-Semester Activities on the Final Grade
1
40
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
16
2
32
Field Work
0
Quizzes / Studio Critiques
0
Portfolio
0
Homework / Assignments
1
10
10
Presentation / Jury
0
Project
0
Seminar / Workshop
0
Oral Exam
0
Midterms
1
10
10
Final Exam
1
20
20
    Total
120

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to have a grasp of basic mathematics, applied mathematics or theories and applications of statistics.

2

To be able to use advanced theoretical and applied knowledge, interpret and evaluate data, define and analyze problems, develop solutions based on research and proofs by using acquired advanced knowledge and skills within the fields of mathematics or statistics.

3

To be able to apply mathematics or statistics in real life phenomena with interdisciplinary approach and discover their potentials.

4

To be able to evaluate the knowledge and skills acquired at an advanced level in the field with a critical approach and develop positive attitude towards lifelong learning.

X
5

To be able to share the ideas and solution proposals to problems on issues in the field with professionals, non-professionals.

X
6

To be able to take responsibility both as a team member or individual in order to solve unexpected complex problems faced within the implementations in the field, planning and managing activities towards the development of subordinates in the framework of a project.

7

To be able to use informatics and communication technologies with at least a minimum level of European Computer Driving License Advanced Level software knowledge.

8

To be able to act in accordance with social, scientific, cultural and ethical values on the stages of gathering, implementation and release of the results of data related to the field.

9

To be able to possess sufficient consciousness about the issues of universality of social rights, social justice, quality, cultural values and also environmental protection, worker's health and security.

10

To be able to connect concrete events and transfer solutions, collect data, analyze and interpret results using scientific methods and having a way of abstract thinking.

11

To be able to collect data in the areas of Mathematics or Statistics and communicate with colleagues in a foreign language.

12

To be able to speak a second foreign language at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout the human history to their field of expertise.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 


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