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Graduate School of Business

Course Description

Macro – Finance Modeling

The objective of this course is to provide basics for macro-finance modeling in which macroeconomic variables and term structure of interest rate are modeled together. Since the short term interest rate is a policy instrument from macroeconomic perspective and is a main building block for yields of other maturities from finance perspective, joint modeling provides a ground for connecting finance and macro perspectives. In this course we illustrate how term structure of interest rate is modeled in a no arbitrage framework. In this setting, starting from one factor model, we show how multifactor model can be developed and then we illustrate how macroeconomic variables are incorporated into no arbitrage models. In addition to theoretical framework, the course also includes some empirical applications.


Monetary Economics

The goal of this course is to give the students a basic orientation in modern monetary economics. The first part is devoted to the role of money in the economy and to the demand for money. The second part deals with money supply and the determination of interest rates, in particular inflation targeting, interactions between monetary and fiscal policy. The traditional monetarist model of money multiplier is compared to the theory of endogenous money and modern theory of optimal monetary policy rules. The following block concentrates on the impact of money on the real economic output and on the transmission mechanisms of monetary policy covering financial structure and inflation control. Deflation and liquidity traps will also be elaborated in this section. The final part of the course deals with the optimal institutional and operational set-up of monetary policy in particular of central bank communication policy.


Industrial Organization

This course examines the behaviour of firms and the performance of markets in imperfectly competitive setting. It focuses on acquisition and use of market power by firms, and strategic interactions among firms. It also discusses public policy toward industry with a focus on its effects on firm behaviour.


Economics of Regulation and Competition

This course provides main theoretical and empirical issues addressed in the economics of regulation and competition. It focuses on the character of market operation and the role for government action, through theoretical and empirical analysis. It also discusses recent competition cases, and restructuring and deregulation of some utility industries, such as telecommunications and energy.


Game Theory

This course provides the concepts, tools, and techniques of the theory of games, with emphasis on those parts of the theory that are of particular importance in economics. Topics include games in normal and extensive form, Nash equilibrium, games of incomplete information and Bayesian equilibrium, signalling games, and repeated games.


Topics in Macroeconomics

The objective of this course is to expose the students to main macroeconomic theories and their implications for understanding key macroeconomic issues. Also the course aims to develop dynamic models that can help us understand the dynamics of key macroeconomic variables and use such models to make judgments about what policies should be followed.  The course focuses on the open economy and economic fluctuations, covering topics such as (i) exchange rate and stock market dynamics in a two country model, (ii) macroeconomic imbalances and inflation dynamics in a Mundell – Fleming – Tobin framework with Dornbusch’s exchange rate dynamics, (iii) currency crises and monetary policy in emerging market, (iv) Keynesian dynamics and international linkages in a two country model.


Economic Dynamics

This course focuses on mathematical modelling of linear and nonlinear dynamic phenomena and its application to economics. It is expected that students taking this course will be able to solve basic differential and difference equations. After the course students are able to analyze linear and nonlinear dynamic models, compute steady states and analyze their stability. The course covers topics such as (i) optimal growth, (ii) Tobin – Blanchard Model, (iii) nonlinear IS – LM model, (iv) open economy macro models: Dornbusch and Modified Dornbusch models (v) stochastic control models, wiener and poisson processes: Daniel’s open economy macro model (vi) nonlinear dynamics, limit cycles, bifurcations and chaos: Kaldor’s nonlinear cyclical model, Goodwin’s growth cycle model, (vii) mixed differential – difference equations: Kalecki’s Business Cycle Model.


Topics in Economic Theory

This course examines significant topics in economic theory from a historical perspective. The readings comprise of the works of major theoreticians of the history of economic thought, and the lectures will focus on theoretical analysis, rather than a broad history of economic doctrine. The course will start with discussions of mercantilism, physiocracy and classical political economy. A significant part of the course will be devoted to Marxian Economics. Discussions of the theories of Marx will be followed by a look at the development of the marginal utility theory. Classical liberalism and the Austrian School will be studied next. The topics of general equilibrium, optimality and welfare economics will be examined leading up to the neo-classical theory. Macroeconomics and Keynesian theories will be scrutinized followed by Cambridge economists of the post-war period and Neo-Ricardian economics. Finally the course will cover institutional economics and an assessment of the Chicago School.


Economic History

This course examines Economic History with an emphasis on questions pertaining to growth and development. The first three weeks of the course will provide a quick overview of economic activity in the world beginning with the Neolithic Revolution, continuing into the ancient times, the middle ages, and early-modernity. The lectures will focus on the period following European geographical expansion, especially the agricultural and industrial “revolutions” and colonization; while the reading assignments depict various patterns of economic development. The topics to be covered include production, productivity, institutions, human capital and economic structure. Finally, the economic effects of war, migration and the Great Depression on the modern society will be examined with references to nationalism, imperialism, globalization, dependency and their critiques.


Labor Economics

This course focuses on the modeling and econometric methods used in the analysis of labor markets. It aims to provide a thorough introduction to the theory of labor demand, labor supply and labor market dynamics. The topics covered will include returns to human capital, educational production function as well as wage bargaining, discrimination and unemployment. We will also examine areas in labor such as job market signalling, job search and wage bargaining.


Urban Economics

This course focuses on the theory of urban economics as it relates to industrial organization and public finance. Main topics include urban land and housing markets, spatial development of cities, transportation, regional economic development, interregional competition, migration of labor and capital as well as environmental issues.


Economics of Education

This course focuses on the economics aspects of education from a theoretical and applied perspective. The first part of the course will provide an analysis of human capital theory, and general equilibrium models of human capital accumulation, including human capital investment and family decision-making, fertility and quality of children. The second part of the course will examine the empirical methods used in economics of education when studying the returns to education, skill premium, educational production function, school choice, etc.



This course aims to cover the econometric methods used in working with micro level data, i.e. individual, household or firm level data. First part of the course will entail an introduction of the asymptotic theory where various estimators and their asymptotic properties are studied. The estimators considered will include discrete choice, limited dependent variables and panel data estimators. Second part of the course will be based on estimation, interpretation and testing of various models using the estimators that were taught in the first half.


Topics in Turkish Economy

This course focuses on the empirical facts and explores the recent research areas of the Turkish economy. Through covering some key research papers written on the Turkish economy, we will investigate the chronic problems Turkey has been facing since becoming an open market in the 1980s. These include large and current account deficits, inflation and unemployment. Since these are typical developing economy problems, we will revisit the theory of small open economies and explore possible extensions and applications for the Turkish economy.


Microeconomic Theory I

The objective of this course is to provide a concrete basis of microeconomics for all the graduate students in economics. The topics will include consumer theory, producer theory, partial and general equilibrium as well as tools of comparative statistics.


Microeconomic Theory II

This course provides a solid presentation of the general equilibrium theory and will focus on proving its existence, stability and optimality. It will also provide a detailed introduction to non-cooperative game theory where the topics covered will include simultaneous move and dynamic games. Informational asymmetries and relevant equilibrium definitions will also be presented.


Seminar in International Economics

In this course we will cover topics around three main questions in international economics. These are 1. What are the main reasons for cross country differences in GDP per capita? 2. What are the determinants of the extent of international risk-sharing? 3. Why are exchange rates so volatile and so persistent? We will start by going over some emprical facts and then study main theories that try to answer these questions.


Firms and International Trade

This course introduces students to the theories of international trade, with a special emphasis on the role of firms. After an introduction on key empirical regularities and traditional theories of international trade, we study the most recent work in international trade: trade from the point of view of individual firms. We will try and understand the determinants of the decision of firms to export or not, which foreign market to enter, the role of heterogeneity between firms in shaping those decisions, and the aggregate behavior of an economy populated with such heterogeneous firms. Then we will turn our attention to a newly developing area of research and study recent advances on the connection between international trade and real exchange rate movements.


Emerging Market Economies

This course aims to study macroeconomic issues of Emerging Market Economies (EME). Its purpose is to expose students to common problems among EMEs such as high inflation, public debt, bank crises, exchange rate fluctuations and necessary institutional reforms. Typically, cyclical fluctuations in EMEs are more extreme partly due to inappropriate procyclical policies. The course starts by stating the difference between developed and developing country macroeconomics. Then, stylized facts that characterize Emerging Market business cycles in the literature are discussed. A set of tools and models that help students analyze macroeconomic issues in Emerging Markets are introduced.


Macroeconomic Theory I (3-0-3)

The focus of the course will be stylized facts about economic growth and volatility. Consumption, investment and labor supply decisions will be analyzed as well as determinents of factor prices such as wages and interest rates. The effects of fiscal and monetary policy on aggregate economic outcomes will be discussed.


Macroeconomic Theory II (3-0-3)

Following Macroeconomic Theory I, this course will focus on general equilibrium modeling in economic theory. Topics include competitive markets, general equilibrium under uncertainty, asset pricing, incomplete markets and overlapping generations models.


Theory of Public Goods (3-0-3)

Efficient supply of public goods, Samuelson model, Lindhal mechanism, the free rider problem. Financing public goods, first-best Laissez-faire solution and diversions. Second-best solution method in supply of public goods, indirect tax schemes distorting relative prices. Public goods under overlapping generations models, optimal second-best rule. Measuring demand for public goods, voting mechanisms, median voter hypothesis, Clarke and  Groves-Ledyard mechanisms. Public goods and neutrality, the failure of neutrality principle. Empirical evidence in models of free riding.


Econometrics I (3-0-3)

This is an advanced course on econometrics that aims to analyze the basics of econometric theory and applications. Topics covered include principles of Method of Least Squares, Generalized Method of Moments, Maximum Likelihood and applications of these methods using macroeconomic data. simultaneous equations and endogeneity in linear models. Basic time series processes, VAR modeling and using structural VAR models in estimating macroeconomic models. Basics of ARCH/GARCH and models of volatility.


Econometrics II (3-0-3)

This course follows Econometrics I. Topics covered include Non-linear and non-parametric econometrics, dynamic econometric models, asymptotic theory, test of specification and numerical analysis techniques as well as computer programming for econometric analysis.


Topics in Macroeconomics (3-0-3)

The aim of this course is to introduce students with basic microeconomic theories and their role in solutions to basic economic problems. The focus is on bringing economic theory together with contemporary economic policy issues. Topics covered include (i) market structures (ii) risk analysis and uncertainty (iii) strategic behavior (iv) policy analysis.


Applied Microeconomics (3-0-3)  

This course aims to introduce students with recent research topics in microeconomics. First part of the course covers recent studies in microeconomics and their dynamics. The second part covers topics such as migration, geographic movements, labor market discrimination, inequality and poverty, welfare programs, social encounters and externalities.


Family Economics (3-0-3)

This course aims to study policies related to family in an economic framework. The role of microeconomic models in explaining family behavior will be discussed. Time use and time sharing decisions of households, fertility, marriage, divorce and retirement decisions and the factors that affect these, decision of labor market participation, child care and education as well as welfare programs will be analyzed.