Web Site of the Department

Head of Department: Cevdet Emre Alper

Professors: Fikret Adaman, C. Emre Alper, Cem Behar, Osman Bubik, Ayse Buðra, Refik Erzan, Cevat Karatas*, Resat Kayali, Izzettin Onder*, Sevket Pamuk*, Burak Saltoglu, Unal Zenginobuz

Associate Professors: Oya Pinar Ardic, Ahmet Faruk Aysan, Gunar Evcimen, Ayse Mumcu, Semsa Ozar

Assistant Professors: Guzin Gulsun Arikan, Burcay Erus, M. Kerim Gokay*, Ozan Hatipoglu, Ozlen Hic*, Mehmet Inhan*, Kamil Kivanc Karaman, Gokhan Ozertan, Begum Ozkaynak, Burcin Unel, Levent Yildiran

*Part-time

The graduate program leading to the M.A. degree in economics is open to students with a good mathematical background from all universities and faculties. About one half of the students accepted are graduates of economics programs, the rest come mostly coming from engineering, mathematics and other sciences. The aim of the program is to equip students with advanced and specialized knowledge in economics, leading to employment as economists in business and government or to further study for the Ph.D.

Currently both the MA and the Ph.D. programs offer the following fields:
Microeconomics, Economic Design and Management
Macroeconomics, Monetary and Financial Economics
Econometrics
International Economics
Development
Economic History

M.A. PROGRAM IN ECONOMICS

Year I

First Semester			Second Semester
EC 501	Microecenomics I	4	EC 502	Microecenomics II	4
EC 503	Macroecenomics I	4	EC 504	Macroecenomics II	4
EC 531	Econometrics I	4	EC 532	Econometrics II	4
EC 579	Master Seminar	0	-- --	Elective	3
		12 cr.			15 cr.

Year II

Ph.D. PROGRAM IN ECONOMICS*

COURSE DESCRIPTIONS

EC 501 Microeconomics I (Mikroekonomi I) (4+2+0) 4
Theory of choice: properties of choice, binary choice and preference, aggregation of choice: approval voting, voting paradox, aggregation of preferences: Arrow's Theorem, utility and preference, revealed preference, demand theory: the demand curve, income and substitution effects, consumers' surplus, pure exchange and general equilibrium: Edgeworth's solution, Walras's solution, First and Second Welfare Theorems, manipulation of Walrasian solution, production: production sets and production functions, cost functions, the competitive firm's demand, imperfect competition: equilibrium concepts of Cournot, Stackelberg and Bertrand, simple regulation theory.
Prerequisite: Graduate standing or consent of instructor.

EC 502 Microeconomics II (Mikroekonomi II) (4+2+0) 4
Theories of the firm: comparative economic systems in a nutshell, sharecropping, labor managed firms vs. workers' enterprises, economies with public goods: free riding, externalities, absence of markets, voluntary contributions equilibrium, Wicksell and the Lindahl solution, manipulation of Lindahl's solution, uncertainty and information: Von Neumann-Morgenstern expected utility, insurance and gambling, basic concepts of game theory and bargaining theory.
Prerequisite: EC 501.

EC 503 Macroeconomics I (Makroekonomi I) (4+2+0) 4
Traditional Keynesian and Monetarist views of the economy within the context of linear dynamic economic models, introduction to expectational dynamics and "rational expectations" models.
Prerequisite: Graduate standing or consent of instructor.

EC 504 Macroeconomics II (Makroekonomi II) (4+2+0) 4
Introduction to overlapping generations models (non-monetary and monetary), Ricardian equivalence proposition investigation through O-G models, the "fixed-price" approach and its criticism, contract theory in the investigation of sticky prices.
Prerequisite: EC 503.

EC 506 Research on the Turkish Economy (3+0+0) 3
(Turkiye Ekonomisi Arastirmalari)
In the first part, the general issues in research methodology and efficient reporting are discussed. In the second part, students write term papers on assigned research topics related to the Turkish economy.

EC 507 Energy Economics I (Enerji Ekonomisi I) (3+0+0) 3
Aggregate and disaggregate energy modeling, relationship between energy demand and economic activity, impacts of alternative utility investment strategies, energy, pollution and employment policy, externalities, energy demand and supply projections, economics of energy transportation, energy conservation.

EC 508 Energy Economics II (Enerji Ekonomisi II) (3+0+0) 3
Energy and economic development; macroeconomics of the world energy crisis; energy supplies; energy conservation.

EC 509 Environmental Economics (Cevre Ekonomisi) (3+0+0) 3
The reasons of, and possible ways of solving, the problems of the degradation of the environment and the depletion of non-renewable resources.

EC 510 History of the World Economy since the Industrial Revolution (3+0+0) 3
(Sanayi Devriminden Itibaren Dunya Iktisat Tarihi)
Industrial revolution in Western Europe, the emergence of a European based world economy in the 19th century, the impact of overseas trade, capital flows and colonial policies on Latin America, Africa and Asia, the emergence of Japan as an industrial power, the Great Depression of the 1930s and the beginnings of industrialization in the Third World.

EC 511 Economic History of the Ottoman Empire (3+0+0) 3
(Osmanli Imparatorlugu Iktisat Tarihi)
Ottoman economy, institutions and their evolution from the fourteenth through the nineteenth centuries. Comparisons with Western Europe, Middle East and the Indian Ocean area. Impact of the European Industrial Revolution on Ottoman economy and socio-political system. Ottoman response to the European challenge.

EC 513 Methodology in Economics I (Ekonomi Metodolojisi I) (3+0+0) 3
The course starts with a brief introduction to philosophy concentrating on key epistemological concepts introduced by Hume and Kant. This is followed by a topical survey of the methodology of natural science leading to. The critics of logical positivist epistemology such as Popper, Kuhn, Lakatos and Feyerabend are given systematic treatment. The last portion of the course is devoted study of the history of economic methodology in the nineteenth century. The methodological debates between the spokesmen of the Austrian School and the German Historical School are emphasized. Finally, the verificationist and the falsificationist approaches are contrasted in the works of Robbins and Hutchinson.

EC 514 Methodology in Economics II (Ekonomi Metodolojisi II) (3+0+0) 3
Recent methodological writings in the post-war period by Friedman, Machlup, Heilbroner and Myrdal are discussed at the beginning of the course to be followed by a study of the works of the rationalist and Marxist critics of neoclassical economics. Cambridge debates in capital theory are taken up in the last part of the course as a case study in the problem of paradigm choice.
Prerequisite: EC 513.

EC 515 Problems in Industrialization (Sanayilesme Sorunlari) (3+0+0) 3
The concept of industrialization, the patterns of industrialization, arguments for industrialization, resources for industrial development, technology and industrialization, economies of scale, import substitution and its critique, unemployment problem and industrialization, government policy in industrialization, an evaluation of industrialization efforts of Turkey since 1923.

EC 516 Economic History of Turkey (Turkiye Iktisat Tarihi) (3+0+0) 3
Dynamics of economic and social change (1923-1980). Goals and consequences of development strategies and macro policies. Sources and forms of capital accumulation. Analysis of the institutional framework of the Turkish economy.

EC 518 Comparative Study of Industrialization (3+0+0) 3
(Karsilastirmali Sanayilesme Surecleri)
Different models of industrializations; case studies of England, USA, Germany, USSR, Japan and Turkey.

EC 519 Historical Demography (Tarihsel Demografi) (3+0+0) 3
Methods and materials of historical demography. Historical demography and related disciplines. The study of pre-census European populations. Church records, family reconstitutions, village and town monographs. Population trends and economic evolution in past time. Ottoman/Turkish records, sources and documents on population size and composition. Research on the history of Ottoman populations.

EC 521 Mathematical Methods for Economics I (4+2+0) 4
(Iktisat icin Matematiksel Yontemler I)
Sets and sequences, vector spaces, normed and metric spaces, derivatives, differentiability, quadratic forms, convexity and quasi-convexity. Constrained optimization, correspondences and the theorem of maximum, fixed point theorems. Dynamic systems, dynamic optimization in discrete and continuous time.

EC 522 Mathematics for Economists II (4+2+0) 4
(Iktisatcilar Icin Matematik II )
Simple multisector linear systems; balanced growth in nonlinear systems; efficient allocation and growth; special features of competitive economics. Structural and reduced forms of macroeconomic models and economic dynamics.
Prerequisites: EC 521

EC 523 Linear Economic Models (Dogrusal Ekonomik Modeller) (3+0+0) 3
Linear activity model of production, linear programming and duality, decomposition; producers competitive equilibrium, central planning by prices with incomplete information at the center; an introduction to "resource allocation mechanisms" in general, desired properties and criteria of comparison.

EC 524 Game Theory (Oyun Teorisi) (3+0+0) 3
An introduction to cooperative and noncooperative solutions in game theory. Form and extensive-form games. Nash equilibrium, subgame-perfect equilibrium, correlated equilibrium. Bayesian equilibrium, dynamic games of complete and incomplete information, mechanism design, and solution concepts.

EC 525 Competition Policy and Regulation (3+0+0) 3
(Rekabet Politikalari ve Regulasyon)
Economic analysis of government intervention into private practices. Economic rationale of competition policies; implementation of competition policies and related enforcement problems. Traditional regulation policies and deregulation of public utilities. Empirical evaluation of competition and regulatory policies.
Prerequisites: EC 501 and EC 502, or consent of instructor.

EC 526 Indsutrial Organization I (Sanayi Organizasyonu I) (3+0+0) 3
An economic analysis of market structures. Perfect competition, monopoly, markets for homogenous products (Cournot and Bertrand competition, collusion), markets for differentiated products (location models), concentration, mergers, entry barriers, contestable markets, research and development.

EC 527 Indsutrial Organization II (Sanayi Organizasyonu II) (3+0+0) 3
Application oriented models in industrial organziation. The economics of compatibility and standards, pricing and marketing tactics, advertising, quality, durability and warranties, managerial compensation, regulation, price dispersion, and search theory, genetic algorithms and oligopolistic equilibrium.
Prerequisite: EC 526 or consent of instructor.

EC 531 Research Methodology and Applied Econometrics I (4+2+0) 4
(Arastirma Yontemleri ve Uygulamali Ekonometri I)
Probability and distribution theory, statistical inference, classical regression model, hypothesis tests, data problems nonlinear regression models.
Prerequisite: Graduate standing or consent of instructor.

EC 532 Research Methodology and Applied Econometrics II (4+2+0) 4
(Arastirma Yontemleri ve Uygulamali Ekonometri II)
Nonspherical disturbances, heteroscedasticity, serial correlation, lagged variables, models that use both cross-simultaneous equation models.
Prerequisite: EC 531.

EC 535 Forecasting (Gelecegi Tahmin Yontemleri) (3+0+0) 3
Moving average models, exponential smoothing, classical and modern time series analysis. Forecasting with regression, econometric models and input/output models. Survey methods, leading indicators, technological and subjective methods.
Prerequisites: EC 531 and 532, or consent of instructor.

EC 536 Econometric Models (Ekonometrik Modeller) (3+0+0) 3
Estimation and identification of linear and non-linear econometric models. Uses of models in forecasting, simulation and economic policy making.
Prerequisites: EC 531 and EC 532, or consent of instructor.

EC 541 Monetary Policy (Para Politikasi) (3+0+0) 3
The optimum quantity of money, the Friedman Rule, efficiency and the rate of return on money, revenue from the creation of money.

EC 543 Economics of Uncertainty and Information (3+0+0) 3
(Belirsizlik Ekonomisi ve Enformasyon)
Individual choice in a static setting: risk, expected utility, optimal behavior under uncertainty. General equilibrium in a static setting: equilibrium under uncertainty, signaling equilibrium, moral hazard. Search theory.
Prerequisite: EC 501 or consent of instructor.

EC 550 Public Finance in Turkey (Turkiye'de Kamu Maliyesi) (3+0+0) 3
The fiscal organization of the Turkish economy, composition and trends in government revenues and public expenditures, the tax system, the budget process, parafiscal institutions, finances of state economic enterprises and other autonomous public entities.

EC 551 Economics of the Public Sector (Kamu Sektoru Ekonomisi) (3+0+0) 3
Nature and scope of the public sector, public goods, externalities, monopolies, and public revenue systems.

EC 552 Taxation and Welfare (Vergi ve Refah) (3+0+0) 3
Evaluation of taxes; efficiency and equity effects, use of taxes and subsidies to achieve a Pareto optimal allocation of resources; tax, subsidy and compensation criteria; social welfare function.

EC 555 Economics of Inequality (Esitsizlik Ekonomisi) (3+0+0) 3
Macro-economic theories of income distribution, measurement techniques of inequality; income distribution in Turkey; income redistribution policies.

EC 558 Public Economics I (Kamu Ekonomisi I) (3+0+0) 3
An introduction to fundamentals of public economics. Survey of social welfare results; public goods and externalities; social norms and evolution of cooperation; implementation of social decisions and politico-economic models.
Prerequisites: EC 501 and 502, or consent of instructor.

EC 559 Public Economics II (Kamu Ekonomisi II) (3+0+0) 3
Microeconomic theories of public sector expenditures and taxation. Economic models of social security and other types of social insurance; publicly provided goods; government transfers to the poor and special interest group. Theories of tax incidence; analysis and applications of optimal taxation; public choice theories of taxation.
Prerequisites: EC 501 and 502, or consent of instructor.

EC 560 Economics of Integration (Butunlesme Ekonomisi) (3+0+0) 3
Theory of economic integration; economic integration models; examination of different economic unions such as EEC and LAFTA; effects of free movements of factors of production; examination of factors leading to trade creation and trade diversion and the examination of dynamic aspects of integration.

EC 561 International Economics, Applications and Policy I (3+0+0) 3
(Uluslararasi Ekonomi Uygulama ve Politikalari I)
The international trading system-its evolution, institutions and rules, the results of the GATT/WTO agreements, trade and industrial policy, methods in quantification of trade barriers, theory and applications of economic integration, trading blocks, the international monetary system-its evolution, institutions and rules, trade finance capital movements,foreign direct investment, portfolio investment international credibility.
Prerequisite: Consent of instructor.

EC 562 International Monetary and Financial Economics I (3+0+0) 3
(Uluslararasi Parasal ve Finansal Iktisat I)
National income accounting and balance of payments, absorption approach, elasticity approach and monetary approach to balance of payments and to exchange rate determination, non-traded goods, labor market, stabilization policies in open economies, expectations and exchange rate determination, assets market in open economies.
Prerequisite: Consent of instructor.

EC 571 Programming for Growth and Development I (3+0+0) 3
(Buyume ve Kalkinma Programlari I)
Survey of the quantitative models used for economic planning and policy analysis. Topics covered are growth models, input-output models, linear programming models, computable general equilibrium models and short-term forecasting models.

EC 572 Programming for Growth and Development II (3+0+0) 3
(Buyume ve Kalkinma Programlari II)
Continuation of EC 571.

EC 573 Economics of Developing Countries I (3+0+0) 3
(Gelisen Ulkeler Ekonomisi I)
The course aims to introduce the student to a general background in development economics, to various paradigms and strategies of economic development; in particular, the intellectual foundations of the post-war substitutive industrialization model; disillusionment with and reactions to experience with import substitution; dependency economics and the various traditions that evolved within it; outward-looking policies and the experiences of the newly industrialized countries.

EC 574 Planning and Programming Techniques (3+0+0) 3
(Planlama ve Programlama Teknikleri)
The following main approaches to production and income distribution are surveyed: Neo-classical, Marxian and Neo-Ricardian.

EC 575 Economics of Developing Countries II (3+0+0) 3
(Gelisen Ulkeler Ekonomisi II)
Seminar in Economics of Developing Countries as a continuation of EC 573; students are expected to apply their training in theoretical problems of development economics to particular empirical questions by undertaking collective research on a topic current interest.

EC 576 Comparative Economic Systems (3+0+0) 3
(Karsilastirmali Ekonomik Sistemler)
Analysis of alternative systems of economic organization with respect to economic goals; theories of economic organization, institution and development process.

EC 577 Alternative Theories of Production and Distribution (3+0+0) 3
(Alternatif Uretim ve Bolusum Teorileri)
The examination of production and distribution outside the corpus of neo-classical theory, works of economists such as Kalecki, Robinson, Sraffa, Pasinetti and Marx will be emphasized. A portion of the course will be devoted to debates on capital theory.

EC 578 Comparative Social Policy (Karsilastirmali Sosyal Politika) (3+0+0) 3
Comparative analysis of different welfare regimes in their historical development and with reference to their relative success in coping with poverty, insecurity and social exclusion. The challenge to the existing social policy approaches of recent technological, economic and demographic changes such as the advent of post-industrial society, post-Fordism, globalization and the aging of population. Policy responses to this challenge and institutional change at local, national and global levels.

EC 579 Graduate Seminar (Lisansustu Seminer) (0+3+0) 0 P/F
The widening of students perspectives and awareness of interest to economists through seminars offered by faculty, guest speakers and graduate students.

EC 580 Historical Demography (3+0+0) 3
Methods and materials of historical demography.

EC 582-589 Special Topics in Economics (Iktisatta Ozel Konular) (3+0+0) 3

EC 590 Directed Readings I (Yonlendirilmis Okuma-Arastirma I) (3+0+0) 3
This is a course designed to direct the student in bibliographical research and reading on a subject of interest to the student, or in preparation of an M.A. thesis.

EC 591 Directed Readings II (Yonlendirilmis Okuma-Arastirma II) (3+0+0) 3
Continuation of EC 590.

EC 593 Seminar in Economics I (Iktisatta Tebligler I) (3+0+0) 3
Presentations by researchers, academicians and students on different topics of economics.

EC 594 Seminar in Economics II (Iktisatta Tebligler II) (3+0+0) 3
Presentations by researchers, academicians and students on different topics of economics.

EC 596 Topics in Econometrics I (Ekonometride Secilmis Konular I) (3+0+0) 3
Bayesian methods, maximum likelihood methods, Box-Jenkins and spectral analysis.
Prerequisites: EC 531 and EC 532, or consent of instructor.

EC 597 Topics in Econometrics II (Ekonometride Secilmis Konular II) (3+0+0) 3
Control theoretical models in econometrics.
Prerequisites: EC 531 and EC 532, or consent of instructor.

EC 599 Term Project (Donem Projesi)
Directed research leading to a term paper on a topic of interest to the student, chosen with the approval of his/her adviser.

EC 601 Advanced Microeconomics I (Ileri Mikroekonomi I) (3+0+0) 3
General equilibrium: existence, optimality, stability, continuity. The core of an exchange economy. Large economies and the convergence theorem.
Prerequisites: EC 501 and EC 502.

EC 602 Advanced Microeconomics II (Ileri Mikroekonomi II) (3+0+0) 3
Topics in imperfect competition: multigood monopoly, price discrimination, entry, accommodation and exit, regulation theory. Topics in social choice, economic design and matching.
Prerequisites: EC 501 and EC 502.

EC 603 Advanced Macroeconomics I (Ileri Makroekonomi I) (4+2+0) 4
Expectation formation, the economics of rational expectations, nominal rigidities and fluctuations, menu costs and new rationality.
Prerequisites: EC 503 and EC 504.

EC 604 Advanced Macroeconomics II (Ileri Makroekonomi II) (4+2+0) 4
Real rigidities and unemployment, implicit contracts, efficiency wages.
Prerequisites: EC 503 and EC 504.

EC 614 Topics in the Economic History of the Ottoman Empire (3+0+0) 3
(Osmanli Imparatorlugu Iktisat Tarihi Uzerine Konular)
Advanced reading and research topics on Ottoman economic history. Specific topics will be determined by the instructor.

EC 615 Economic History of Medieval Europe to 1500 (3+0+0) 3
(1500'e Kadar Ortacag Avrupasi Iktisat Tarihi)
Social and economic processes during the transition to medieval era. Economic, social and institutional structures in Medieval Europe. Production and distribution relations in rural and urban areas. Factors contributing to the dissolution of medieval societies in Europe.

EC 616 World Economy in the Early Modern Era, 1500-1750 (3+0+0) 3
(1500-1750 Erken Modern Donem Arasinda Dunya Ekonomisi)
Interaction between the European and non-European world. The consequences of European expansion. The shift of economic hegemony from the Mediterranean to the Atlantic states. Proto-industrialization and the origins of the Industrial Revolution. The course will emphasize causes and effects as well as the comparative approach.

EC 617 Topics in the Economic History of Turkey (3+0+0) 3
(Turkiye Iktisat Tarihi Konulari)
Topics for the research papers include sector, industry and product analysis. Period analysis of economic variables and macro policies. Factor markets and foreign economic relations.

EC 619 Problems of Industrialization (Sanayilesme Sorunlari) (3+0+0) 3
Examination of various industrialization policies with particular reference to employment, technology, economics of scale and development.

EC 621 Economic Design and Management I (Iktisadi Tasarim I) (3+0+0) 3
Noncooperative solution concepts for normal and extensive form games, incomplete information, repeated games, bargaining, manipulation of bargaining solutions, moral hazard and adverse selection, auctions.
Prerequisites: EC 501 and EC 502.

EC 622 Economic Design and Management II (Iktisadi Tasarim II) (3+0+0) 3
Mechanism design and implementation: Gibbard-Satterthwaite Theorem, Nash implementation, Maskin's and Danilo's Theorems, subgame perfect implementation, Bayesian implementation, contract design for a single part/interacting parties, pivot mechanism.
Prerequisites: EC 501 and EC 502.

EC 623 Advanced Topics in Macroeconomics I (3+0+0) 3
(Ileri Makroekonomide Secilmis Konular I)
The overlapping-generations models of fiat money, the theory of public finance and the optimum quantity of money, transaction costs and its effects on welfare, employment and inflation.
Prerequisites: EC 503 and EC 504.

EC 624 Advanced Topics in Macroeconomics II (3+0+0) 3
(Ileri Makroekonomide Secilmis Konular I)
Money supply growth and control, inflation finance and its welfare costs, the role of expectation and the stability analysis in inflation tax issue, optimal collection of the inflation tax.
Prerequisites: EC 503 and EC 504.

EC 625 Mathematical Methods for Dynamic Macroeconomics I (3+0+0) 3
(Dinamik Makroekonomi icin Matematiksel Yontemler I)
Mathematical models in deterministic models of macroeconomics. First and second order difference and differential equations, nonlinear equations and phase diagrams, stability and asymptotic methods. Applications in growth models, overlapping generations models, population dynamic models and conumption models.

EC 626 Mathematical Methods for Dynamic Macroeconomics II (3+0+0) 3
(Dinamik Makroekonomi icin Matematiksel Yontemler II)
Optimization techniques in deterministic model of dynamic macroeconomics. Calculus of variations, optimal control and dynamic programming. Applications in growth theory, consumption theory, search theory and asset pricing.
Prerequisite: EC 625.

EC 628 Advanced "Social Choice Theory" (3+0+0) 3
(Ileri Toplumsal Secme Kurami)
Theory of non-local rules, approval voting, theory of batch choice.
Prerequisite: EC 626 or consent of instructor.

EC 629 Advanced Binary Relations (Ileri Ikili Baglantilar) (3+0+0) 3
Advanced theory of numerical representation of binary relations which form a basis of modern utility theory.
Prerequisite: EC 627 or consent of instructor.

EC 631 Advanced Econometrics I (Ileri Ekonometri I) (3+0+0) 3
Classical least squares theory, recent developments in regression analysis. Large sample theory, asymptotic properties of extremum estimators, time series analysis, generalized least squares theory.
Prerequisites: EC 531 and EC 532.

EC 632 Advanced Econometrics II (Ileri Ekonometri II) (3+0+0) 3
Linear simultaneous equations models, nonlinear simultaneous equations models, quantitative response models, Markov chain and duration models.
Prerequisite: EC 631.

EC 633 Applied Microeconometrics (Uygulamali Mikroekonometri) (3+0+0) 3
Application of econometric methods to microeconomics. Linear probability models, logit, probit, tobit models, truncated regression model.
Prerequisites: EC 531 and EC 532.

EC 634 Applied Macroeconometrics (Uygulamali Makroekonometri) (3+0+0) 3
Application of econometric methods to macroeconomics. Time series analysis, vector autoregressive models, cointegration and error correction models.
Prerequisites: EC 531 and EC 532.

EC 635 Topics in Advanced Econometrics I (3+0+0) 3
(Ileri Ekonometride Secilmis Konular I)
Selected topics in econometrics. Recent developments will be covered. Topics may include cointegration in linear and nonlinear econometric models.
Prerequisites: EC 531 and EC 532.

EC 636 Topics in Advanced Econometrics II (3+0+0) 3
(Ileri Ekonometride Secilmis Konular II)
Selected topics in econometrics. Recent developments will be covered.
Prerequisites: EC 531 and EC 532.

EC 637 History of Econometrics (Ekonometri Tarihi) (3+0+0) 3
Emergence of structural estimation, problems of structural estimation, alternatives to simultaneous equations estimation, exogeneity, vector autoregressions, early applied studies, history of macroeconometric model building.
Prerequisites: EC 531 and EC 532.

EC 638 Methodology of Econometrics (Ekonometri Metodolojisi) (3+0+0) 3
Alternative approaches to modeling, policy analysis, exogeneity, causality, Bayesian perspective, general to specific modeling.
Prerequisites: EC 531 and EC 532.

EC 641 Monetary Theory and Policy I (Para Teori ve Politikasi I) (3+0+0) 3
Advanced monetary theory; institutions of the financial system and financial intermediaries, theory and policy relating to aggregate demand, employment and prices with special emphasis upon the role of the monetary and banking system.

EC 642 Monetary Theory and Policy II (Para Teori ve Politikasi II) (3+0+0) 3
Evaluation of the financial system; proposals for reforms; the financial system of Turkey; financial aspects of stabilization policy; the efficacy of monetary policy.

EC 650 Public Finance in Turkey (Turkiye'de Kamu Maliyesi) (3+0+0) 3
The fiscal organization of the Turkish economy, composition and trends in government revenues and public expenditures, the tax system, the budget process, parafiscal institutions, finances of state economic enterprises and other autonomous public entities.

EC 651 Economics of the Public Sector I (Kamu Sektoru Ekonomisi I) (3+0+0) 3
Public goods theory; public choice theory; presence of external effects in consumption and production; interdependent utility functions and public goods; Pareto optimality and public goods and choice. Reorganization of production, consumption and distribution; collective decision making.

EC 652 Economics of the Public Sector II (Kamu Sektoru Ekonomisi II) (3+0+0) 3
Nature and scope of public sector, externalities, monopolies and public revenue systems.

EC 661 Topics in International Trade Theory (3+0+0) 3
(Uluslararasi Ticaret Teorisinden Secilmis Konular)
Positive theory of international trade, higher dimensional issues, imperfect competition, product differentiation, economies of scale and monopolistic competition, strategic trade policy uncertainty in trade models, testing models and predicting trade flows, income and price effects.

EC 662 International Monetary and Financial Economics II (3+0+0) 3
(Uluslararasi Parasal ve Finansal Iktisat II)
Risk, portfolio equilibrium and exchange rates, representative agent models, intertemporal dimensions of international equilibrium. Efficiency tests, PPP and real interest rates, models of risk premium, the peso problem, empirical exchange rate models and volatility tests, empirical test based on Lucas approach.

EC 663 International Economics, Applications and Policy II (3+0+0) 3
(Uluslararasi Ekonomi Uygulama ve Politikalari II)
Applications of "strategic" trade and industrial policy, limits of financial liberalization, exchange rate volatility and effects, macro economic and monetary coordination and cooperation, currency zones, economic and monetary union, short term and long term capital movements, debt management, current issues in the international trading system and the international monetary system.
Prerequisites: EC 561, EC 562, and EC 661, or consent of instructor.

EC 664 Advanced Development Theory (3+0+0) 3
(Ileri Duzeyde Iktisadi Gelisme Kurami)
The course consists in a survey of theory and history of economic development. Historical experiences of development in the modern era, different currents of analysis within the field of development, and current developments and recent theoretical advances in the field are among the main topics to be examined.

EC 671 Economic Growth and Development I (3+0+0) 3
(Iktisadi Buyume ve Kalkinma I)
Topics in planning and development; policy oriented, currently debated issues and new ideas in development are particularly discussed. Topics recently covered in this course include stabilization policies, medium-term effects of stabilization policies and modeling short-term stabilization.

EC 672 Economic Growth and Development II (3+0+0) 3
(Iktisadi Buyume ve Kalkinma II)
Continuation of EC 671.

EC 676 Comparative Economic Systems (3+0+0) 3
(Karsilastirmali Ekonomik Sistemler)
Analysis of alternative systems of economic organization with respect to economic goals of growth, efficiency and the distribution of income. Case studies will be used to illustrate the workings and validity of the various theories.

EC 680 Selected Topics in Historical Demography (3+0+0) 3
(Tarihsel Demografi Konusunda Secilmis Konular)
Directed research and readings aiming at producing a substantial paper on a specific area of the demographic history of a European and/or Ottoman population.
Prerequisites: Consent of instructor.

EC 681 Special Topics in Economics (3+0+0) 3
(Iktisat Konusunda Secilmis Konular)

EC 690 M.A. Thesis (Yuksek Lisans Tezi)

EC 692 Directed Readings I (Yonlendirilmis Okuma-Arastirma II) (3+0+0) 3
Bibliographical research and reading on a subject of interest to the student, or in preparation of a Ph.D. dissertation.

EC 693 Directed Readings II (Yonlendirilmis Okuma-Arastirma II) (3+0+0) 3
Continuation of EC 692.

EC 694 Seminar in Advanced Economics (Ileri Iktisati Seminerleri) (3+0+0) 3
Advanced topics in economics at the research frontiers.

EC 696 Seminar in Advanced Macroeconomics (3+3+0) 3
(Ileri Macroeconomi Semineri)
Focus on the most recent topics in modern macroeconomics through a series of presentations by faculty, guest lecturer, and students on the relevant literature.
Prerequisites: EC 503 and EC 504.

EC 790 Ph.D. Thesis (Doktora Tezi)

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Contact Information Bogazici University 34342 Bebek, Istanbul Tel: 0212 359 54 00