EASTERN MEDITERRANEAN UNIVERSITY
FACULTY OF BUSINESS AND ECONOMICS
DEPARTMENT OF BUSINESS ADMINISTRATION
2012-2013 SPRING SEMESTER
COURSE CODE: MGMT 510
COURSE LEVEL: 1st SEMESTER MBA
COURSE TITLE : Macroeconomics for Managers
COURSE TYPE : AREA CORE
LECTURER : PROF. DR. SERHAN CIFTCIOGLU
CREDIT VALUE : 3 CR.HRS.
PREREQUISITIES : ECON 201
DURATION OF COURSE : ONE SEMESTER
WEB - LINK : http://fbemoodle.emu.edu.tr
OFFICE HOURS : MONDAYS : 14:30-15:20 THURSDAYS: 15.30-16.20 WEDNESDAYS :11:30-12 :20; 13.30-14.20 CATALOGUE DESCRIPTION : Short-Run fluctuations vs. Long-Run growth of an Economy Growth Domestic Product. Keynesian consumption and saving functions. Determinants of investment and net exports. Determination of equilibrium level of income in simple Keynesian model and the effects of Fiscal policy and Random shocks on macroeconomic equilibrium based on income-expenditure approach. Injection- Leakages approach to the analysis of equilibrium in simple Keynesian model. IS-LM model of an open economy and the effects of Monetary and Fiscal policy and Random shocks.
AIMS and OBJECTIVES : The primary goal of this course is to developed a general model of an open economy based on Keynesian assumptions which can be used to analyze the behaviour of fundamental macroeconomic variables such as national income, unemployment rate, private consumption and savings, private investment spending, exports, imports, trade balance, interest rate, exchange rate, tax revenue and budget deficit (or surplus) of government. The second goal of the course is to expose the students to relatively advanced material in relation to various macroeconomic topics through reading, presentation, assignments of professional articles and sections of various books. The third goal of the course is to improve the analytical capacity of students in terms of policy applications of the macroeconomic model developed in class to contemporary domestic and global economic issues.
GENERAL LEARNING OUTCOMES :
On Succesful completion of this course, all students will have developed knowledge and understanding of a) The main focus of macroeconomics as a discipline
b) Definition of Gross Domestic Product
c) The sources of Long-run economic growth
d) Assumption behind Keynesian theory
e) Components of aggregate demand for domestic output
f) Keynesian consumption and saving functions and determinants of private saving and private consumption g) Determinants of investment spending behavior of firms h) Determinants of exports, imports and net exports (trade balance) i) The use of simple Keynesian model based on income-expenditure approach in analysing equilibrium levels of income, consumption, savings, investment, tax revenues, budget deficits (or surplus), exports, imports and trade balance (net exports) j) How to apply simple Keynesian model to analyse the short-run effects of fiscal policy and random shocks on macroeconomics equilibrium k) How to apply Keynesian model based on injection-leakages approach to analyse the meaning of equilibrium and the relationship between the current account balance, national savings and investment l) The application of IS-LM model to analyze the determination of equilibrium level of income and interest rate and the short run effects of Fiscal policy and Monetary policy and random shocks On succesful completion of this course all students will have developed their skills in ; - using mainstream macroeconomic models to analyze the impact of monetary and fiscal policies of government and random shocks(originating internally or externally) on an open economy - Analyzing the global economic developments.
- Analyzing the policy issues faced by developing countries particularly in relation to economic growth and trade deficit. On succesful completion of this course all students will...
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