Economics

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The Master Program in Economics Department aims to provide its students with a rigorous training in the areas of economics and econometrics a through knowledge of which is essential in order for them to follow successful academic or professional careers in universities, research-oriented organizations or in Business. In adition to training in basic economics and econometrics the Economics Master Program provides guidance in research methods and advise students on the preparation of their dissertations. The courses are designed to provide students with a deep knowledge in Economic Theory and through understanding of European Union policy and Europaean Economy in general.Candidates for the Master of Science (Msc) degree in Economics are required to complete 8 courses + seminar lecture + thesis. Candidates for the Master of Art (MA) degree in Economics are required to complete 10 courses+ term project (without thesis).

Prof. Dr. Çelik Aruoba
Prof. Dr. Ümit Hassan
Prof. Dr. Aykut Polatoğlu
Assoc.Prof.Dr. Mehmet Aga
Assoc. Prof. Dr. Şerife Eyüpoğlu
Assoc. Prof. Dr. Bülent Evre
Assoc.Prof. Dr. Erdal Güryay
Assoc.Prof.Dr. Zeliha Khashman
Assoc. Prof. Dr. Hüseyin Özdeşer
Assoc.Ptof Dr. Nurcan Özgür
Assoc.Prof.Dr. Mustafa Sağsan
Assoc. Prof. Dr. Tülen Saner
Assist.Prof. Dr. Ali Dayıoğlu
Assist. Prof.Dr. Ahmet Ertugan
Assist. Prof. Dr. Nil Günsel Reşatoğlu
Assist. Prof. Dr. Turgut Türsoy
Dr. Ergin Akalpler
Dr. İlksoy Aslım
Dr. Dilek Latif
Dr. Muhittin Tolga Özsağlam
Dr. Berna Serener
First Year
1. Year Fall Semester

CODE COURSE NAME T A C
ECON 501 Microeconomics: Theory and Policy 3 0 3
ECON 503 Econometrics 3 0 3
ELEC 3 0 3
ELEC 3 0 3
Total Credit 12

I. Year Spring Semester

CODE COURSE NAME T A C
ECON 502 Macroeconomics: Theory and Policy 3 0 3
ECON 504 Mathematical Methods in Economics 3 0 3
ELEC 3 0 3
ELEC 3 0 3
Total Credit 12

Second Year
I.Year Fall Semester

CODE COURSE NAME T A C
ECON 595 Seminar 6 0 6
Total Credit 6 0 6

I.Year Spring Semester

CODE COURSE NAME T A C
ECON 500 Thesis 6 0 6
Total Credit 6 0 6

Master Of Art (MA) Degree in Economics

First Year
1.Year Fall Semester

CODE COURSE NAME T A C
ECON 501 Microeconomics: Theory and Policy 3 0 3
ECON 503 Econometrics 3 0 3
ELEC 3 0 3
ELEC 3 0 3
Total Credit 12

I.Year Spring Semester

CODE COURSE NAME T A C
ECON 502 Macroeconomics: Theory and Policy 3 0 3
ECON 504 Mathematical Methods in Economics 3 0 3
ELEC 3 0 3
ELEC 3 0 3
Total Credit 12

Second Year

CODE COURSE NAME T A C
ECON 595 Seminar 0 0 0
ELEC 3 0 3
ELEC 3 0 3
Total Credit 6

Elective Courses

CODE COURSE NAME
ECON 505 International Strategies in the global economy
ECON 506 European Macroeconomic Policy
ECON 507 European Monetary Integration
ECON 508 The Economics of European Integration
ECON 509 International Trade and European Integration-International Mark
ECON 510 International Finance
ECON 511 Project planning and evaluation
ECON 512 International Economics
ECON 513 History of Economy and Economic Thought
ECON 514 European Economy
ECON 515 Monatery and Fiscal Policies
ECON 516 Economic Development
ECON 518 Political Economy
ECON 519 Labor Economics and Social Policy in European Union
ECON 521 Economics of Financial Market
ECON 522 World Economy
ECON 530 Marketing Strategies in European Union
ECON 531 Economics of Marketing Management
ECON 532 Cost Accounting
ECON 533 Investment Analysis
ECON 541 Strategic Planning (Bus. Policy in MBA)
ECON 543 Public Economics
ECON 544 Fiscal Policy
ECON 545 Small Economies
ECON 546 Economics of Imperfect Competition
ECON 555 The Cyprus Economy
ECON 556 Trends in Globalization
ECON 558 Mathematics of Finance
ECON 560 Production and Operations Management
ECON 561 Financial and Economic Crises
ECON 562 Quantitative Methods For Economics and Finance
ECON 570 Advanced Institutional Economics
ECON 571 EU Environmental Economics and Policy
ECON 572 Managerial Economics
ECON 574 Central Banking and Monetary Policy
ECON 575 Research Methods for Economists
ECON 580 Country Analyses
ECON 585 EU & Economic Law
MAN 512 International Business
I. Core Requirement

ECON 501 Microeconomic Theory and Policy
This course develops the theories of consumer behaviour and production theory of the firm, and analyses theories of market behaviour and efficiency, policy implications of the theory developed. General equilibrium theory and welfare economics. Supply and demand. Pricing in Competitive and non competitive markets. The theory of profit maximisation.
ECON 503 Econometrics
Essential of mathematical statistics; classical linear regression model assumptions, estimations, testing and prediction; classical linear regression model; autocorrelation, autoregressive models; forecasting.
ECON 502 Macroeconomic Theory and Policy
This course analyses and develops alternative theories of output and income determination, employment, inflation, interest rates and macroeconomic variables. Classical, Keynesian and New Classical theories and their policy implications are studied.
ECON 504 Mathematical Economics
This course will dwell on selected aspects of economic theory with emphasis on those parts where the spirit of mathematical analysis, rather than dexterity, is utilized. The topics covered will deal with microeconomic issues. This course will provide the students with an understanding of how the economic relationships can be expressed in mathematical models by introducing the most important mathematical techniques used in modern economics and how to solve them.
ECON 500 Thesis
The Msc thesis should be a record of original work and/or a critical exposition of existing knowledge. It must make a distinct contribution to the literature and afford evidence of originality, shown either by the discovery of new facts or by the exercise of independent critical power; the literary presentation must be satisfactory, and if not already published in an approved form, the thesis must be suitable for publication either as submitted or in modified or abridged form.
ECON 595 Seminar
A seminar course intended to motivate senior students to undertake an independent research. The course ends with a presentation by each student.

II.Degree Electives

ECON 505 Internationalisation Strategies in the Global Economy
Globalisation of economic activity; definition, sources, measurement and limits. The economics of technical changes. Innovation as the principal source of growth in the global economy. The largest transnational corporations. Globalisation of industry . The global financial service sector. The competitive advantage of countries. Corporate strategy. The European economy in the global context. Competition policies for the global economy.
ECON 506 European Macroeconomic Policy
Money market equilibrium, National monetary account and the balance of payments, purchasing power parity , money interest rates and exchange rates. Foreign trade, prices, wages. International monetary institutions, sustainable EMU, public finance unemployment problems. Policies: fiscal, monetary, exchange rate policies. The labour market. Competitiveness.
ECON 507 European Monetary Integration
The integration of European financial markets, development of European Monetary System, the determinants of European financial integration, the implications for economic and monetary policy making, the institutional features of the European Monetary System, the different phases of development of the EMS, the costs and benefits of a monetary union and a common currency, EMU and the European Central Bank.
ECON 508 The Economics of European Integration
The process of European integration, an historical overview. The single market, industrial specialisation, international investment and trade, monetary integration, the policy model, labour markets and unemployment, regional aspects, budget, agricultural policy.
ECON 509 International Trade and European Integration
The theory of comparative advantages, Ricardian model, Haberler’s opportunity cost, Hecksckher-Olibin theorem, recent hypotheses and international trade, the foreign exchange market, theory of the balance of payment. European union trade policy.
ECON 510 International Finance
International financial environment, balance of payments, accounting and analysis techniques; evaluation of the international monetary system, foreign exchanges rate determination and forecasting.
ECON 511 Project Planning and Evaluation
Basic system concepts concerning planning and implementation. Dynamic charting and control of projects through system oriented management, and evaluation of project.
ECON 512 International Economics
International trade theory, law of comparative advantage, economies of scale, imperfect competition and international trade, economic growth and international trade, International trade policy, tariffs and non tariff barriers to trade, new protectionism, economic integration (customs union and free trade areas), international trade and economic development, multinational corporations.
ECON 513 History of Economy and Economic Thought
Introduction to the study of both economic history and economic development from ancient times to the present. A survey of the theories and ideas of some of the great thinkers understood in their historical contexts.
ECON 514 European Economy
History and institutions of the EU, the European economy. Policies; agricultural, competition, science and technology, regional, transport, environmental, social, trade, foreign. European Monetary Union, EU budget, Industrial development.
ECON 515 Monetary and Fiscal Policies
Monetary theory and policy tools. An overview of financial mechanism. Interest rate determination. Analysis of the demand of supply of money. Monetary transmission mechanism. Introduction to fiscal theory and policy. Government expenditures budgeting, taxation and subsidies. Government finance.
ECON 516 Economic Development
This course studies the current policy issues of underdeveloped countries with reference to the relevant theoretical debates and country experiences. Economic relations between countries, trade, technology and financial issues, the role of the state, the implications of endogenous growth theory and international institutional constraints on policy making.
ECON 518 Political Economy
Political economy analysis political institutions and their impact on economic policies. Offers an institutionalise perspective on the economy and economics. Analyses the historical processes by which land, labour and capital became commodities, and the processes by which the picture of the modern economy as one based on absolute scarcity, unlimited wants and calculating, maximising homo economics came to be drawn. Discusses institutional basis of capitalism, relationship of politics to economics, and the limits of economic analysis.
ECON 519 Labour Economics and Social Policy in European Union
Following a brief overview of the historical evolution of the European Union, this course examines the sources and institutions of the EU particularly concerning with social policies. Fundamental principles of EU on social policy will be examined. The course also examines the freedom of free movement of persons within EU and the rights, duties, responsibilities of the components of the social dialog.
It’s certain that the European labour market is efficient. Even though the labour efficiency is not high as much as in U.S but still its above standard compared with the world as a whole. The labour market structure in EU is no stable, it’s a continuing process especially this is because of EU is performing to create an efficient working single market. This course allows the students to learn the new reforms in labour market in EU, specially they will understand why the reforms are required.
ECON 521 Economics of Financial Markets
The reasons of studing money, banking and financial markets; An overviev of the financial system; Understanding interest rates; Portfolio choice; The risk and term structure of interest rates; Economic analysis of financial structure; Economic analysis of banking regulation; The keynesian framework and the ISLM Model; Monetary and fiscal policy in the ISLM Model; Rational expectations: implications for policy.
ECON 522 World Economy
The impacts of the globalization on the world economy; The economic impacts of the multinational companies on the less developed countries.The importance of the agricultural economics in the world economy International trade, economy, transportation, and technology transfers.The economic characteristics of less developed countries. The important relations of the international economics and politics.
ECON 530 Marketing Strategies in European Union
This course enables students to acquire expertise in developing marketing strategies for the European Union and thereby to extend their range of marketing understanding, both to deal with global marketing situations in non-domestic markets and the impact of global competitors on the domestic market. It promotes an understanding of marketing strategies that can be developed to gain competitive advantage in the EU market.
ECON 531 Economics of Marketing Management
Analytical approach in diagnosing real-life marketing problems; study and group field work on product, price, distribution, promotion decision issues, new product development and positioning, direct marketing, sales force management, evaluation and control and marketing audit.
ECON 532 Cost Accounting
Cost Accounting: Its nature and usefulness, cost concepts and behaviour, Accounting for cost flows: cost accumulation, cost allocations concepts, job costing, process costing, allocating service department costs, allocating joint cost, and variable cost.
ECON 533 Investment Analysis
Money Market Securities, The Time Value of Money , Issuing and Trading Securities, Secondary Security Markets , Security Market Indexes , Short Positions ,Hedging, and Arbitrage, Total Risk and Risk Factors, Bond Valuation, Common Stock Valuation, Fundamental Analysis, Technical Analysis .
ECON 541 Strategic Planning (Bus. Policy in MBA)
Students are exposed to conditions which emulate those under which management of departmentalized business is accomplished. Games and cases will be used whenever appropriate. When the case method is employed, only three or four series of cases, each relating to a single firm and each drawn from a different segment of industry are studied in order to afford reasonable coverage of the several types of problems requiring major policy decisions.
ECON 543 Public Economics
Public economics deals with the justifications for government involvement in the private sector, the effects of major existing and proposed expenditure programs and taxes, and the theory of the political process. The primary purpose of this course is to develop the tools necessary to evaluate public policy.
ECON 544 Fiscal Policy
In this course definition of fiscal policy and than the role of fiscal policy in history will be explained. Instruments of fiscal policy and why they used by governments. How we can use fiscal instruments for budget deficit and how taxes affect the investment decisions also will be discussed. Expansionary and contractionary fiscal policies are the other topics and the course will and with the EU fiscal policies.
ECON 545 Small Economies
Course devoted to examination of the economic consequences of the size of a nation. Problems faced in the development process. The case of the economy of different small nations, especially of the Turkish Republic of Northern Cyprus.
ECON 546 Economics of Imperfect Competition
This course will provide an examination of the structure, conduct and performance of industry applying the concepts and techniques at economic analysis. Topics covered include the theories of monopoly, competition and oligopoly, concentration, barriers to entry, price fixing and other restrictive practices, mergers, technological change, and public regulation. The course will also focus on the historical development of antitrust law.
ECON 555 The Cyprus Economy
This course is designed to provide an understanding of economic growth and development in Northern Cyprus through a literature based analysis of the political economic system, government, institutions and the regime type. Appropriate readings will lay the basis for a comprehensive study of the Turkish Cypriot economy in a comparative perspective.
ECON 556 Trends in Globalization
This course analyses the historical evolution of the Globalizationand the effects on the society. The important implications of Globalization and the main trends in this process will be studied. The general analysis of the possible impacts on the third world countries will be examined.
ECON 558 Mathematics of Finance
This course objective is to provide students with practical understanding key equation and calculation tools used by financial management environment. Designed to form the basis of master course and it covers the major areas of mathematical finance and financial economics. The combination of practice and theory supported by computational tools is reflected in the selected topics. This course deals with important topics in financial management in a way that use mathematical tools and shows how these models can be numerically implemented in a practical way.
ECON 560 Production and Operations Management
The modern techniques are analysed in the production and in the production sectors for increasing the efficiency. The course is mainly based on the application due to this fact several homeworks are prepared by the students which are largely applicable.
ECON 561 Financial and Economic Crises
As a result of globalization in the world economy the financial and economic crises are becoming a more serious problem for all the countries. So the course is analysing the reasons of economic and financial crises in the world countries and also suggests the required solutions.
ECON 562 Quantitative Methods For Economics and Finance
The purpose of the course is to introduce master students to a range of quantitative methods that are commonly used in several areas of finance. This course is taught in two parts. In the first part, we will introduce concepts and methods from statistical inference and regression analysis. The second part will include additional topics in regression analysis and time series analysis. Emphasis will be given on applications of the techniques in finance through class examples and assignments. Students will also become familiar with analyzing financial data through quantitative techniques and, more importantly, with interpreting and evaluating results from the quantitative analysis.
ECON 570 Advanced Institutional Economics
“Institutional Economics” is a course in new political economy. Course is interdisciplinary and investigates relations between economic theory, political theory, legal studies, gender studies and public choice theory. It examines constraints and other characteristics of human behavior in order to determine sources of economic growth and development.
In addition to economic factors a lot of legal, historical, religious, etc factors influence human choices and behavior. All such factors are called “institutional”.
Basic aim of the course is to explain relationship between institutional characteristics and economic growth and development.
During the studies, institutions and development, institutional and non-institutional explanations of economic differences; political institutions and the state; legal institutions of a market economy; modes of governance; property rights; transaction costs and contracts shall be examined.
NOTE: Reading material, book, articles and lecture notes shall be provided by the instructor.
ECON 571 EU Environmental Economics and Policy
After an introduction to environmental economics and politics the course will present basic tools which are necessary to understand and analyze the recent developments about environment. The courses will focuse on to understand the importance of environment for economy and the political decisions that are taken for the solutions. The course will include case studies and the environmental policies of EU and the international organizations. Students should be able to write a research paper at the end of this course.
ECON 572 Managerial Economics
This course is aimed at showing to students the application of economic theory and the tools of analysis of decision science to enable a firm to reach optimal managerial decisions in the face of constraints in today’s global economy.
MAN 512 International Business
The main topics are the environment and its importance, business environment relations, management theories and environment, organizational efficiency and the environment, bureaucracy and the environment, closed system approaches, voluntary viewpoint, open-systems approaches and the environment, various environmental models in contingency approach, the relationship between organizational effectiveness and internal, external environment.