ECONOMICS

Refet Soykan G├╝rkaynak, Ph.D., Chair

Academic Staff
Part-time Academic Staff
Courses

Economics is the study of the behavior of economic units, institutions and systems and the choices that they make with respect to the allocation of scarce resources between production and consumption. It is concerned with a wide range of problems that directly affect society: the causes of unemployment and inflation, productivity and economic growth, foreign debt and trade links, and the role of government in market economies.

UNDERGRADUATE PROGRAM

The program leading to the Bachelor's degree in Economics combines training in technical economics with opportunities for a broad and balanced undergraduate education. The program aims to give the students a solid grounding in modern economic theory and accompanying skills necessary for independent and critical thinking which will allow them to acquire an understanding of the Turkish and the world economy. The aim is achieved through a flexible curriculum which is structured to provide the basic social science and quantitative toolbox necessary for all economists in the first two years, followed by a student-tailored curriculum in the last two years during which the students choose a track of study they prefer to complete under economics. These tracks cover all general economics fields including Academics Economics Track which aims to prepare students for a highly quantitative graduate study, Macroeconomics Track which emphasizes topics about the workings of the macroeconomy such as monetary and international economics, Microeconomics Track which focuses on the decision making of individuals and firms in depth, Managerial Economics Track which capturing the synergy issues between management and economics, and finally a General Economics Track which allows the students to explore cross tracks during their studies. All of these general tracks are supported by a range of free electives allowing students to becoming well-rounded social scientists and furthermore university graduates.

CURRICULUM

FIRST YEAR

Autumn Semester

Code Course Name Hours Credit ECTS
Credit
Lec. Other
CS 123  Introduction to Computing and Programming  3  2  3  6
ECON 101  Introduction to Economics I  4  2  3  6
ENG 101  English and Composition I  5    3  6
GE 100  Orientation  1    1  1
MATH 105  Introduction to Calculus I  4    4  7
TURK 101  Turkish I      2  2
  Unrestricted Elective      3  6

Spring Semester

Code Course Name Hours Credit ECTS
Credit
Lec. Other
ECON 102  Introduction to Economics II  4  2  3  6
ENG 102  English and Composition II  5    3  6
MATH 106  Introduction to Calculus II  4    4  7
TURK 102  Turkish II      2  2
  Unrestricted Elective      3  6
  100 Level Social Science Elective      3  6

SECOND YEAR

Autumn Semester

Code Course Name Hours Credit ECTS
Credit
Lec. Other
ECON 203  Microeconomic Theory I  3    3  6
ECON 205  Macroeconomic Theory I  3    3  6
ECON 221  Introduction to Probability and Statistics I  3    3  6
ECON 225  Mathematics for Economists  3    3  6
GE 250  Collegiate Activities Program I      -  1
HCIV 101  History of Civilization I  3    3  6

Spring Semester

Code Course Name Hours Credit ECTS
Credit
Lec. Other
ECON 204  Microeconomic Theory II  3    3  6
ECON 206  Macroeconomic Theory II  3    3  6
ECON 222  Introduction to Probability and Statistics II  3    3  6
GE 251  Collegiate Activities Program II      1  1
HCIV 102  History of Civilization II  3    3  6
HIST 200  History of Turkey  4    4  8
  Restricted Elective      3  6

THIRD YEAR

Autumn Semester

Code Course Name Hours Credit ECTS
Credit
Lec. Other
ECON 301  Econometrics I  3  1  3  6
ECON 363  History of Economic Thought  3    3  6
  Economics Elective      3  6
  Restricted Elective      3  6
  Unrestricted Elective      3  6

Spring Semester

Code Course Name Hours Credit ECTS
Credit
Lec. Other
  Economics Electives (2)      6  12
  Restricted Elective      3  6
  Unrestricted Electives (2)      6  12

FOURTH YEAR

Autumn Semester

Code Course Name Hours Credit ECTS
Credit
Lec. Other
ECON 399  Summer Training      -  6
  Economics Elective      3  6
  Restricted Elective      3  6
  Transdisciplinary Senior Project      3  6
  Unrestricted Elective      3  6

Spring Semester

Code Course Name Hours Credit ECTS
Credit
Lec. Other
  Economics Electives (2)      6  12
  Restricted Elective      3  6
  Unrestricted Electives (2)      6  12

ELECTIVE REQUIREMENTS

Regardless of the track a student has chosen, the elective composition of each student should adhere to the following quotas:

  1. One 100 level social science elective.
  2. Five restricted electives.
  3. Eight unrestricted electives.
  4. Six Economics electives.
  5. One Transdisciplinary Senior Project.

MINOR PROGRAM

The Minor program in Economics is offered to students who are interested in economics but hold primary interests in other fields. Economics is the study of the allocation of resources and provides an understanding of a very wide range of issues that one faces both in their daily lives and in their careers. By arming the students with the theoretical toolkit as well as the basics of empirical analysis, and allowing the application of this expanded toolbox in a field elective course, the Minor program in Economics promotes the intellectual growth of the individual student and contributes to them becoming better citizens as well as better professionals. The minor is not only useful for students in fields other than economics who may wish to continue their education with a graduate degree in economics but also for those who wish to prepare for a MBA, graduate studies in other social sciences including law, international relations, public policy and quantitative analysis, as well as those who just want to have a better understanding of the world they are living in.

Prerequisite Courses:

  • MATH 102 Calculus II or MATH 106 Introduction to Calculus II or MATH 114 Multi Variable Calculus
  • One of the below requirements
    • ECON 101 Introduction to Economics I and ECON 102 Introduction to Economics II
    • ECON 103 Principles of Economics
    • ECON 107 Principles of Microeconomics and ECON 108 Principles of Macroeconomics

CURRICULUM

Courses

Code Course Name Hours Credit ECTS
Credit
Lec. Other
ECON 203  Microeconomic Theory I  3    3  6
ECON 204  Microeconomic Theory II  3    3  6
ECON 205  Macroeconomic Theory I  3    3  6
ECON 206  Macroeconomic Theory II  3    3  6
  ECON 222 or ECON 301      3  6
  Elective (Any 300 or 400 level ECON Course)      3  6

GRADUATE PROGRAM

Graduate programs in economics aim to train students to enable them to carry out independent research. For this purpose, the programs are designed to ensure that the students get a solid background in both economic theory and the techniques used in empirical research. While the Department offers both M.A. and Ph.D. degrees, the M.A. degree is considered, in principle, as an intermediate step that is passed en route to the Ph.D. The core requirements common to both programs leave little room for choosing the courses to be taken in the first year, but the students are offered considerable flexibility as to their choice of the fields of specialization later on.

Students admitted to graduate studies in the department are expected to have a strong background in undergraduate level economics and some training in mathematics and statistics. Sufficient (though not necessarily a pre-condition) background would consist of an undergraduate degree in Economics, a year-long calculus sequence that includes multivariate analysis, a course in linear algebra, and a course in probability and statistics. (Also refer to the ``Graduate Admissions'' section in the introduction of this catalog for the general graduate admission requirements.)

Master of Arts in Economics

The curriculum aims to prepare the students toward a Ph.D. degree. However, elective courses and a thesis study in the 2nd year gives the students the opportunity to over take practical training, preparing them for jobs in the government or private sector.

Prospective students must have completed Bilkent University's requirements for a Bachelor of Arts degree in Economics or approximately equivalent training. Since students will be required to take the same courses as the Ph.D. candidates, similar preparation in mathematics and statistics is generally expected. Degree requirements for Master of Arts in Economics are:

  1. The core curriculum for Master of Arts in Economics degree must be successfully completed. The courses in the core curriculum for Master of Arts in Economics include the graduate level Mathematics Review course (ECON 500), Microeconomic Theory (ECON 503-504), Macroeconomic Theory (ECON 505-506), Mathematics for Economists (ECON 515-516), Probability and Statistics (ECON 509-510), Research Paper (ECON 595-596) sequences, two elective sequences, and Pro-Thesis Seminar (ECON 590) and the Master's Thesis (ECON 599) courses.
  2. A Master's thesis must be submitted and successfully defended.
  3. A grade point average of at least 3.00 must be maintained for the duration of Master's level work.

CURRICULUM

Courses

Code Course Name Hours Credit ECTS
Credit
Lec. Other
ECON 503  Microeconomic Theory I  4  1  4  7
ECON 504  Microeconomic Theory II  4  1  4  7
ECON 505  Macroeconomic Theory I  4  1  4  8
ECON 506  Macroeconomic Theory II  4  1  4  8
ECON 509  Probability and Statistics I  4  1  4  6
ECON 510  Probability and Statistics II  4  1  4  6
ECON 515  Mathematics for Economists I  3  1  3  7
ECON 516  Mathematics for Economists II  3  1  3  7
ECON 591  Masters Pre-Thesis Seminar I      -  1
ECON 592  Masters Pre-Thesis Seminar II      -  1
ECON 595  Research Paper I      -  1
ECON 596  Research Paper II      -  1
ECON 599  Master's Thesis      -  56
GE 500  Research Methods and Academic Publication Ethics      -  1
GE 590  Academic Practices      -  12
  Electives (2)      6  12

Dual Master of Arts/Master of Science in Economics with Tilburg University

Bilkent University and Tilburg University offer a joint Master's program with degrees granted from both universities to serve the needs of today's modern business world. The flexibility of the program allows students to specialize according to their needs and aspirations beyond the boundaries of a traditional master's program. This joint initiative allows participants to benefit from a wider range of expertise from three different departments, two different universities and two different cultures. The competitive business environment demands specialization that builds on a strong foundation, of which the pillars are sound theoretical knowledge and strong analytical skills. Serving this need, the program offers not only the quantitative rigor, but also the application oriented specialization in highly demanded fields.

The program is a two years dual Master's program. Full time students spend their first year at Bilkent University and their second at Tilburg University. Part-time students have the option to complete their education in Turkey in two years. Students are expected to take 13 to 15 courses and write two Master's thesis. The initial year of the program in Bilkent University sets the groundwork and provides the participants with necessary skills to continue towards the second year in Tilburg University where they specialize in one alternative field. The two Master's theses are completed at the end of the last year, each approved by individual committees in both universities. After the completion of the program the students are granted an M.A. in Economics at Bilkent University and an M.S. degree in one of the following fields at Tilburg University: Economics, Mathematical Economics and Econometric Methods, Operations Research and Management Science, Quantitative Finance and Actuarial Sciences.

Doctor of Philosophy in Economics

The Ph.D. program in economics is a program requiring the attainment of scientific competence in conformity with international scientific standards. Admission to the doctoral program is by written application and an evaluation by the department. It is expected that admitted students will be adequately prepared in calculus, linear algebra, and statistics. (Also refer to the "Graduate Admissions" section in the introduction of this catalog for the general graduate admission requirements.)

All students take a common core curriculum at the outset and later branch out in the desired fields of specialization. The fields may be chosen from fiscal economics, international economics, macroeconomics, mathematical economics, monetary economics, and econometrics. Well-prepared students should anticipate spending approximately two years in course work and another two years in seminars, independent study, and dissertation research. While exceptional progress may make a three-year program feasible, some types of research programs will require at least five years to complete.

A candidate for the Ph.D. degree must:

  1. Successfully complete the core curriculum for Ph.D. degree in Economics. The courses in the core curriculum for Ph.D. degree in Economics include the graduate level Mathematics Review course (ECON 500), Microeconomic Theory (ECON 503-504), Macroeconomic Theory (ECON 505-506), Mathematics for Economists (ECON 515-516), Probability and Statistics (ECON 509-510) sequences, two elective sequences, and Pro-Thesis Seminar (ECON 590) and the Ph.D. Dissertation (ECON 699) courses.
  2. Successfully complete the course requirements for Ph.D. degree by earning at least 24 credits from the courses listed under ``Graduate Electives''. (Some graduate courses offered by other departments may be counted towards this requirement.)
  3. Show competence in two comprehensive examinations in macroeconomics and microeconomics within the first three semesters after being admitted to the Ph.D. program.
  4. Submit a detailed thesis proposal while taking the ECON 699 course and give a seminar on this work.
  5. A paper based on the candidate's thesis must be accepted or published in a reputable journal before the dissertation can be defended.
  6. Submit and successfully defend a dissertation that represents a contribution to knowledge in the field.

Candidates must be in residence for a minimum of three years including the period spent on the Master of Arts program.

CURRICULUM

Courses

Code Course Name Hours Credit ECTS
Credit
Lec. Other
ECON 691  Ph.D. Pre-Thesis Seminar I      -  1
ECON 692  Ph.D. Pre-Thesis Seminar II      -  1
ECON 695  Research Methods in Economics I      3  6
ECON 696  Research Methods in Economics II      3  6
ECON 699  Ph.D. Dissertation      -  167
GE 500  Research Methods and Academic Publication Ethics      -  1
GE 690  Academic Practices      -  24
  Electives (6)      18  36

During each semester of the second year at least three credit units of electives must be taken. The Ph.D. candidate may also take elective courses for credit in the third and fourth years of study. These electives may include courses from other departments or institutions as well as courses offered by the Department. There is no upper or lower limit on the number of such courses.


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