COURSE INFORMATION
Course CodeCourse TitleL+P HourSemesterECTS
ECON 334HOUSİNG ECONOMİCS3 + 05th Semester5

COURSE DESCRIPTION
Course Level Bachelor's Degree
Course Type Elective
Course Objective Housing, unlike other goods, has its unique characteristics in terms of heterogeneity, durability, spatial fixity, and high purchase price relative to income. These suggest that conventional economic concepts need to be readdressed in order to analyze the microeconomic issues of housing. Besides, a significant number of households own residential properties by borrowing mortgages. A substantial collapse in housing prices might lead to negative equity for those households, and reduce their consumption and investment thereafter. Therefore, the macroeconomic implication of housing market dynamics cannot be overstated. The US subprime mortgage crisis during 2007─09 suggests that a sharp downturn in the housing market can cause negative spillovers to the aggregate economy. The first part of this course focuses on microeconomic issues like housing demand and supply analysis, models of housing market, rationales and effects of government’s housing policies. The second part emphasizes the macroeconomic issues such as the stylized facts on housing market dynamics, causes of housing market fluctuations, and housing market spillovers. Applications to the subprime mortgage crisis of 2007-2009 and housing markets in Turkey will also be addressed. The objective of this course is to develop analytical frameworks by which students can address both the microeconomic and macroeconomic issues of housing.
Course Content -Demand analysis of housing market in a specific city, or country. -Supply analysis of housing market in a specific city, or country. -Analysis of the effectiveness of public policies in housing markets. -Analysis of potential housing market bubbles in a specific city. -Cross-country analysis of housing market bubbles. -Analysis of the causes and consequences of housing market crisis. -Analysis of the spillovers from the housing market to the aggregate economy.
Prerequisites No prerequisites.
Corequisite No corequisites.
Mode of Delivery Face to face

COURSE LEARNING OUTCOMES
1İlk kazanım otomatik olarak atılmaktadır. Güncellemeniz gerekmektedir. Yeni Eklemek için (+) YENİ KAZANIM EKLE tıklayınız.
1Apply the microeconomic concepts and models to conduct supply and demand analysis of housing markets
2Understand the economic rationales and effects of public policies on housing
3Apply the macroeconomic concepts and models to analyze the dynamics and spillovers of the housing market.
4Use the relevant quantitative tools to carry out the empirical analysis of housing markets
5Formulate and conduct a secondary research project related to housing market issues

COURSE'S CONTRIBUTION TO PROGRAM
PO 01PO 02PO 03PO 04PO 05PO 06PO 07PO 08PO 09PO 10PO 11PO 12
LO 01            
LO 02            
LO 03            
LO 04            
LO 05            
Sub Total            
Contribution000000000000

ECTS ALLOCATED BASED ON STUDENT WORKLOAD BY THE COURSE DESCRIPTION
ActivitiesQuantityDuration (Hour)Total Work Load (Hour)
Course Duration14342
Hours for off-the-classroom study (Pre-study, practice)13339
Assignments11010
Mid-terms11313
Final examination12626
Total Work Load

ECTS Credit of the Course






130

5

COURSE DETAILS
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L+P: Lecture and Practice
PQ: Program Learning Outcomes
LO: Course Learning Outcomes