EC 388 / IN 388 Economic Policy Analysis in Turbulent Times: Europe and Turkey

Offered in Berlin, Germany and Istanbul, Turkey, 23 May-20 June 2014
through the Office of International Programs in cooperation with BAU Bahcesehir University

By Profs. Christopher F Baum and Can Erbil

This four-week, four credit hour course will count as an upper-level elective toward the Economics major and minor requirements (for those who have already completed EC201 or EC202: a lower-level elective otherwise), as an elective for the CSOM Economics concentration, and as an approved elective for the International Studies major and minor. Completion of EC201-202 (Intermediate Theory) and EC228 (Econometric Methods) is useful but not essential. The course should be of interest to students in economics, management, international studies, political science, sociology and related disciplines.

Students should arrange their travel to arrive in Berlin on Friday 23 May. Housing will be available from that night. There will be an orientation and first class session on Monday 26 May. No class on Thursday 29 May, a German holiday. Classes in Berlin will end on Thursday 5 June. Students and faculty will travel to Istanbul on Friday 6 June, with classes on Monday 9 June-Friday 20 June. Housing will be provided through the night of Friday 20 June.

Focus and format of the course

This program aims to analyze the broad range of economic policies implemented by the economic engine of Europe: Germany and by one of the rising stars of emerging market economies: Turkey.

Studying the differences, as well as similarities of policy responses to financial crises and understanding the distinct economic perspectives of both countries will be at the core of the program. Students will utilize the expertise of guest speakers and the lectures by Profs Baum and Erbil to evaluate different economic scenarios in their several short essays.

Historical and economic ties between Germany and Turkey will provide a natural flow to the program. The students will have the opportunity to contrast and compare the economies, cultures, people and two of the most beautiful metropolises of the world.

This unique experience will provide ample material to support the theory and material covered in class at Boston College. Access to prominent guest speakers, company and site visits, and numerous cultural activities will constitute an exclusive, rich, educational, fun and memorable four-week program.

The policy challenges facing European economies, and the methods used to study and address them, are the focus of this summer course on economic policy analysis in turbulent times. The course will involve a series of lectures on the major policy issues, with readings from the text Economic Policy: Theory and Practice (Benassy-Quere et al., Oxford University Press, 2010) interspersed with

Guest lecturers will focus on their research areas of specialization and present a practical understanding of the issues. Emphasis will be placed on how policy analysis is carried out, including its expositional and methodological aspects, in order to provide clear and convincing findings to government, business, academe and the media.


Wed 28 May, 10:00 AM: Prof Dr Kerstin Bernoth, Deputy Head of Department of Macroeconomics, DIW Berlin, Professor of Economics, Hertie School of Governance, Berlin: "A transfer mechanism as a stabilization tool in the EMU" | Slides (reflection 1)

Wed 28 May, 2:00 PM: Prof Dr Dorothea Schäfer, Research Director Financial Markets, DIW Berlin, Associate Professor at Jönköping International Business School, Sweden: "Financial Development and Employment - Evidence from Transition Countries"

Mon 2 Jun, 2:00 PM: Dr Philipp König, Economist, Department of Macroeconomics, DIW Berlin: "Target2 and the mechanics behind the Euro area balance of payments crisis" (reflection 2)

Tue 3 Jun, 9:50 AM: Claus Tigges, regional Bundesbank president, at 10 Leibnitzstraße, 10625 Berlin-Charlottenburg, ca. 1/2 mi. west from Ernst-Reuter-Platz (U2) along Bismarkstraße. Alternative: Savignyplatz (S5, S7, S75).

Tue 3 Jun, 2:50 PM: Huseyin Avni Karslioglu, Turkish Ambassador to Germany, at Tiergartenstraße 19-21 (Entrance on Hildebrandstraße), 10785 Berlin. Bus 200 to Tiergartenstraße or S-Bahn to Potsdamer Platz (ca. 0.75 mi).


Mon 9 Jun, 1500-1540: BAU Besiktas Guided Tour
1545-1715: presentation by Prof. Nilufer Nurlu, "Dynamics of new politics of Turkey within the two decades"
1730-1800: presentation by Ms. Gizem Dogan, International Projects Director, Office of the Chairman of the Board of Trustees
1830-1900: presentation by Ms. Zeynep Yener, Director of Bahcesehir University International CO-OP

Tue 10 Jun, 1500-1800: Visit to Bogaziçi University, hosted by Prof. Olcay Akyildiz and Prof. Aybek Korugan: "Current Events, Gezi Protest and Cultural Life in Turkey"

Wed 11 Jun, 1400-1700: Visit to Borsa Istanbul; presentations by Borsa Istanbul International Relations Specialists Mr. Onur Sar and Ms. Banu Budayoglu Yilmaz
Istinye Park Visit
2030: Concert at Hagia Eirene: "Turquerie : The Ottoman Magic"

Thu 12 Jun, 1500: Visit to BETAM (Bahcesehir University Center for Economic and Social Research), hosted by Prof. Seyfettin Gursel, Dr. Zumrut Imamoglu, Dr. Gokce Uysal

Fri 13 Jun, 1500: BAU guest speaker Prof. Cagdas Sirin, "Turkey: Emerging or Fragile? A Data-Based Analysis"

Mon 16 Jun, 1000-1200: DEIK (Foreign Economic Relations Board) visit; host and speaker: Mr. Nuri Colakoglu

Tue 17 Jun: 1000: BAU Startup Boot Camp visit and presentation (TBA)

Wed 18 Jun, 1500: Guest speaker Arhan Ertan

Fri 20 Jun, 1500: Closing lectures (Profs. Erbil and Baum)
1700: Closing Remarks: EC/IN 388 Students

Course requirements

Course requirements will include four short essays discussing aspects of the selected guest lecturers' presentations due before midnight on the day following the day of presentation. The essays, in PDF format, are to be emailed to Prof. Baum and Prof. Erbil. Active participation in class discussions is required.


Please see the Readings page (updated 4 June 2014) for some useful websites, recent articles and a list of books related to Germany and Turkey in historical and modern times.

Logistics and Cultural Events

Students should get their e-visa for Turkey before leaving the USA. Students with US passports do not need a visa to enter Germany.

Students should plan to arrive in Berlin's Tegel Airport (or Schonefeld Airport) on Friday 23 May. Take a taxi to the Hotel Märkischer Hof, Linienstraße 133, Mitte, 10115 Berlin, and save the receipt for reimbursement.

Students will receive a local zone A/B or A/B/C VBB transportation pass for the duration of their Berlin stay. The Berlin transit system runs 24/7, although subways (U-Bahn) and heavy rail (S-Bahn) are replaced by night buses (Nachtbus) late at night. U-Bahn and S-Bahn lines operate on the honor system; you must show your valid VBB pass if requested by a ticket inspector. To ride the bus, show your pass to the driver.

Students should bring one set of business attire--the sort you would wear to an interview--for some Istanbul class sessions. Otherwise, a "business casual" outfit is most appropriate for more formal cultural events such as symphony concerts and visits to churches, mosques, etc. (i.e. button-down shirt or blouse, not t-shirt, and slacks, not jeans). Note that Europeans and Turks are generally more formal than most Americans in their dress. Bring comfortable shoes for day trips, which will involve a lot of walking, often over cobblestones or other rough surfaces. Also bring your BC student ID in case it is needed for reduced rate entry.

Schedule of Extracurricular Events [Berlin]:

Sat 24 May, departure place/time TBD: Bus/boat tour (hop-on/hop-off ticket valid Sat and Sun)

Sat 24 May, 1900: Welcome dinner at Maximilian's, Friedrichstraße 185-190. [U2 or U6: Stadtmitte]

Sun 25 May, 1100: Sunday brunch at Die Berliner Republik, Schiffbauerdamm 8, just across the river from Bahnhof Friedrichstraße [U2]. Program provides brunch.

Thu 29 May, 1115 (be there at 1100): Visit to Reichstag cupola and roof terrace (MUST BRING PASSPORT!), visitors' center of Reichstag Building, Scheidemannstraße [S1, S2, S25: Brandenburger Tor, U55: Bundestag, or walk along south bank of Spree from Bahnhof Friedrichstraße]

Fri 30 May, 2000 (be there at 1930): Philharmonie [Herbert-von-Karajan Straße, 2 blocks west of Potsdamer Platz: S1, S2, S25 from Friedrichstraße Bahnhof] Berliner Philharmoniker with Hilary Hahn, Vieuxtemps violin concerto and Tchaikovsky "Manfred" symphony

Sat 31 May, leave hotel at 0945 sharp: Group visit to Potsdam and palaces. SansSouci entry at 1420h. Comfortable walking gear a must!

Sun 1 Jun, 1600 (be there at 1545): Group visit to Pergamon Museum on Museuminsel (entrance on south side of island at Bodestraße 1-3, next to Neues Museum), followed by pizza at Zwolf Apostel

Thu 5 Jun, 2000 (be there at 1930): Konzerthaus, Gendarmenmarkt [U2: Hausvogteiplatz or U6: Französische Str.]: G.F. Haendel, "Israel in Egypt"

Fri 6 Jun, 1450 (be at Tegel Airport by 12:30 PM): Turkish Airlines flight 1726 to Istanbul; transfer to Istanbul housing

Schedule of Extracurricular Events [Istanbul]:

Fri 6 Jun, 1835: Arrive Istanbul (EDT+7)
2030-2130: Check-in at Republika Academic Aparts, followed by Ortakoy discovery walk and light dinner

Sat 7 Jun
1000-1200: Old City tour: Hippodrome, Hagia Sophia
1200-1300: Lunch at Cagferaga Medresesi (covered by the program)
1300-1430: Handicraft Workshops (marbling) at Caferaga Medresesi
1500-2000: Old City to New City walking tour (Sultanahmet Mosque, Grand Bazaar, Sirkeci, Eminonu, New Mosque, Spice Bazaar, Galata Tower, Tunel, Taksim Square)
2000: Welcome dinner at Safi Meyhanesi (covered by the program)

Sun 8 Jun
1000-1200: Topkapi Palace
1200-1300: Lunch at Sultanahmet Koftecisi
1330-1530: Istanbul Archeological Museum
1545-1645: Transport to Galata Mevlevihanesi
1700-1900: Sema exhibition: Whirling Dervishes at Galata Mevlevihanesi

Sat 14 Jun, free day: suggestions: Dolmabahçe Palace, Yildiz Palace, Istanbul Modern

Sun 15 Jun, 1100-1800: Asia visit via ferry, Kadikoy & Bagdat Street

Mon 16 Jun, following guest presentation: Kanyon Shopping Mall Visit

Thu 19 Jun
1000-1800: Old City visit (Sultanahmet Mosque, Blue Mosque, Basilica Cistern and Handicraft Workshop (TBD)
1800-2200: Bosporus boat trip and dinner

Fri 20 Jun, 1900-2100: Closing cocktail at BAU Besiktas Teras

Contact information

You may send Prof. Baum or Prof. Erbil an email message.