Introductory Macroeconomics

Introductory Macroeconomics

専門教育科目

−

国際商経学部／物質理学研究科

学年指定なし

KCCBG1MCA1

2単位

講義 (Lecture)

2024年度後期

(Fall semester)

磯貝 茂樹

国際商経学部

英語

目標4

To be announced in the first class.

To be announced in the first class.

1◎／2〇／3〇

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The course aims to provide basic knowledge of (and familiarity with) macroeconomics. It starts with a general introduction to economics as a whole and a discussion on why we may be interested in (macro)economics. Then we will learn standard topics on macroeconomics.

The students are expected to grasp general ideas about (macro)economics and to be able to explain basic economic concepts such as GDP. Ideally, the instructor hopes that students come to like (macro)economics.

First step to study (macro)economics

Macroeconomics

In macroeconomics, we are interested in the movement of an economy as a whole. For example, we study how the overall wealth of an economy is affected by a sudden economic event (such as oil price changes) and an economic policy. Macroeconomics is also related to the problem of economic development: how an economy goes up a ladder from lower income to higher income. Any such topics are important to increase happiness among people all over the world.

The course will cover basic topics of macroeconomics. Particular focus will be on understanding basic concepts of macroeconomics such as GDP, interest rates, and financial intermediation. The instructor tries to provide intuitive explanations to understand economic phenomena rather than terse, theoretical exposition.

The tentative schedule is as follows:
Week 1: Introduction
Week 2: Basic concepts (1)—GDP, unemployment, and inflation
Week 3: Basic concepts (2)—Money
Week 4: Basic concepts (3)—Financial markets and interest rates
Week 5: Basic concepts (4)—Goods and financial markets in open economy
Week 6: Macroeconomic analysis in the short run (1)—Goods markets
Week 7: Macroeconomic analysis in the short run (2)—Financial markets
Week 8: Macroeconomic analysis in the short run (3)—IS-LM analysis
Week 9: Business cycle fluctuations (1)—Labor market
Week 10: Business cycle fluctuations (2)—Phillips curve
Week 11: Business cycle fluctuations (3)—AD-AS analysis
Week 12: Economic Growth (1)—Growth facts
Week 13: Economic Growth (2)—Solow growth model
Week 14: Financial intermediation and financial crisis
Week 15: Review of the course

Exam week: Final exam

The first 5 lectures explain basic concepts in macroeconomics. Understanding those concepts will be crucial to students' learning in the following years in our school. Then we will study standard analytical tools in macroeconomics, namely, the IS-LM model, AD-AS model, and Solow growth model, in an accessible way. The emphasis will be on intuitive explanation and we will not delve too deep into technical details. Finally, I briefly explain the important (and dramatic) topic of financial intermediation and its relationship with financial crises, which are for many people impressive phenomena in the real world. In the final week, we review what we have learned and motivate further study in the following semesters.

Note: While not relevant to evaluation, students are allowed to use generative AI to help their self-study. However, they need to be aware that the currently used AIs (such as chatGPT) do not necessarily tell you correct statements about your inputs (particularly when you ask something academic or professional). It is their responsibility to make a "fact-check" on the output.

The instructor provides the lecture notes (or lecture slides).

Olivier Blanchard, "Macroeconomics" and
Frederik Mishkin, "The Economics of Money, Banking, and Financial Markets."

[Preparation] Reading the lecture notes beforehand (15h)
[Review] Checking your understanding of the course materials (including reading the lecture notes again and solving review exercises) (15h)

Hours for "explicit" active learning are not reserved (for group activity or discussion). However, any questions and spontaneous discussions from students are always welcome, and the instructor plans to introduce a web service that enables students to anonymously ask questions (to help shy students).

The course evaluation aims to assess students' understanding of the course materials. It will be based on the final exam.  

The course materials (such as lecture notes and review exercises) will be provided through the university system.

There is no prerequisite. Everyone is welcome. 

Not applicable.