Macroeconomics

Macroeconomics

専門教育科目

Graduate Students

社会科学研究科

学年指定なし

KCWMS5MCA1

2単位

講義 (Lecture)

2025年度前期

(Spring semester)

坪井 美都紀

Graduate School of Social Sciences

英語

目標8

By appointment

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4◎／5〇

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Course Objectives
This course gives you the background you need to understand broad movements in both the Japanese and global economies. We will study what our textbook calls the 3-equation model. This is a simplified version of the frontier model of business cycle research called dynamic stochastic general equilibrium (DSGE) model that is used by central banks worldwide.

Learning Outcome
By the end of the course, you should be able to understand the discussion of macroeconomic issues, such as the causes of the ongoing surge in inflation in some countries, whether the Japanese yen will appreciate against the US dollar this year, and policy responses to the lingering impact of COVID-19.

Subtitle of the Class
Introduction to Modern Macroeconomics

Keywords of the Class
Business Cycle; Short-Run Model

Course Overview
This course begins with an analysis of the demand and supply side of the macroeconomy to develop the useful 3-equation model. Once we have built this model, we will extend it by adding several ingredients to study important topics, including monetary and fiscal policy, the role of expectations, the banking sector in the macroeconomy, and debt sustainability. As we approach the end of the course, we will further extend our framework to an open-economy context to study issues such as oil shocks, global imbalances, economic interdependence, and exchange rate fluctuations. After completing this course, you will realize that most economic phenomena can be understood through the lens of our 3-equation model.

Schedule
Lecture 1 - Introduction
Lecture 2 - The Demand Side
Lecture 3 - The Supply Side
Lecture 4 - The 3-Equation Model and Macroeconomic Policy
Lecture 5 - Expectations and Monetary Policy
Lecture 6 - Money, Banking, and the Macroeconomy
Lecture 7 - Monetary Policy
Lecture 8 - Fiscal Policy
Lecture 9 - Sources of Financial Sector Instability
Lecture 10 - Financial Sector Risk and the Global Financial Crisis
Lecture 11 - FInancial Stability Policy
Lecture 12 - The 3-Equation Model in the Open Economy
Lecture 13 - The Open Economy: The Demand and Supply Sides
Lecture 14 - Oil Shocks, Imbalances, and Interdependence
Lecture 15 - Fixed Exchange Rates and the Eurozone

Carlin, W., Soskice, D., 2024. Macroeconomics: Institutions, Instability, and Inequality. Oxford University Press.

Acemoglu, D., Laibson, D., List, J., 2022. Macroeconomics. 3rd edn. Pearson.
Athreya, K.B., 2015. Big Ideas in Macroeconomics. MIT Press.
Jones, C.I., 2024. Macroeconomics. 6th edn. W.W. Norton & Company.
Mankiw, N.G., 2025. Macroeconomics. 12th edn. Macmillan Learning.

Pre-learning entails completing assigned readings and preparing slides for class (10 hours per week). Post-learning involves reviewing and providing feedback on your classmates’ slides (3 hours per week).

Students will develop effective presentation skills through multiple presentations during the semester.

Grades are determined as follows: 30% based on your engagement in class activities and 70% based on the quality of your presentations. The number of required presentations will depend on the number of students enrolled.

You will be graded on a four-tier scale: S rank (above 90 points) is reserved for a small fraction of students who perform well above the average level, A rank (above 80 points) will be the most common score and indicates successful completion of the course, B rank (above 70 points) indicates satisfactory performance but lower presentation quality, and C rank (above 60) signals either a lack of commitment to the course or insufficient effort in presentations.

AI Use:
You are allowed to use AI tools such as ChatGPT. These tools will be useful in your future studies and careers, and it is important to learn how to use them wisely; for example, I extensively use AI tools in my research to improve my writing and to assist with programming. At the same time, be aware that using AI tools as a crutch can hinder your own learning. You are making a significant financial and opportunity cost investment in your education. Keep in your mind that learning is more important than grades – an S rank without true understanding is meaningless. Bottom line: Use AI tools to support your work, but never let them do your work.

Throughout the course, I will provide feedback on your presentations, including suggestions for improvement.

As this course has a small number of students, trust is essential. A lack of trust can undermine the entire experience. I strongly hope that mutual trust among you will create a positive and rewarding learning environment.

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Though this course uses some mathematics, you do not have to worry even if your mathematical background is weak. When more advanced mathematics is necessary, I will provide supplementary instruction.