Macroeconomics

Macroeconomics

Major Courses

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School of Economics and Management

All

KCCBG1MCA1

2.00Credits

講義 (Lecture)

Spring semester 2026

(Spring semester)

Mizuki TSUBOI

School of Economics and Management

English

8

Wednesdays, 12:20–12:50, Room A424

miduki_tsuboi@em.u-hyogo.ac.jp

1◎／3◎／2〇

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N/a

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Course objectives:
This course studies short-run business cycles. When following current economic news, you may have asked questions such as: “Why has inflation remained persistently high?” “Can government policy fix it?” or “Why has the yen been so weak in recent years?” Many of these questions—and others we encounter in everyday life—can be analyzed using a core macroeconomic framework known as the dynamic stochastic general equilibrium (DSGE) model. In this course, we study the building blocks of the DSGE model step by step and develop a systematic understanding of how it works.

Learning Goals:
By the end of the course, students should be able to understand the structure of the DSGE model and its key components, use it to interpret ongoing economic events, and assess the likely future course of the economy.

Course Subtitle:
Short-Run Business Cycles

Keywords:
Business Cycles; DSGE model

Course Overview:
The course begins with the study of one of the most important markets in macroeconomics: the labor market. It then proceeds to the goods market and financial markets, and culminates the study of the DSGE model. Review sessions will be held periodically to reinforce understanding through joint problem-solving.

Lecture Schedule:
1. Introduction and Course Overview
2. The Labor Market, Wages, and Unemployment
3. Inflation
4. Review Session I
5. An Overview of the Short Run
6. The Great Recession: A First Look
7. The IS Curve
8. Monetary Policy and the Phillips Curve
9. Stabilization Policy and the AS-AD Framework
10. Review Session II
11. The Great Recession and the Short-Run Model
12. International Trade
13. Exchange Rates and International Finance
14. DSGE Models: The Frontier of Business Cycle Research
15. Review Session III

In-person

In-person classes only, not subject to the cap on distance-education credits.

Limited permission for use

Limited permission applies. When using generative AI (GenAI), students must comply with the “Guidelines on the Use of Generative AI in Education at the University of Hyogo (For Students).” GenAI tools such as ChatGPT can be used only for polishing English in assignments. If submitted work is found to be generated by AI, the assignment will receive a score of zero.

Jones, C.I., 2024. Macroeconomics, 6th edition. W.W. Norton & Company.

Blanchard, O.J., 2025. Macroeconomics, 9th edition. Pearson.
Brunnermeier, M.K., Reis, R., 2023. A Crash Course on Crises. Princeton University Press.
Mankiw, N.G., 2025. Macroeconomics, 12th edition. Macmillan.

Preparation:
Read the assigned textbook sections and lecture slides in advance (4 hours per week).

Review:
Review lecture slides and complete assigned problem sets (4 hours per week).

Due to the large class size, active learning activities cannot be implemented.

Grades are based on the final examination (100%). However, occasional in-class mini quizzes and online assignments may be taken into consideration when a student’s final score falls on the borderline between two grade categories. Grades are assigned as follows: S (90 points or higher), A (80 points or higher), B (70 points or higher), and C (60 points or higher).

For assignments, common answers and selected student responses will be shared in class, including visual summaries such as word clouds. For the final exam, scores and answer keys will be provided after the examination.

Introductory Macroeconomics is a prerequisite; however, students can register for this course even if they have not yet earned credit for it. While the course will be taught as clearly and intuitively as possible, students are expected to review course materials on a weekly basis.

Not applicable.

This course is more formal than Introductory Macroeconomics. While calculus is avoided and the mathematics itself is not difficult, students may find it challenging to translate mathematical expressions of economic concepts into plain English. Serious and consistent study is therefore expected. After mastering the content of this course, the way you view economic news and the world around you will likely change—and that will be a valuable return on your investment in a college education.