Macroeconomics

Macroeconomics

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Core Specialized Courses

Graduate School of Social Sciences

All

KCWMS5MCA1

2.00Credits

講義 (Lecture)

Spring semester 2026

(Spring semester)

Mizuki TSUBOI

Graduate School of Social Sciences

English

8

Wednesdays, 12:20–12:50, Room A424

miduki_tsuboi@em.u-hyogo.ac.jp

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4◎／5〇

N/a

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Course Objectives:
Macroeconomics studies the economy as a whole. In particular, it addresses questions such as: “Why has inflation remained persistently high?” “What was the economic impact of COVID-19?” “Why, when, and how do central banks adjust interest rates, and how do these changes affect our daily lives?” This course examines the goods market, financial markets, and labor market in turn, and ultimately integrates them into a unified framework—the IS-LM-PC model—to analyze these and other macroeconomic questions that arise in real-world economic environments.

Learning Goals:
By the end of the course, students should be able to understand the structure of the IS-LM-PC model, apply it to interpret ongoing macroeconomic events, and assess the likely future course of the economy.

Course Subtitle:
Short-Run Business-Cycle Research

Keywords:
Business Cycles; IS-LM-PC Model

Course Overview:
Given the diverse academic backgrounds of Japanese and international students, the course begins with a review of core undergraduate macroeconomic concepts, such as GDP. It then proceeds to the goods market to derive the IS curve, financial markets to derive the LM curve, and labor markets to derive the Phillips curve. These components are subsequently combined to construct the IS-LM-PC model.

Lecture Schedule:
1. Introduction and Course Overview
2. The Goods Market (I)
3. The Goods Market (II)
4. Financial Markets (I)
5. Financial Markets (II)
6. The IS-LM Model (I)
7. The IS-LM Model (II)
8. The Labor Market (I)
9. The Labor Market (II)
10. The Phillips Curve
11. The Natural Rate of Unemployment
12. The IS-LM-PC Model (I)
13. The IS-LM-PC Model (II)
14. Openness in Goods and Financial Markets
15. The Goods Market in an Open Economy

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. Students must not use GenAI to generate presentation slides or substantive course content.

Blanchard, O.J., 2025. Macroeconomics, 9th edition. Pearson.

Athreya, K.B., 2015. Big Ideas in Macroeconomics. MIT Press.
Brunnermeier, M.K., Reis, R., 2023. A Crash Course on Crises. Princeton University Press.
Jones, C.I., 2024. Macroeconomics, 6th edition. W.W. Norton & Company.
Mankiw, N.G., 2025. Macroeconomics, 12th edition. Macmillan.
Romer, D., 2019. Advanced Macroeconomics, 5th edition. McGraw-Hill.

Preparation:
Read the assigned materials and prepare presentation slides (10 hours).

Review:
Read the assigned materials and review classmates’ presentation slides (4 hours).

Each week, two students will give presentations. Students who are not presenting are expected to actively ask questions and provide constructive comments to the presenters.

Grades are based entirely on presentations (100%). Grades will be assigned as follows: S (90 points or higher), A (80 points or higher), B (70 points or higher), and C (60 points or higher). The exact number of presentations depends on enrollment, but each student is expected to present at least twice during the semester.

Feedback on presentations will be provided every week in class.

Although the course begins with a review of basic concepts such as GDP, a solid background in undergraduate-level macroeconomics is strongly recommended.

Not applicable.

This is a small, discussion-oriented class. In many respects, you are the instructor. Students are expected to take responsibility for their learning and to engage actively in class. Through preparing and delivering presentations, you will experience firsthand that one of the most effective ways to learn economics is to teach it.