Research Seminar 2

Research Seminar 2

Major Courses

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School of Economics and Management

2Year

KCCBG2MCA3

2.00Credits

演習 (Seminar)

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◎／4◎

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N/a

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Course Objectives:
Building on Research Seminar I, this course begins with a review and completion of the IS-LM-PC model, a simplified framework related to the DSGE models used by central banks. The course then relaxes the closed-economy assumption and examines a range of topics in open-economy macroeconomics.

Learning Goals:
By the end of the course, students should be able to apply macroeconomic models to interpret and explain economic events in both Japan and the global economy.

Course Subtitle:
Advanced Business-Cycle Research

Keywords:
IS-LM-PC Model; Globalization; Exchange Rates

Course overview:
The course starts with the closed-economy IS-LM-PC model and then extends the analysis to open-economy macroeconomics. Class discussions will be held periodically to provide opportunities for students to analyze current economic events and to practice applying economic tools to real-world issues.

Lecture Schedule:
1. Introduction and Course Overview
2. Review of Short- and Medium-Run Models
3. Putting All Markets Together: IS-LM-PC Model (I)
4. Putting All Markets Together: IS-LM-PC Model (II)
5. Class Discussion I
6. Openness in Goods and Financial Markets (I)
7. Openness in Goods and Financial Markets (II)
8. The Goods Market in an Open Economy (I)
9. The Goods Market in an Open Economy (II)
10. Class Discussion II
11. Output, the Interest Rate, and the Exchange Rate (I)
12. Output, the Interest Rate, and the Exchange Rate (II)
13. Exchange Rate Regimes (I)
14. Exchange Rate Regimes (II)
15. Class Discussion 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. Students must not use GenAI to summarize assigned readings or to create presentation slides.

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

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

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

Review:
Review the textbook and classmates’ presentation slides (10 hours).

Students are required to give presentations and to actively engage in class discussions.

Grades are based on presentations (80%) and class discussions (20%). 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).

Students will receive feedback on their presentations from the instructor.

Research Seminar I is a prerequisite for this course.

Not applicable.

This seminar differs fundamentally from standard lecture-based courses. Students are expected to remain highly motivated, actively participate in discussions, and take responsibility for their own learning. Students are encouraged to consult the instructor regarding further study and research directions.