Course Name Year Term Period Faculty / Graduate School All Instructors Credits
15198:IR18‐DE105 Macroeconomics (RB) § 15199:RUIR-1211 Macroeconomics(RB) 2023 Fall Tue2 College　Of　International　Relations OHTA HIDEAKI 2

Campus

KIC

Class Venue

RYOYUKAN　RY309

Language

English

Course Outline and Method

This course aims to provide a comprehensive understanding of current macroeconomics from both theoretical and empirical perspectives. Macroeconomics is a discipline that deals with economy-wide phenomena such as growth, inflation/deflation, unemployment and external imbalances. The course provides students with the basic concepts used in macroeconomic analysis, as well as how to apply them to the domestic and international economic policy problems currently faced. Emphasis is placed on understanding changes in macroeconomic indicators and their causal relationships, as well as methods and tools of economic analysis. Monetary and fiscal policies and their cross-border spillovers from a global perspective will also be discussed. Through this course, students will be able to understand the macroeconomic picture as a whole and objectively evaluate macroeconomics and key economic policies of fiscal and monetary policy.

The course will consist of lectures and discussions on basic macroeconomic principles. The course will make use of past economic analysis, practical experience and knowledge of the current global economy, including developed, emerging and developing economies, and will explain the background and causes, based on abundant examples, especially in cases where conventional economic theory cannot necessarily be applied as is (especially in the Japanese economy, which is said to have "lost 30 years"). Note that this lecture is also intended for students who have never formally studied economics.

In principle, this lecture is an online class (see section on class format below), but it is only delivered simultaneously, so students are encouraged to ask questions, etc. to the teacher in the class and try to resolve any doubts as much as possible.

Student Attainment Objectives

Upon completion of this course, students will be able to:
1) Understand the macroeconomic principles underlying economic activity.
2) Understand the background and causes of macroeconomic data.
3) Be able to analyse realistic economic events.

Recommended Preparatory Course

Course Schedule

Lecture/Instructor（When there are multiple instructors) Theme
Keyword, References and Supplementary Information
1

introduction: overview of the course

long-term stagnation of the Japanese economy, zero interest rates, inflation
      targeting, the Evaluation of Abenomics, monetary easing and yen depreciation

2

The current Japanese economy: macroeconomic policy failure

"Lost 30 years", Quantitative Monetary Easing Policy,
   

3

Macroeconomy and national income/GDP

national income, national income index, GNI, GDP, per capita income,
             Balance of payments Inflation, deflation

4

Labour market

Unemployment, inflation tax, natural rate of unemployment, Phillips curve,
underemployment, real wage, non-unemployment Underemployment, non- regular employment, income decline and potential unemployment rate

5

Aggregate demand and supply


Aggregate demand/supply curve, AD-AS model, aggregate demand curve, Aggregate supply curve, supply and demand shocks

6

  Keynesian theory (1): the origin of macroeconomics


economics during economic downturns, economic stagnation and deflation, short-term framework Differences Keynesian vs. neoclassical economics

7

 Keynesian theory (2)

IS-LM model, Hicks, national income, unemployment, liquidity trap

8

Exchange rate and monetary system

foreign exchange market, fixed/floating exchange rates, currency stability,.Real effective exchange rate, BBC (band, basket, crawling peg)

9

Balance of Payments: International Trades and Payments

International Trades and Payments, Balance of payments, Current account; Financial account, Foreign exchange market

10

Open macroeconomics

Small open economy, Mandel-Fleming model, supply-side economies,
                        Trillenmma

11

Central banks and monetary policy

Lender of last resort, Monetary easing policy and its spillover effects, Effectiveness of monetary easing policy

12

Fiscal policy

Public expenditure, public debt, modern monetary theory (MMT) and Japan's fiscal balance

13

Trade theory and policy, free trade and protection

comparative advantage, protection trade, tariffs, non-tariff barriers, direct investment, production networks, international value chains (GVCs) Changes in international value chains (GVCs)

14

International Capital Flows and Crises

Capital flows and financial crises, capital account crises, capital controls, restructuring of the international financial system

15

Sustainable economic growth and development: a prescription for the Japanese economy

human capital, infrastructure, physical capital, productivity, research and development, technological progress, key factor for long-term sustainable growth,
Domestic savings and investment

Classes

Media-based class format

This class is a live delivery class(Live Streaming through Zoom). If you have any questions before or after the class, please use the email hoviolin@fc.ritsumei.ac.jp.

Class Format

BCP停止の場合は、BCPレベル0～2の記載どおりに授業が行われます。
During the suspension period of BCP, classes will be as described in BCP levels 0-2.

In view of the health situation of the teaching staff and the risk of Covid-19 infection and serious illness, classes, including the first class, will in principle be conducted online (web-based). This is permitted by the College / Graduate School of International Relations.

If the infection situation of Covid-19 improves significantly during the course of the semester and the BCP level is below 1, face-to-face classes may be held. In such cases, the students will be informed via Manaba+R and other means.

The ID and Passcode of Zoom will be provided at the class site of Manaba+R. The contact details of the teacher in charge will be provided in the Manaba+R course before the first class.

※For more information on the BCP level of Ritsumeikan University, please refer to the following URL: 1. Countermeasures against coronavirus (COVID-19) infection at Ritsumeikan University.
http://www.ritsumei.ac.jp/news/detail/?id=1679

Recommendations for Private Study

It is important to keep abreast of political, economic and social developments in Japan and the rest of the world. Therefore, students are expected to regularly obtain information on international political, economic and diplomatic changes and social trends, and to think about them in their own way.
Students are encouraged to keep up with the current international economic news.

Grade Evaluation Method

Kind Percentage Grading Criteria etc.
Final Examination (Written) 0

Report Examination
(A report to be submitted by the unified deadline)		 0

Exams and/or Reports other than those stated above, and Continuous Assessment　
(Evaluation of Everyday Performance in Class)		 100

Students are required to submit two reports/ essays (mid-term and final) to assess the application and development of the thematic content. Depending on the number of students, there is a possibility that students who wish to do so will be given the opportunity to give a presentation.

Grade Evaluation Method （Note）

In principle, attendance is not taken into account in grading. However, the final scores of students with low attendance and those with serious attendance are highly correlated and the results are obvious. In other words, students who do not attend seriously, understand the content and have a serious attitude to learning cannot be expected to obtain a high final score.

Advice to Students on Study and Research Methods

In principle, attendance is not taken into account for grading. However, the final scores of students with low attendance and those with diligent attendance are highly correlated and the results are clear. In other words, students who attend seriously, understand the content and do not have a serious attitude to learning cannot be expected to obtain a high final score.

Textbooks

Title Author Publisher ISBN Code Comment
Macroeconomics (10th ed.) G.Mankiw Worth 1319243584
Macroeconomics (6th ed.) P.Krugman / R.Wells Worth 1319384064
Principles of Economics (10th ed.) G.Mankiw Cengage Learning ‎ 035772271X

Textbooks （Frequency of Use, Note）

The lecture materials are to be analysed first. The above texts are only for references. Older editions acceptable, since the latest version is expensive.

Reference Books

Reference Books （Frequency of Use, Note）

Please see the column of Texts

Web Pages for Reference

How to Communicate with the Instructor In and Out of Class(Including Instructor Contact Information)

Learning Management System （manaba+R）,Other (Separate instructions will be provided)

Other Comments

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URL:https://secure.ritsumei.ac.jp/students/pathways-future/course/curriculum.html/