Intermediate Macroeconomics
Koji Yokota, 4 credits (core, spring semester)
1. Course objective and Methods:
This course aims at basic understanding of macroeconomics. In contrast to microeconomics, macroeconomics directly studies the relationship between the aggregate variables rather than pursuing rigor of microeconomics. Macroeconomics will help understanding of the current state of economy from published indicators or predicting the consequences of a particular government policy.
The main objective of this course is to acquire the knowledge of macroeconomic theory. Applications are mentioned only in relation to the implications of the theory. Assignments are provided more or less weekly. Students should review the handouts for each assignment.
2. Course contents
The contents to be covered in this course are:
1. National accounts
2. The goods market (Chapter 3)
3. Financial market (Chapter 4)
4. Goods and financial markets: the IS-LM model (Chapter 5)
5. The labor market (Chapter 6)
6. The AS-AD model (Chapter 7)
7. The natural rate of unemployment and the Phillips curve (Chapter 8)
8. Inflation, activity and nominal money growth (Chapter 9)
9. The goods market in an open economy (Chapter 18-19)
10. Output, the interest rate, and the exchange rate (Chapter 20)
11. Exchange rate regimes (Chapter 21)
12. Advanced topics on demand for money*
13. Equilibrium unemployment*
Topics with asterisk (*) are optional and will be taught depending on time schedule and students’ interest.
3. Teaching materials
Textbook: Olivier Blanchard "Macroeconomics" 4th ed., 2006 (Prentice Hall).
4. Grading
The grade is mainly based on results of the mid-term and final examinations. The results of assignments are also a part of grading.
