IGESSIGESS (Institute for Global Economics and Social Sciences)

This course provides an introduction to (1) the Japan's macroeconomic characteristics, (2) the Japan's current economic issues, and (3) the basic economic principles and methods.

After learning a brief history of the Japanese economy and the basic analytical tools of economics, we focus on Japan's labor markets, financial markets, corporate finance and capital investments, international transactions, and economic policies from the 1980s onward. Comparison with the other economies is frequently done.

By the end of the semester, you are expected to be able to utilize the theoretical and empirical tools practiced in this class to generate practical policy recommendations for Japan’s major economic problems.

This course is designed to provide students with opportunities to gain a basic understanding of the Japanese economy. The particular goals can be summarized as follows:
1. To learn the history of the Japanese economy after WWII
2. To learn the basic features of Japanese households, firms, and the government and to apply conventional economic theory to understand their behaviors
3. To strengthen analytical skills by discussing the strengths and limitations of Japan's corporate system, labor markets, economic policy, and so forth

英語 / English

This course mainly comprises lectures, slideshows, in-class activities, and discussions. All class materials are distributed through the LMS. Note that the order of the lectures might be changed from the below suggested schedule but what we will cover would not change very much.

あり / Yes

なし / No

※各回の授業形態は予定です。教員の指示に従ってください。

1：Introduction

Syllabus guidelines; an overview of the Japanese economy's postwar macroeconomic performance.

2：Japan in the World 1

The Japanese economy's postwar macroeconomic performance; basic economic statistics, such as GDP and its components.

3：Japan in the World 2

The Japanese economy's postwar macroeconomic performance; the nation's interactions with the rest of the world.

4：Economic Growth

What are the determinants of economic growth?

5：Labor and Firms 1

Characteristics of Japanese labor markets and firms; Understanding Japanese labor market.

6：Labor and Firms 2

Characteristics of Japanese labor markets and firms; Understanding the relationship between labor and firms

7：Money

The role of money circulating in the economy.

8：Monetary Policy

The basics of monetary policy and its problems.

9：Interest Rates

The role of interest rates in the economy.

10：Capital Formation

Interest rates' role in explaining corporate capital investments and their accumulation, i.e., capital.

11：Growth Accounting and Potential Growth

The potential power of the Japanese economy explained in terms of labor, capital, and total factor productivity

12：Government 1

The role of government in economic policy; long-term economic policy.

13：Government 2

The role of government in economic policy; short-term economic policy.

14：International Trade and Finance

Japan's exports and imports; the role of cross-border financial transactions with the rest of the world.

Students are expected to read the assigned materials and contribute to class discussions. Preparatory study and review time for this class are 2 hours each.

Greg Mankiw (2020) Principles of Economics, Cengage.
Ito and Hoshi (2020) The Japanese Economy, MIT Press.

You SHOULD NOT buy these textbooks before the first class meeting since a special instruction will be provided for the students of this class.

1. Papers and newspaper articles will be assigned throughout the semester.
2. Annual Report on the Japanese Economy and Public Finance.
3. David Flath (2014), The Japanese Economy (3rd Edition), Oxford University Press. ISBN: 9780198702405.

Final exam: 100%. (1) Solving and submitting non-mandatory problem sets and (2) class participation will give you extra points.

Last year, the fail rate was 5%.

I tried to design this course to motivate students to be interested in learning economic ideas and to understand why those ideas are powerful.

This course has no prerequisites. I strongly encourage students to take Principles of Macroeconomics, Principles of Microeconomics, Business Management in Japan, Japanese Innovation Management, Human Resource ManagementⅠ/Ⅱ, and Corporate Finance AFTER taking this course.

Please note that if the number of students attending the first class significantly exceeds expectations, in order for the instructor to effectively manage the class, the number of students who are allowed to register for the course may be limited.

None

Please note that the teaching approach may vary according to which threat level we are at: at level 1, this course will be held on campus, though at level 2, it will be held online.