2016 Spring Semester
PCP Macroeconomics
Prof. Yoshimasa Shirai
Wednesday 10:45~12:15
This class covers standard topics
in macroeconomics. Students make group-wise presentations and discussions. Each
group is assigned to make presentation either on a chapter of textbook or on a
short research paper.
Most of short
research papers listed below are written for non-academic readers (in a sense
that they do not highlight technical aspects of their analysis). But still,
these papers take up a research paper format called IMRAD, which is an
abbreviation for gintroductionh, gmethodh, gresultsh and gdiscussionh. I urge
students to make presentations following this format. In introduction, you must
clarify the research questions to be asked and why it is worth asking such
questions. Method section explains the procedures taken in answering the
research questions. The results of the procedures implemented by the economists
are stated in the result section. It will be followed by the discussion of the
results and its implications for the issue in concern.
The purpose of this class is to
glearn abouth two major activities of economists --- implementing macroeconomic
analyses and presenting them in papers. These two activities go in tandem. In
other words, the purpose of this class is to learn how economists apply
economic principles when they perform macroeconomic analyses and how they
report them in papers. To glearnh them, you actually need to do your research
and write your own thesis. That is what you are required to do in the
Professional Career Program after finishing the first semester. And I hope that
this class helps you find a good research question in macroeconomics.
œ Each class starts with a 5 minuets
quiz. It will be followed by two sessions each with 15 min presentation and 10
min discussion.
œ The evaluations will be made based on
the sum of your class participation scores (your presentation and discussion
during classes will be scored), your quiz scores and a research proposal score.
œ Presentation slides are uploaded and
your comments can be posted on the Google Site of this class [Click Here].
Registration Form [Click
here] (due date is 23:59 pm of
April 13)
l If you donft have a keio.jp account, you must create your
own Google account. You need either keio.jp account or google
account in order to download and upload presentation slides and submit your
comments. To create a Google account, [click here].
l When registration is completed, I will post a list of
presentation and discussion groups on the google site
of this class.
l The list will be posted on April 15 (Friday).
Assignment for the 1st Week (April 13)
l Read Chapters 1
and 2 of the textbook
l Read the paper [0]
in the following reading list
(http://www.frbsf.org/publications/economics/letter/2010/el2010-11.html)
Reading List
Textbook:
Charles Jones (2014), Macroeconomics Third Edition, Norton
@Textbook will be sold at PCP Day Camp
on April 4 (from 11:30 am) and at the first day of the class (April 13,
10:45am). Please bring 8500 yen with you.
Week 1 (April 13) Introduction
Read Chapters 1 and 2 of the textbook before coming to the class.
How to present a paper?
A typical format of scientific research papers: IMRADs
Measuring Price Changes
[0] Hobijn, B., S. Eusepi and A. Tambalotti (2010). gThe Housing Drag on Core Inflationh, FRBSF Economic Letter, 2010-11, April 5.
Week 2 (April 20) (Prerequisite reading: Ch. 3 and 4 of textbook)
An Overview of Long-Run Economic Growth and A Model
of Production
[1] Chapter 3 of the Textbook (15 min
presentation)
[2] Chapter 4 of the Textbook (30 min presentaton)
Week 3 (April 27) (Prerequisite reading: Ch. 3 and 4 of textbook)
Long-Run Economic Growth: Case of China
[3] Malkin, I. and M. M. Spiegel (2015),
"Is
China Due for Slowdown?",
FRBSF Economic Letter, 2012-31,
October 15.
[4] Zheng
Liu (2015), "Is
Chinafs Growth Miracle Over?", FRBSF Economic Letter, 2015-26, August
10.
Week 4 (May 11) (Prerequisite reading: Ch. 5 and 6 of textbook)
The Solow Growth Model
[5] Chapter 5 of the Textbook (30 min
presentation)
Growth and Ideas
[6] Chapter 6 of the Textbook (30 min presentation)
Week 5 (May 18) (Prerequisite reading: Ch. 5 and 6 of textbook)
Growth and Productivity
[7] Eichengreen,
B., D. Park, and K. Shin (2015), "The Global
Productivity Slump: Common and Country-Specific Factors", Vox
Columns, 2015, September 17.
[8] Fernald, J. and B. Wang (2015),
"The Recent Rise
and Fall of Rapid Productivity Growth", FRBSF Economic Letter, 2015-04, February 9.
Week 6 (May 25) (Prerequisite reading: Ch. 7 of textbook)
The Labor Market, Wages, and Unemployment
[9] Chapter 7 of the Textbook (30 min
presentation)
[10] Arronson,
D. and A. Jordan (2014), "Understanding the
Relationship between Real Wage Growth and Labor Market Conditions", Chicago Fed Letter, October No. 327.
Week 7 (June 1) (Prerequisite reading: Ch. 8 of textbook)
Inflation
[11] Chapter 8 of the textbook
[12] Bauer, M. D. and E. McCarthy (2015), "Can We Rely on
Market-Based Inflation Forecasts?", FRBSF Economic Letter, 2015-30, September
21.
Week 8 (June 8) (Prerequisite reading: Ch. 9 and 10 of textbook)
An Introduction to the Short-Run
[13]
Chapter 9 of the textbook
The Great Recession: A First Look
[14] Chapter 10 of the textbook
Week 9 (June 15) (Prerequisite reading: Ch. 11 and 12 of textbook)
The IS Curve
[15] Chapter 11 of the textbook
Monetary Policy and the Phillips Curve
[16] Chapter 12 of the textbook
Week 10 (June 22) (Prerequisite reading: Ch. 13 and 14 of textbook)
Stabilization Policy and the AS/AD Framework
[17] Chapter 13 of the textbook
The Great Recession and the Short-run
Market
[18] Chapter 14 of the textbook
Week 11 (June 29) (Prerequisite reading: Ch. 12 and 14 of textbook)
Monetary Policy
[19] Lansing, K. (2015), gAssessing the Recent Behavior of Inflationh, FRBSF Economic Letters, 2015-24, July 20.
[20] Jorda, O., M. Schularick, and A. M. Taylor (2015), "Interest
Rates and Housing Prices: Pill or Poison?", FRBSF Economic Letters, 2015-25, August 3.
Week 12 (July 6) (Prerequisite reading: Ch. 16 of textbook)
Consumption and Investment
[21] Chapter 16 of textbook
[22] Chapter 17 of textbook.
Week 13 (July 13) (Prerequisite reading: Ch. 7 and 14 of textbook)
Consumption and the Great Recession
[23] Denardi, M., E. French, and D.
Benson (2012), "Consumption and the
Great Recession", Economic Perspectives, Federal Reserve Bank of Chicago, vol. 36, 1st
Quarter.
Week 14 (July 20) (Prerequisite
reading: Ch. 18 of textbook)
The Government and the Macroeconomy
[24] Chapter 18 of textbook
[25] Friedman, R. and M. L. J. Wright (2016), gHow
Much Debt Does the U.S. Government Owe?h, Chicago Fed
Letter, No. 353, Janurary.