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 “introduction”, “method”, “results” and “discussion”. 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 “learn about” 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 “learn” 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.

 

●  Each class starts with a 5 minuets quiz. It will be followed by two sessions each with 15 min presentation and 10 min discussion.

 

●  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.

 

●  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 don’t 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). “The Housing Drag on Core Inflation”, 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 China’s 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), “Assessing the Recent Behavior of Inflation”, 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), “How Much Debt Does the U.S. Government Owe?”, Chicago Fed Letter, No. 353, Janurary.