マクロ経済学 シラバス

鯉渕　賢

13050

冬

水曜 ・4限
金曜 ・3限

4

　現実のマクロ経済およびマクロ経済学に興味を持つ受講生を対象に、マクロ経済学の基礎的な分析道具を網羅しながら、新たに大学院レベルの内容を理解し現実の問題に応用するための橋渡しとなる講義を目標とする。主な内容は、消費及び投資関数、マネーサプライと中央銀行の役割、為替レートと通貨制度、閉鎖及び開放経済下での金融政策と財政政策の効果、金融システムと金融政策の波及経路、物価変動と失業、経済成長理論などである。各トピックについて、理論面と共に実証研究の紹介を重視する。
全体の講義を通じての基本の教科書は、
サックス＝ラレーン（石井＝伊藤訳），マクロエコノミックス，日本評論社，上・下巻.
（Jeffrey D. Sachs and Felipe Larrain, 1993, Macroeconomics in the Global Economy, Princeton-Hall.）
とする。また、トピックごとに参考文献として、下記の文献の該当箇所を紹介する。
Mankiw, N, G., 2002, Macroeconomics (fifth edition), Worth publishers.

David Romer, 2001, Advanced Macroeconomics (second edition), McGraw-Hill.

R. Glenn Hubbard, 2001, Money, the Financial System and the Economy (forth edition), Addison-Wesley.

福田慎一・照山博司，2005，マクロ経済学入門（第3版），有斐閣.

中間テスト（35%）・期末テスト（35%）・宿題等（30%）

サックス＝ラレーン（石井＝伊藤訳），マクロエコノミックス，日本評論社，上・下巻.

I. Introduction (10/5)
1. What macroeconomists study?
2. The data of macroeconomics

II. Consumption (10/7, 10/12)
1. Classical arguments
2. Consumption under certainty
3. Consumption under uncertainty: The random-walk hypothesis
4. Liquidity constraint
5. The interest rate and saving
6. The theories of savings
7. International comparison of saving rates
8. CAPM
9. Consumption and risky assets

III. Investment (10/14, 10/19)
1. Classical arguments
2. A model of investment with adjustment costs
3. Tobin's q
4. The effects of uncertainty
5. Financial-market imperfections and financial hierarchy theory
6. Financial constrains and corporate investments

IV. Money and Interest Rates (10/26, 10/28, 11/2)
1. The functions of money
2. The definition of money
3. Balance sheet of the central bank
4. How the quantity of money is controlled
5. The quantity theory of money
6. The nominal interest rate and the demand for money
7. The model of money-in-the-utility function
8. Cash-in-advance model
9. Fixed income securities
10. Term structure of interest rates

V. Traditional Keynesian Theories of Fluctuations (11/4, 11/9)
1. The goods market and the IS curve
2. The IS-LM model
3. A theory of aggregate demand
4. Liquidity trap
5. The Mundell-Fleming model
6. The small open economy under floating exchange rates
7. The small open economy under fixed exchange rates
8. Interest-rate differentials
9. Should exchange rates be floating or fixed?

VI. Financial System and Transmission of Monetary Policy (11/11, 11/16, midterm exam11/19)
1. Corporate funding from equity and bond markets
2. Special role of banks in the credit allocation
3. Credit crunch under the financial crisis
4. Credit channel of monetary policy transmission
5. Empirical studies on channels of monetary policy

VII. The Phillips Curve (11/26, 11/30)
1. Alternative assumptions about wages and price rigidity
2. Output-inflation tradeoffs and the natural rate
3. The Lucas imperfect-information model
4. The Lucas critique
5. Staggered price adjustment
6. A model of imperfect competition
7. Predetermined prices
8. Fixed Prices

VIII. Inflation, Deflation and Monetary Policy (12/2, 12/7)
1. Inflation and interest rates
2. Seigniorage
3. The social costs of inflation
4. Hyperinflation
5. Deflation
6. The time inconsistency of discretionary policy
7. Rules for monetary policy

IV. Unemployment (12/9, 12/14)
1. What is unemployment?
2. The efficiency-wage models
3. Implicit contracts
4. Insider-outsider models
5. Hysteresis
6. Search and matching models
7. International comparison of unemployment rates

X. The Solow Growth Model (12/16, 12/21)
1. Theories of economic growth
2. The dynamics of the model
3. Quantitative implications
4. Growth accountings
5. Cross-country regressions
6. Policies to promote growth

XI. Behind the Solow model (1/11, 1/13)
1. The Ramsey-Cass-Koopmans model
2. The behavior of households and firms
3. The dynamics of the economy
4. The effects of government purchases
5. The Ricardian equivalent debate
6. The Diamond model
7. The dynamics of the economy
8. The possibility of dynamic inefficiency
9. Government in the Diamond model

XII. New Growth Theory (1/18, 1/20)
1. Framework and assumptions
2. The dynamics
3. The determinants of the allocation of resources to R&D
4. Models of knowledge accumulation
5. A model of human capital
6. Empirical application

XIII. Real Business Cycle Theory (1/25, final-exam1/27)
1. Theories of fluctuations
2. A baseline real-business-cycle model
3. Household behavior
4. Solving the model
5. Empirical applications