Courses Offered and Course Requirements

Course Requirements

Students must at least gain the number of credits in the Required Courses, Elective Required Courses, and Elective Courses for their graduation, as indicated in the following table:

(* Information below is for Class of 2019.)

Required CoursesCore Required Courses14 credits
Advanced Seminars I, II, and III6 credits
Elective Required

Courses Applied Disciplinary Courses at least 14 credits
Electives From among all courses at the IUJ including preparatory courses within the GSIR and the courses offered in the GSIMat least 10 credits
Totalat least 44 credits

Microeconomics I, II
Macroeconomics I, II
Mathematics for Economics and Management (A)
Statistical Methods
Advanced Seminars I, II, and III
Elective Required
Agricultural Economics
Computable General Equilibrium Modeling
Corporate Finance
Cost Benefit Analysis
Cross-Sectional and Panel Data Analysis
Development Economics
Development Planning
Environmental Economics
Financial Accounting and Reporting
Financial Markets and Globalization
Health Economics
Industrial Organization and Public Policy
Inequality and Poverty: Measurement and Applications
International Finance
International Trade
Investment and Asset Pricing
Labor Economics
Macroeconomics and Policy Analysis
Market Structure and Policy Analysis
Monetary Economics and Policy Analysis
Money and Banking
Public Finance
Public Finance and Budgeting
Public Sector Economics
Quantitative Methods for Decision Making
Research Methodology
Time Series Analysis
Comparative Government and Politics
Environmental Policy
Postwar Japanese Economy
Project Cycle Management
Public Administration
Public Finance and Budgeting
Public Human Resource Management
Public Management
Public Management Information Systems
Public Organization Theory
Public Policy Process
It is recommended that students chooses Electives from above. Student can also choose other courses offered by GSIR and GSIM. 

Chinese Foreign Policy
Contemporary Japanese Politics
Essentials of Economics
Foreign Policy Analysis
Global Civil Society
History of International Relations
Human Rights and Global Justice
International Economic System and Order
International Law
International Migration and Human Security
International Organizations
International Political Economy
International Politics
Japanese Political Economy
Peace, War and Development of Modern Japan
Postwar Japanese Economy
Southeast Asian International Relations
UN and Global Governance

Language Courses

English Academic English I, II, III

English for Thesis Writing I, II

English for Professional Communications

Japanese Basic Japanese I, II, III, IV, V, VI

Elementary Japanese I, II, III

Intermediate Japanese I, II, III

Advanced Japanese I, II, III, IV, V, VI

Business Japanese I, II, III

*Please note that any credit gained from language courses cannot contribute towards your graduation, while you can earn some credits by taking language courses.

Description of Core and Elective Courses

(MA in Economics)

Core Required Courses


This course extends and generalizes the basic framework of microeconomic theory. Assumptions on no market failure will be released to consider asymmetric information, externalities, public goods, and strategic interaction among agents, in which markets themselves do not work well. This course also extends an equilibrium in a single market into a general equilibrium in multiple markets.

This is a survey course in macroeconomics and is designed to develop a structural under-standing of the economy as a whole. This course gives students the background they need to understand the broad movements in the global economy. Key topics include long-run economic growth, business-cycle, in.ation, rates, monetary and .scal policy, wage inequal-ity, unemployment. By the end of the course, students should be able to understand the discussions of macroeconomic issues in the level of graduate school.

Mathematics for Economics and Management (A)
This course introduces a variety of fundamental mathematical tools that are useful in analyzing economic and social issues.

Statistics for Economics and Management
This course introduces students to basic theories of probability. The objective of the course is to understand the assumptions (requirements) of statistical decision making and to get used to the idea of probability. This process lays the groundwork for a sequence of econometrics courses. As you may know, econometrics is the most widely used tool for analyzing data in economics. You are expected to use econometrics in your thesis if you are interested in empirical research.

The aims of this course are to get students to be familiar with econometrics techniques to deal with actual data. The course will thus provide students basic theoretical concepts, and practical techniques to handle actual data. The course consists of two parts; lectures of basic concepts and applications of the basic concepts to practical estimation with actual data. In the practical applications, both of EViews and Excel will be used to apply basic concepts for practical estimation. This course assumes students’ full understanding of materials taught by Dr Mangyo in the autumn term. One of the most important objectives of this course is to provide students bridges between the econometric theory and practical estimations, and the final goal of this course is to give students their confidence to “cook” data properly consistent to the econometric theory.

Elective Required Courses


Agricultural Economics
This course explores the economic foundations for public policy analysis related to agricultural issues in rural areas. The emphasis of this course is on concepts and introduction of various tools required for policy analysis and empirical research in agricultural economics. In particular, the course aims to deepen students’ understanding of how economic theory can be applied to analyze policy problems of agricultural sectors. This course is suitable for individuals who have strong interest in economic development and agricultural economics, and want to examine these issues with quantitative and econometric methods as a policy analyist.

Applied Time Series Analysis
The goals of the course are twofold: (1) develop a comprehensive set of tools and techniques for analyzing various forms of time series and for understanding the current literature in applied time series econometrics; (2) show how to use STATA to estimate time series models.

Computable General Equilibrium Modeling
The aims of this course are to introduce students basic concepts of the general equilibrium and techniques of computable general equilibrium models. The first half of this course will cover static models, and the other half will cover dynamic models.

Cost Benefit Analysis
This course is intended to provide a clear understanding and guidance in the use of benefit-cost analysis while evaluating development projects that bear major resource and policy implications. This course requires a basic knowledge of microeconomics. Wherever possible, examples are used to aid the exposition. Certainly, this is not a course on pure microeconomics or welfare economics exclusively. Microeconomic and welfare concepts that are relevant in benefit-cost analysis will be discussed.

Development Finance
This course aims to provide a comprehensive overview of the role of monetary and fiscal economics in developing countries combining theory and empirical evidence and to acquire deeper insights into the interrelationships between finance and growth. It also exposes students to the theoretical principles and practical applications of various microfinance models.

Development Planning
This course is designed to introduce some techniques and models of development planning and policy analysis in developing as well as developed countries. The course focuses on multi-sector models and their applications in development planning.

Economic Geography
Regional economic problems are primarily microeconomic, involving the spatial preferences decision. A firm is interested in choosing a profitable location in relation to given markets, sources of materials, labor, services and other relevant factors. A non-business unit such as a household, institution, or public facility faces an analogous problem of location choice.

Economic Valuation of the Environment
This course deals with economic valuation of environmental assets and its application to policy analyses. Valuing the environment is an important component of many environmental studies. The objectives of this class are to understand the tools and issues related with the economic valuation of the environment assets and to obtain skills to analyze the environmental policies. Knowledge in intermediate level microeconomics is helpful for this course. Alternatively, a course in economic policy beyond a principle course and a course in calculus (knowledge to conduct marginal analyses) are useful.

Econometric Modeling and Forecasting with Time Series data
Econometric modelling and forecasting have become one of the most important tools for policy makers of the day in quantifying the impacts of various policies on their economies. To tackle practical problems policy makers and business managers need to build empirical models.

Environmental Economics
This course explores the economic foundations for management and public policies of environmental problems such as natural resource depletion and pollution control. The emphasis of this course is on basic concepts and introduction of analytical tools for policy decision-making as well as generating research in environ- mental economics. In particular, the course aims to deepen students’ understanding of why resource and environmental problems have occurred from the economic point of view and what kind of policy tools, which are provided by economics and management science, should be implemented to solve these problems.

Financial Economics and Capital Markets
This course is designed to give you an overview of the major theories, tools and results in Portfolio Theory and Asset Pricing. Although the focus of the course is on theory, we shall comment on some empirical evidence and on how these theories are used in financial practice.

Health Economics 
This course will be different from a typical Health Economics course in that it covers journal articles and textbook chapters I find interesting. A wide range of topics are included. For example, you may believe that professional medical services have historically contributed a lot to the advancement of human health. A close examination of the relationship between the two, however, would reveal that professional medical services may not be as effective to human health as you think. For another example, you may think that physicians always try to cure your illnesses or injuries as quickly as possible with the minimum costs incurred on you and the society as a whole. However, if you look at physicians as economic agents, you may also think that physicians maximize their profits rather than maximize patients’ or societal utility. We will look at some studies relating to this issue.

Industrial Organization and Public Policy
In this course, we will analyze the behavior of firms under different industry structure, and evaluate market outcomes and related government regulations of business. Topics include static competition in oligopolies, cartels and other forms of collusive behavior, competition between firms producing differentiated products, entry behavior, R&D behavior, merger analysis, price discrimination, natural monopoly, patents, and government interventions in the markets (e.g., antitrust laws). We are going to also overview some issues in measuring market power in empirical I.O.

Inequality and Poverty: Measurement and Applications
This course is a one-credit course, designed to introduce some measures of inequality and poverty and present their applications in developing countries. Topics covered in the course include: growth-inequality-poverty relationships, Kuznets hypothesis, meaning of inequality (income homogeneity, population homogeneity, and transfer principle), Lorenz curves and Lorenz comparisons, Lorenz-consistent inequality measures and decomposable inequality measures, Gini coefficient and its decomposition by factor components, generalized entropy class of measures (e.g., Theil indices) and their decomposition by population sub-groups, Theil indices and the Kuznets process, measurement of regional income inequalities, measures of poverty, Foster-Greer-Thorbecke (FGT) index. Some STATA commands are introduced to conduct inequality and poverty analyses with household survey data.

International Finance
This course is an introduction to open macroeconomics (or international finance); international capital flows, international monetary system, and their implications for economic policies for individual nations and the world as a whole. It is divided into a theory part and a policy part. We study international macroeconomic theory by building up an integrated model of exchange rate and output determination. In the second part of the course we will apply our analytical tools to a range of current and historical issues. These include the evolution of the international monetary system, macroeconomic policy coordination, optimum currency areas, global capital markets, and currency crises.

International Trade 
Why do nations trade? What determines the pattern of trade? Who gains from trade? This course first investigates the reasons and determinants of trade using well-established theories in the field. Even though most of these theories assume free trade environments, there are a variety of restrictions in the real world. Some people say that these restrictions ought to be lifted, but other people argue the opposite. In this normative perspective, this course examines policies that intend to promote or regulate international trade. Finally, current international trade agreements (bilateral and multilateral) and trade-related organizations, particularly the WTO, will be reviewed.

Japanese Banking and Financial Systems 
The financial system, particularly its banking sector, has frequently been in the news over the years. The objective of this course is to understand various roles of banking and financial systems. In economics, a bank can be defined as an institution whose current operations consist of granting loans and receiving deposits from the public.

Macroeconomics and Policy Analysis
This is a course in dynamic macroeconomic theory. It is based on general equilibrium theory and consists of several self-contained modules. In each module we will combine the learning of techniques with a particular topic in Macro, Public Finance, Money, Labor, Growth and Business-cycle or other areas. The purpose of this course is to familiarize students with the techniques and models of aggregate dynamic economics. In this course we will spend a fair amount of time developing techniques for dynamic analysis and applying the results to the study of traditional macroeconomic questions.

Monetary Economics and Policy Analysis
This class will provide an introduction to modern analysis of stabilization policy within the context of New Keynesian macroeconomic models. Topics cover analysis of key issues in monetary theory and policy, including relationships between money, output and prices (for both long-run and shortrun); business cycles; inflation targeting. The objective of this class is to equip students with the ability to explore questions based on empirical evidence and conduct research based on a rigorous theory model.

Personnel Economics 
Personnel matters had been regarded as too soft, or too humane to be dealt with rigorously. Personnel Economics is one of the first disciplines which attempt to provide detailed and unambiguous answers to issues that managers face when dealing with their personnel. This course uses economics, labor economics in particular, to answer many of practical questions.

Public Finance
The aims of this course are to introduce students basic concepts of public finance, particularly in the context of macroeconomic policies. The course will also provide students relevant theoretical methods to analyze government public finance policies. The course will emphasize on applications of advanced macroeconomics to public finance, where microeconomics assumptions such as the optimal behavior of each agent over time are introduced. Thus the course will include the review of introductory microeconomics and macroeconomics.

Quantitative Methods for Decision Making
This course is designed to provide students with a working knowledge of quantitative techniques for economic and management decision problems. Stress is placed on problem formulation in decision-making situations, and the interpretations of the problem solution results. Solution procedures will be discussed also to facilitate the interpretations, but not in a rigorous manner, so that no advanced mathematics are required.

Research Methodology
This course aims to provide students with the working knowledge of research methodologies and techniques that are the systematic and objective search for and the analysis of information relevant to the identification and solution to the development issues. The general objectives of this course are to: (1) develop the students’ problem formulation and analytical skills; (2) provide students with a sound knowledge of research process and methodologies; and (3) raise the students’ awareness to the potential biases and limitations of research data and techniques.

Other elective courses:


Please see International Relations Program (IRP) and Public Management and Policy Analysis Program (PMPP)of the GSIR for other elective courses. GSIR students can also take some MBA courses as electives.