Courses Offered and Course Requirements

MA in Economics (Macroeconomic Policy)

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:

Required CoursesCore Required Courses24 credits
Advanced Seminars I, II, and III6 credits
Electives From among all courses at the IUJ including preparatory courses within the GSIR and the courses offered in the GSIMat least 14 credits
Totalat least 44 credits



Microeconomics I, II

Macroeconomics I, II

Mathematics for Economics and Management (A)

Statistical Methods

Macroeconomics and Policy Analysis


Public Finance

Monetary Economics and Policy Analysis

International Trade and Investment

International Finance

Advanced Seminars I, II, and III


Agricultural Economics

Applied Time Series Analysis

Computable General Equilibrium Modeling

Corporate Finance

Cost Benefit Analysis

Cross-Sectional and Panel Data Analysis

Development Economics

Development Planning (Multisector Models)

Environmental Economics

Financial Accounting and Reporting

Financial Markets and Globalization

Health Economics

Industrial Organization and Public Policy

Inequality and Poverty: Measurement and Applications

Investment and Asset Pricing

Money and Banking

Public Finance and Budgeting

Public Sector Economics

Quantitative Methods for Decision Making

Research Methodology

Time Series Analysis

From among all the courses offered in GSIR & GSIM, excluding courses offered in Language Programs.


Language Courses

English Academic English I, II and III

English for Thesis Writing I and II

English for Professional Communications

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

Elementary Japanese I, II and III

Intermediate Japanese I, II and III

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

Business Japanese I, II and 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

(Macroeconomic Policy Program)

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.

Public Finance and Taxation


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.

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.

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.

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.

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.