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:

(* Information below is for Class of 2019.)

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

International Finance

Advanced Seminars I, II, and III


Agricultural Economics

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

Labor Economics

Macroeconomic Analysis & Policy Formulation

Market Structure and Policy Analysis

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


Microeconomics I

Microeconomics is mainly concerned with how individuals and firms behave in markets with different degrees of competitiveness. This course provides students with the basic concepts, analytical framework and way of thinking of microeconomics. We will first analyze how consumers and firms make decisions when markets are competitive, and how those decisions are aggregated to form market demand and supply. We will next consider imperfectly competitive markets and study how firm behavior changes as degrees of competitiveness vary.

Macroeconomics I

For government officials of modern societies, knowledge of Macroeconomics is indispensable for providing any constructive policy recommendations, which in a large extent affect people’s welfare. Even for an ordinary citizen, knowledge of Macroeconomics also plays an important role in understanding complicated (and sometimes confusing) economic phenomena in his/her daily life. Due to this importance, this course is designed to provide students a solid foundation in Macroeconomics.

Broadly speaking, the topics to be covered consist of (i) a brief introduction of national income, (ii) the meaning of inflation and its relation to the monetary system, (iii) the models of exchange rates, (iv) the determination of unemployment, and (v) basic economic growth theories. Since this course is introductory, the requirement for mathematics is NOT that high. The college-level calculus knowledge will be sufficient to understand the course materials. Actually, students will only use differential calculus but not integral calculus.

Mathematics for Economics and Management (A)

Mathematics for Economics and Management is an intermediate course in calculus which covers topics such as functions, limits, derivatives, integration, and optimization. The course will be useful to understand course materials in various subjects in social science such as business, economics, public management and/or political science.

Statistical Methods

This course is an introduction to probability and statistics. The course covers descriptive statistics, basic probability theory, estimation, hypothesis testing, and regression analysis. The goal of the course is to equip students with these statistical tools, which will form a basis for understanding econometric models in the subsequent courses.

Macroeconomic and Policy Analysis
This course is designed for the master students who are interested in advanced Macroeconomic studies and policy analysis. In this course, we introduce a set of building blocks for modern Macroeconomics containing (i) the sequential and recursive competitive equilibrium, (ii) two theorems of Welfare Economics, and (iii) dynamics programming. These building blocks are discussed in the frameworks of stochastic growth models and overlapping generation models. Using the proposed frameworks, we then discuss the designation of optimal fiscal and monetary policies. In particular, we focus on the Ricardian equivalence theorem and the Friedman’s Rule from the perspective of dynamic macroeconomics. We also investigate the unemployment issues thorough the lens of the search-and-matching models.

Microeconomics II
The first part of the course reviews the consumer and producer theory and deals with the general equilibrium and welfare theorem. The decision making under uncertainty shall also be discussed. The second part of the course deals with game theory and strategic behavior. Fundamental topics covered include static games, dynamic games, and their applications. We also provide an introduction to problems raised by asymmetric information, externality and public goods. There is substantial emphasis on the use of analytical and mathematical tools. These tools and the subject material underpin much of the current research in microeconomics.

Macroeconomics II
This course continues the trainings in macroeconomic theory for students in the economics or international development program. The content of this course focuses on the modern business cycle theories. By studying these theories, we could understand the long-standing questions – what causes the business cycle, and what can we do about it?

Knowledge of regression model and its extension is essential for doing empirical work in economics and other social sciences. The purpose of this course is to teach student econometric and computational skills which are necessary for data analysis. The emphasis will be placed on application of the theory from a practical point. Topics include Simple and Multiple Linear Regressions and Instrumental Variable Estimations and the Simultaneous Equation Models.

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.

Monetary Economics and Policy Analysis
This course provides students with the necessary knowledge and quantitative analysis skills of the modern business cycle theory and the stabilizing monetary policy. Our analysis is based upon the dynamic stochastic general equilibrium (DSGE) framework. This framework, built on the micro-foundations, has been increasingly adopted to study business cycle fluctuations by not only academia but also policymakers (research institution). It is important to have both broad and deep understanding of this approach.

International Trade and Investment
This course is intended to analyze International Trade and Investment in the real world economy, and their roles for economic development of a nation, by utilizing several theories and case studies on international trade and investment. In the first half of the term, we are going to study some of the major international trade theories, including international division of labor based on the absolute advantage theory and the principle of comparative advantage, the Heckscher-Ohlin model (H-O-S theorem), New Trade Theory (NTT), New-New Trade Theory (NNTT) and the Mundell-Flemming model (IS-LM-BP). At the same time, we will study several international investment theories associated with trade theories, focusing on the foreign capital transfers among nations and their impacts on international trade and economic growth of a nation.

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. We first study international macroeconomic theory by building up some integrated models of exchange rate, money, and output determination. Then we will apply our analytical tools to a range of historical and current issues in the field of international economics. These include the evolution of international monetary systems, macroeconomic policy coordination, optimum currency areas, and global capital markets. This course also covers the roles of foreign direct investment and foreign aid and various types of financial crises, including banking, currency, and sovereign debt 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.