This course introduces you to macroeconomics thinking and how the overall economy works. During this semester you will learn how economic models are designed to explain certain macroeconomic phenomena and problems such as economic growth, business fluctuation, unemployment, inflation, the great recession and depression, and national debt. The basic aggregate demand/supply model will be introduced in order to study government policies such as monetary and fiscal policies for solving macroeconomic problems. We will discussion benefits and shortcomings of these government policies. This course will explore the theories, methodologies, and application of macroeconomics to real-world economic issues with special attention to macroeconomic concerns in countries on the Semester at Sea Fall 2017 itinerary. We shall explore current economic conditions (unemployment, inflation, central banking operation, financial crisis, economic growth and development, etc.) of several countries we will visit. At the end of this course, you are expected to develop economic insight to evaluate and comment on macroeconomic events that appear in the financial press.
Field WorkCountry: Japan
Date: December 5, 2017
Japan is the third largest economy (after the U.S. and China) and principal U.S. trade partner. This field trip provides students with deep understanding of Japanese economy from the macroeconomy perspective. Students visit key institutions, Bank of Japan, the U.S. and Osaka Security Exchange and will have the opportunity to dialogue with experts and practitioners in order to gain a deeper understanding of the Japanese economy, the problems it has experienced over the last several decades, and forecasts for future growth.
1. To learn about the current state of the Japanese economy and how it has changed over time.
2. To understand about the work that the Bank of Japan does to manage the Japanese economy. This will allow them to draw comparisons between the Bank of Japan and the United States’ Federal Reserve Bank.
3. To comprehend the US perspective on the state of the Japanese economy.
4. To learn about the functioning of a securities exchange and about derivative products (which are the primary focus of the Osaka exchange) while visiting the Osaka Securities Exchange.