The principal focus of this course is on the behavior of entire economies – as opposed to the individual agents in the economy (consumers, households, and businesses) that were the focus of microeconomics. We will learn about the overall price level and inflation, unemployment, and economic growth. We will also study government policy – in particular fiscal and monetary policy – and will learn about federal budget deficits and debt. Students learn the elements of modern economic theory and how to apply them to understand the economic problems of the day and to evaluate the possible solutions. As a result, students will gain a better grasp of the many issues related to the recent U.S. financial crisis and the differing economic conditions around the world.
Field WorkCountry: Japan
Date: January 25, 2017
Visit the Bank of Japan (in Osaka), the US Consulate, Osaka Securities Exchange, and with researchers at a local university. Throughout the day students 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. Students will learn about the current state of the Japanese economy and how it has changed over time. They will also learn 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.
2. Students will meet with a representative at the US Consulate in Japan in order to get a US perspective on the state of the Japanese economy.
3. Students will 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.