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7/29/2019 IPEM Perfect Complementarity
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IPEM,Graduate School of
Economics and Management,Tohoku University
SyllabusSyllabus20120122SpringSpringSemesterSemester
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Table of ContentsCourse Instructor PageMicroeconomics II Ryo KAWASAKI 1
Macroeconomics II Koki OIKAWA 3
Econometrics II Yoshihiko TSUKUDA 5
Applied Macroeconomics Ryo HORII 8
Japanese Economic History Hiroshi HASEBE 11
Corporate Finance Yoshio KANAZAKI 13
Regional Enterprise Michi FUKUSHIMA 15
Career Development Kazuko SUEMATSU 17
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Class Title Microeconomics II
Semester Spring
Credit 2Instructor Ryo Kawasaki
Office Hour
rkawasaki@econ.tohoku.ac.jp
By appointment
Time Tuesdays 14:40-16:10
Place Seminar Room 24
Course Objectives and Outline
One of the themes of Microeconomics I was that markets work well. The result is founded on
several assumptions some of which do not hold in practice. This course takes a deeper lookinto markets and allocation of goods through a theoretical analysis of auctions.
Learning Goal
The goal of the course is to be able to understand the theoretical aspects of auction theory,
which then can be used for further study of other markets.
Course Content
See the course schedule below for details.
Tentative Course Schedule (approximately 1-2 lectures on each topic)
1) Mathematical review: concavity2) Strategic form games and Nash equilibrium
3) Extensive form games, strategies, and subgame-perfect equilibrium
4) Basic model of auctions under complete information
5) Decision under uncertainty
6) Bayesian games and Bayesian-Nash equilibrium
7) Types of auctions
8) Revenue equivalence theorem
9) Supermodularity and monotone comparative staticsAssessment Criteria
Homework: 36%, Exam: 64% (The actual percentage may be subject to change
depending on the number of assignments.) Homework will be given each week and
is due by the beginning of the next lecture.
Textbook and Reading List
There is no designated textbook for the class.
References (in order of relevance) (optional reading):
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1. Jehle, G. and P. Reny. Advanced Microeconomics. Addison Wesley, Second
Edition, 2001.
2. Milgrom, P. Putting Auction Theory to Work. Cambridge University Press,2004.
3. McAfee, P. and J. McMillan. Auctions and Bidding, Journal of Economic
Literature25, 699-738, 1987.
4. Sydsaester, K. and P. Hammond. Essential Mathematics for Economic Analysis.
Prentice Hall, Third Edition, 2008.
Note (Requirements)
Knowledge of topics covered in Microeconomics I is highly recommended for taking
this course, although a successful completion of Microeconomics I is not required for
registration for this course. Schedule may be subject to change.
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Class Title Macroeconomics II
Semester Spring
Credit 2Instructor Koki Oikawa
Office Hour
k.oikawa@econ.tohoku.ac.jp
to be announced
Time Tuesday, 8:50-10:20
Place Seminar Room 24
Course Objectives and Outline
This course is the second half of the Macroeconomics course work in IPEM. Using the
framework established in Macroeconomics I, students will learn the knowledge and skillsnecessary for the modern macroeconomic analyses. Topics covered in this semester are
listed in "Course Schedule" below.
Learning Goal
I hope you will grasp the dynamic general equilibrium (DGE) approach --- how it
is formulated, how it works, and what it implies. Because the DGE approach is
standard in the current macroeconomic analysis, this forms the basis for your
further study of macroeconomics.
Course Content
Each class consists of exercise and lecture. At the beginning of every class, I will give you a
short test related to the previous lecture for quick review. So don't be late for class. Also, I will
give you problem sets, most probably two times during the semester.
Course Schedule
1) Optimal Growth Theory: Decentralized Economy2) Overlapping Generations Model3) Real Business Cycles4) Endogenous Growth TheoryAssessment Criteria
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You have to take an exam at the end of the semester. This final exam amounts to 50%
of the final evaluation. And 30% is the problem sets, and the last 20% is the short tests.
Textbook and Reading List
David Romer,Advanced Macroeconomics, McGraw-Hill/Irwin.
Note (Requirements)
Only students who have taken or at least attended Macroeconomics I in the
previous semester can take this course. I won't repeat explanation on the stuff
studied in the previous semester.
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Class Title Econometrics II
Semester Spring
Credit 2Instructor Yoshihiko Tsukuda, Professor
E-mail tsukuda@econ.tohoku.ac.jp
Time Friday 8:50 10:20
Place Seminar Room 1
Course Objectives and Outline
Econometrics is a continuation of Econometrics .
Econometrics together with microeconomics and macroeconomics constitute indispensable
part for all economics major students. Students in many fields that require data analysis,including development economics, finance, international economics, labor economics,
macroeconomics, and public finance will find this course useful when they write a thesis. The
emphasis in this class is on applying econometrics to real world problems. The focus is on
understanding and interpreting the assumptions in light of actual empirical applications. The
mathematics for college algebra and basic probability and statistics are required.
Computer skill is indispensable to carry out data analysis. Supplementary class will be
offered to teach how to run the statistical software of EVIEWS by a teaching assistant.
Learning Goal
Econometric methods are relevant in virtually every blanch of applied economics. They come
into play either when we have an economic theory to test or when we have a relationship in
mind that has some importance for business decisions or policy analysis. An empirical analysis
uses data to test a theory or to estimate a relationship. The goal of the course is for students to
understand what econometrics is and to acquire appropriate skills to empirical economic
analysis.
Course Content
This class of Econometrics covers the materials of chapters 5 through 8, chapters 10 and 11,
in Wooldridge's text book, "Introductory Econometrics: A Modern Approach". The text
book consists of three parts: Part 1 (Regression analysis with cross-sectional data),
Part 2 (Regression analysis with time series data), Part 3 (Advanced topics).
Although the book is designed for undergraduate economics majors, I believe it is
also well suited for a master's level course. Students are expected to do home works
in order to fully grasp the materials of each chapter.
Course Schedule
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1) April 13
Brief review of regression analysis taught in Econometrics .
2) and 3) April 20 and 27Chapter 4: Multiple regression analysis: Inference
This chapter turns to the problem of testing hypotheses about the parameters in the population
model. We begin by finding the distribution of the Ordinary Least Squares (OLS) estimators
under the normality assumption of the population errors, and then discuss hypothesis testing
about individual parameters.
4) and 5) May 11 and 18
Chapter 5: Multiple regression analysis: OLS asymptotics
In chapters 3 and 4, we covered the finite sample properties of the OLS estimators in the
multiple regression model. In addition, it is also important to know the asymptotic properties
(large sample properties) of the estimators and test statistics.
6) and 7) May 25 and June 1
Chapter 6: Multiple regression analysis: Further issues
This chapter brings several issues in multiple regression analysis that we could not conveniently
cover in earlier chapters, but are important for applying multiple regression to a broad range of
empirical problems. These include data scaling, choice of functional form, and selection of
regressors.
8) and 9) June 8 and 15
Chapter 7: Multiple regression analysis with qualitative information:
Binary ( or dummy) variables
In previous chapters, the dependent and independent variables in multiple regression models
have had quantitative meaning. In empirical work, we must also incorporate qualitative factors
into regression models such factors as gender or race of individual, the industry of a firm, and
the region of the United States.
10) , 11) and 12) June 22, 29 and July 6
Chapter 8: Heteroskedasticity
Homoskedasticity assumption, introduced in Chapter 3 for multiple regression, states that the
variance of unobservable error is constant. This assumption fails whenever the variance of error
changes across different segment of population. This chapter deals with the consequences of
heteroskedasticity for the OLS estimation, and discusses testing problems for heteroskedasticity
13) and 14) July 13 and 20
Chapter 10: Basic Regression Analysis with Time Series Data
This chapter studies the properties of OLS for estimating linear regression models using
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time series data. Although the classical linear model assumptions for time series
regression case have features in common with those for the cross-sectional case, they
also have some significant differences that we will need to highlight.Assessment Criteria
Home works (40%), mid-term exam (30%), final exam (30%)
Textbook and Reading List
Wooldridge, Jeffrey M., "Introductory Econometrics: A Modern Approach"
Class materials will be handed out at the first day of the class.
Note (Requirements)
Attendance is indispensable to understand the course materials.
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Class Title Applied Macroeconomics
Semester Spring
Credit 2Instructor Ryo HORII, Associate Professor
Office Hour
horii [[atmark]] econ . jpn . org
(replace [[atmark]] with @ and remove any space).
Upon appointment by e-mail
Time Mondays, 13:00-14:30
Place Seminar Room 8
Course Objectives and Outline
In Japan and many East Asian countries, the fall in the fertility rate and the expectedfall in population pose one of the largest threats on the sustainable growth of the economy in the
macro level. Interestingly, the average number of children born to a married couple has not
fallen significantly in Japan. The recent fall in the total fertility rate is driven by the
postponement of marriage and also by the rise in the number of people who do not marry in
their lifetime. Why do people decide to or not to marry and how these decisions determine the
pattern of matching between men and women? Using the search and matching theories, this
course studies the determinant of peoples decision to marry and also its equilibrium outcome in
the macro level.
Learning Goal
To learn the process of family formation not in terms of sociology or biology, but in terms
of the formal models of economics.
To understand the economic incentives behind marriage, childbearing and education.
To become familiar with the search-matching framework for modeling decentralized
markets (such as labor markets)
To become able to analyze the effects of economic circumstances (e.g., wage gaps) and
economic policy (e.g., taxation) on the equilibrium of the marriage market and also on the
fertility.
Course Content
Lectures will be given according to the following list. At later dates during the course,
students (either individually or as groups) are requested to do presentations on some portion of
the course materials.
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Course Schedule
The followings are the topics planned to be covered in the course. Note that the list is
tentative and subject to change. The detailed schedule of the course is to be announced duringthe lecture.
1. Course orientation (on April 9th)2. Some facts on marriage among developed countries
* Marital status, histories, and transition
* Relationship between marriage and work/wage.
* Assortative matching
* Relationship between marital status and child
3. A microeconomic model of the gains from marriage 1:* Sharing public goods within a household
* Specialization by spouses
* Risk sharing by household members when credit market is imperfect
4. A microeconomic model of the gains from marriage 2:* Childbearing as a joint production
5. Matching on marriage market 1:* Stable matching without transfers
* Stable matching with transferable utilities
6. Matching on marriage market 2:* The general framework of the search model
* Search and assortative matching
*Bargaining in marriage
7. Sharing the gain from marriage 1:* Determination of shares with a finite number of agents
* Continuous case
8. Sharing the gain from marriage 2:* Matching with general utilities
* Matching by categories
9. Investment in schooling and the marriage market 1:* The basic model of pre-marital investment
* Marriage market, investment decisions, and equilibrium
10. Investment in schooling and the marriage market 2:* Gender differences in the incentive to invest
* Impacts of the wage gap, household roles
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* Division of labor and career choices
11. Equilibrium model of marriage, fertility and divorce 1:* The setup of the general model* Individual choices, aggregation and the equilibrium
12. Equilibrium model of marriage, fertility and divorce 2:* An example of multiple equilibria
* The effects of income uncertainty and ex-post heterogeneity
13. Children and Family Structure 1:* Modeling children as public goods for household members
* The legal framework when divorce happens
* The allocation of household resources
14. Children and Family Structure 2:* Derivation of equilibrium
* Welfare considerations
15. Summing up
Assessment Criteria
The participants of the course are assessed according to their contribution to the
course, which includes (but not limited to): presentations on specified materials,
participation in discussion, and attendance to the class.
Textbook and Reading List
Martin Browning, Pierre-Andre Chiappori, and Yoram Weiss Family Economics,
yet to be published, draft version (under the name of family book 2011)
downloadable from the authors website at http://www.tau.ac.il/~weiss/fam_econ/
Note (Requirements)
Knowledge of intermediate level macroeconomic and microeconomics (e.g,,
Macroeconomics I,II and Microeconomics I, II at IPEM) is expected.
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Class Title J apanese Economic History
Semester Spring
Credit 2Instructor Hiroshi HASEBE Professor
Office Hour
hhasebe@econ.tohoku.ac.jp
Wednesday, 18:00-19:00
Time Tuesday, 19:40-21:10
Place Seminar Room, 3
Course Objectives and Outline
The purpose of this class is for the students to have the historical framework of the
Japanese economic society in the meaning of its socio-economical culture, system anddynamism. The first object of this course is to provide the basic knowledge on the
feature and structure of the pre-modern economic society in Japan, so called Tokugawa
Japan, with the historiographical intelligence. The second object is to provide the
essential historical points on the modernization and industrialization process of
Japanese economic society based on the historical researches.
Learning Goal
Students will become to understand the essential outline of the modernizationprocess in Japan and will be able to narrate the history of Japanese economy from the
socio-economical view point.
Course Content
This is a historical research course in which topics are basically presented in the style of lecture
using power point. Topics are as course schedule.
Course Schedule
1) April 10Course Orientation; about the change of view point in the economic history research
2) April 17Lecture 1; the ordinary people in the 19th century Japan
3) April 24
Lecture 2; the Meiji Restoration in 1868
4) May 1
Lecture 3; what was the modernization of Japan?
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5) May 8
Lecture 4; what was the Tokugawa Regime?
6) May 15Lecture 5; the rural society and rural communities
7) May 22
Lecture 6; rising market economy, trading and transaction in the Tokugawa Japan .
8) May 29
Lecture 7; early modern City that was called Jyo-ka
9) June 5
Lecture 8; what was the modernity?.
10) June 12Lecture 9; the Chiso Kaisei, Meiji government budget and the renewal of land tax system
11) June 19
Lecture 10; establishment of the modern financial system and banking system in Japan
12) June 26
Lecture 11; the Syokusan-Kogyo as making industry policy
13) July 3
Lecture 12; first economic growth and industrialization process in Japan
14) July 10
Lecture 13; wars and national budget problem
15) July 17
Lecture 14; entrance as the youngest empire state on the world stage of imperialism
Assessment Criteria
Students will be evaluated based on participation (20%), mid-term exam (30%), and
the final report (50%).
Textbook and Reading List
Reading list and documents will be provided in the class.
Note (Requirements)
High attendance is required to keep the momentum and progress of the projects.
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Class Title Corporate Finance
Semester Spring
Credit 2Instructor Yoshio KANAZAKI, Professor
Office Hour
kanazaki@econ.tohoku.ac.jp
By appointment
Time Thursday 10:30-12:00
Place Seminar Room 3
Course Objectives and Outline
The purpose of this course is to provide students with the theory and knowledge of corporate
finance. Corporate finance is a study regarding how corporations make financial decisions.Financial decisions are divided into two types. One for investing in real assets and other for
raising money. Before learning what financial decisions are good, we have to study how
investors invest in stocks and bonds issued by corporations and how expected returns on stocks
and bonds are determined in the financial markets reflecting risks of securities.
Learning Goal
Grasping the fundamentals of following contents. The concept of risks involved with securityinvestments, why diversification can reduce portfolio risks, what determine the expected returns
on securities, rational rules for real assets investments made by firms, how much corporations
should borrow money, and how much corporations should pay dividends to shareholders.
Course Content
The course proceeds along the contents of the textbook.
Course Schedule
1) Introduction: goals and governance of the firm
2) Present value
3) Valuing bonds
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4) The value of stocks
5) Investment criteria
6) Portfolio theory and the capital asset pricing model
7) Debt policy
8) Payout policy
Assessment CriteriaAttendance (30%), final exam (70%)
Textbook and Reading List
Brealey, Myers, and Allen, Principles of Corporate Finance 10/E,
McGraw-Hill/Irwin, 2011.
Note (Requirements)
Basics of statistics
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Class Title Regional Enterprise
Semester Spring
Credits 2Instructor Michi FUKUSHIMA
Office Hour
michi@econ.tohoku.ac.jp
anytime (appointment needed in advance)
Time Friday 18:00-19:30
Place Seminar Room 24
Course Objectives and Outline
The purpose of the course is for students to understand the situations and features
of Japanese businesses, especially SMEs and Regional Enterprises (REs). We alsointroduce basic business principles and concepts, including specific examples.
Learning Goal
The students are required as follows; (1)to understand the situations of REs and SMEs in Japan,
(2)to learn theories explaining the phenomena, (3)to compare between the SMEs and REs in
Japan and their own countries, (4)to think how to apply what they have learned to their own
countries SMEs and REs.
Course Content
One topic is picked up in each class. The students learn and think the topic through
listening lecture, case study and group discussion. A class will consist of three parts:
(1) lecture on the topic (theories or concepts), (2) case study, (3) group discussion.
Course Schedule *The schedule is subject to change.
1) April 13
Orientation: What is the purpose of this course? Self-introduction.
2)April 20
Enterprises and region: How are regional factors and enterprises activities related?
3)April 27
Time-honored companies and business transformation in Japan: Why are there many
time-honored companies in Japan? How have they survived?
4) May 11
Resource creation by RE: How does exhausted countryside revive their economy?
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5) May 18
Knowledge creation by RE: How do Japanese companies make innovation happen?
6) May 25Spontaneously emerging clusters in Japan: What is the secret of innovative region in Japan?
7) June 1
Japanese cluster policies and their results: What is the role of government in making innovation
happen?
8) June 8
Collaboration among industry, academia and government in Japan: What are the roles of
academia and regional entities in making innovation happen and how do they collaborate?
9)June 15
Ventures and RE: Why are there so few venture created in Japan?
10)July 29
Internationalization of RE: How do REs get to be global companies?
11)July 6
Revitalizing the primary industry: Can Japanese the primary industry survive in international
competition and how?
12) July 13
Restoring from the East Japan great earthquake: How have the companies that suffered from
3.11 Tsunami revived?
13) July 20
Final Examination
Assessment Criteria
Students will be evaluated based on: (1) class attendance, (2) in-class
participation, (3) group discussion participation and presentations, (4) reports, and
(5) the final exam.
Textbook and Reading List
Materials are prepared by the instructor. For further study, the books as follows are useful;
Ibada-Arens,K(2005) Innovation and Entrepreneurship in Japan, CAMBRIDGE
Whittaker, D.H. (1997) Small firms in the Japanese economy, CAMBRIEGE.
Note(Requirements)
Absent without notice is never allowed.
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Class Title Career Development
Semester Fall
Credit 2Instructor Kazuko Suematsu, Associate Professor
Office Hour
suematsu@econ.tohoku.ac.jp
Tuesday, 14:30~16:00
Time Tuesday, 13:00-14:30
Place Seminar Room 1
Course Objectives and Outline
This course provides students with opportunities to explore different career choices and life
styles, identify their values and goals, and learn basic knowledge and skills necessary to seekemployment at Japanese or multi-national companies. Presented with a conceptual framework
of leadership and career development, students will gain insight into diverse career choices
through readings and class discussions. Simultaneously, they will learn practical skills such as
business manners, resume-writing, discussion, and presentation.
Learning Goal
Students will be equipped with knowledge and skills to utilize for obtaining information about
career as well as life-style choices.
Students will explore their career/personal attributes and future marketability.
Students will learn various career as well as communication skills related to a job
search in Japan and other countries.
Course Content
The class will be interactive and experience-based. Students are expected to be autonomic,
self-motivated, and active learners/participants in class. Reading, discussion, and task-based
assignments are designed to raise students awareness for future career and their marketability.
The assignments are done both individually and in groups, depending on the themes.
Course Schedule
1) Introduction:The instructor will clarify the expectations and goals of the course.
What is career and how much do you know about it?
The class will explore career development theories, the pyramid through exercises.
A guidance about company profile research.
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2) Effective Presentation:Speech and visual delivery
Oral and written communication3) Career choices: learn from role-models. What is it like to pursue career in the
international society and how can you prepare for that?
4) Company profile presentationSelf-discovery/evaluationhow much do know about yourself such as traits and
skills Identify your strengths and weaknesses and learn how to present your
competitiveness.
5) Company profile presentation30 seconds commercial presentation
Create a life-planner: identify your goals and skills you need to attain the goals
Occupations: Career Interest Inventory
6) Company profile presentationThe best career choices: life-planner presentation & feedback
Individual/group assignments: job-hunting process/strategy in my country
7) Company profile presentationJob-hunting presentation
Resume-writingeffective and attractive presentation in writing
8) Career choices: learn from role-models. Career-building in Japanese companies inand outside Japan. How do you work effectively with Japanese colleagues and
what do they expect from you?
9) Company profile presentationInterviewshow can you survive the interviews?
10)Company profile presentationJob-hunting strategies in Japan: unique process, collecting information, making
pre-entry
11) Company profile presentation
Job-hunting strategies in Japan: attending company seminars, making an entry
Business manners, appearance and manners
12) Company profile presentation
Job-hunting strategies in Japan: interviews
13) Company profile presentation
Interviewspractice and feedback
14) Final Presentation
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15) Final Presentation
Assessment CriteriaStudents will be evaluated based on: class attendance, assignments, presentations, and in-class
participation
Textbook and Reading List
To be announced in class
Note (Requirements)
Recommended