講義名 Ｊａｐａｎｅｓｅ　Ｆｉｎａｎｃｅ　ａｎｄＢａｎｋｉｎｇⅡ　≪□第一部≫
講義開講時期 後期
曜日･時限 金４
単位数 2

担当教員
氏名
中島　善太

学習目標(到達目標) The analytical tools developed in the spring semester will be applied to analyse how monetary and real variables interact with each other. Students who did not take the spring semester should not(!) take this course, because you wouldn't understand a word of what is being talked about!
授業概要(教育目的) I cannot emphasise too much that this autumn semester could not be understood at all unless students have taken (and passed) the preceding spring semester. Students should closely consult the syllabus of the spring semester to obtain more information.
授業計画表
 
回項目内容
第1回Integration of the foreign exchange market and the domestic money marketStudents will learn how the domestic interest rate and the foreign exchange rate will be determined simultaneously, how they interact, etc.
【Preparation】
Chapter IV of my lecture notes on my website (explained in the previous semester) should be glanced through prior to class.
第2回Distinction between 'long run' and 'short run' (i)You will learn that prices can be flexible or sticky. I will look into why the existence of flexible and sticky prices necessitates distinction between 'long run' and 'short run'. The concept of 'redenomination' will be made much use of.
第3回Distinction between 'long run' and 'short run' (ii)In the context of explaining movements in the foreign exchange rate, I will delve into Dornbusch's overshooting phenomenon in the short run. Rational expectations will play a dominant role.
第4回Monetary mechanism in the long runI will provide an economically rigorous definition of 'price level'. The 'law of one price' and the 'Purchasing Power Parity (PPP)' will be elaborated.
【Preparation】
Chapter V of my lecture notes on my website should be glanced through prior to class.
第5回UIP vs PPP in the long runI will discuss the question of whether and how UIP and PPP are compatible in the long run.
第6回Absolute PPP vs relative PPPThe distinction between the absolute PPP and the relative PPP will be discussed. Which concept is more useful? Are both of them really necessary?
第7回Real exchange rateThe concept of 'real exchange rate' will be introduced to overcome various difficulties inherent in the prototype PPP.
第8回Monetary mechanism in the short run (i)I will discuss how markets are cleared in the short run.
【Preparation】
Chapter VI of my lecture notes on my website should be glanced through prior to class.
第9回Monetary mechanism in the short run (ii)I will explain how aggregate demand is determined in the short run. I will also go into what is exactly meant by the phrase 'in real terms'.
第10回Monetary mechanism in the short run (iii)I will explain how aggregate supply is determined in the short run.
第11回Integration of the 'goods and services market' and the 'asset markets' I will elaborate how the goods and services market and the asset markets are equilibrated simultaneously.
第12回Effectiveness of monetary policy (i)I will discuss how a temporary change in monetary policy will affect the real economy.
第13回Effectiveness of monetary policy (ii)I will discuss how a permanent change in monetary policy will affect the real economy.
第14回Supplementary recapitulation
Recapitulation
第15回In-class examStudents have to pass the 60-minute written exam to pass the course. The exam will cover the autumn semester lectures, including the current topics.
授業形式 In each session, the main points of the lecture will be projected on the screen. I will describe them and occasionally add additional information. I will also discuss the current topics that appear timely, interesting and relevant to the course.
評価方法
定期試験 レポート 小テスト 講義態度
（出席） 		その他 合計
95% 0% 0% 5% 0% 100%
評価の特記事項 As with the spring semester, class attendance is of crucial importance.
テキスト There is no single text for this course. My website shown below may be of much help.
参考文献 The Bank of Japan's website: http://boj.or.jp (The English version is available.)
オフィスアワー(授業相談) Be sure to make an appointment with me either before or after class on Friday.
事前学習の内容など，学生へのメッセージ This course treats the spring and autumn semesters as if they constitute an organic body. Either semester is not independent. The spring semester is devoted to developing the tools. The autumn semester focuses on the application of the tools thus developed. So, be absolutely sure to take both.
授業用URL http://www.eco.nihon-u.ac.jp/~nakajima