The Seminar "Growth in the Japanese Economy" takes place in the summer term.

Instructor: Prof. Dr. Ulrich Volz, Taiki Murai
Start: Introductury Session 4.4 (S8)
Room: Seminarraum S8
Grading: Termpaper (Guidelines)
Topic Allocation: During the introductory session.
Deadline for First Drafts (non-graded): 31.05.2024             
Deadline for Final Drafts (graded): 01.07.2024 via email to murai(at)
Seminar Date: 29.06.24


Seminar content and learning objectives

The seminar is part of the module International Economic Policy, which also comprises a course in Economic Policy and a course in European Integration. The seminar focuses on the persistently low economic growth of the Japanese economy. Students are expected to deepen their understanding about monetary and fiscal policymaking, inflation, current account imbalances and other macroeconomic challenges in Japan, and draw lessons for Europe. Two-thirds of the module grade will be based on a written exam covering the two courses. For the seminar you will write a short term paper accounting for the remaining one-third of your module grade.

Requirements and Evaluation

In the Seminar “Growth in the Japanese Economy”, the following requirements apply:

  • Attendance: Seminar participants are expected to attend the entire seminar.
  • Presentation: Each participant is required to deliver a 15-minute presentation.
  • Discussion: Active engagement in discussions after the presentation is expected.
  • Term Paper: 3200-4000 words (8-10 pages)
  • Language: English. 
  • Formatting: Times New Roman, 12 points, with line spacing of 1.5.
  • Submission: First and final drafts should be sent via email to 
  • Academic writing: For guidance on academic writing, participants are encouraged to read “Economical Writing” by Donald McCloskey.(

Seminar Dates

There will be an introductory session to the seminar.



Date, Time

1.Seminar Day



Seminar Topics



Macroeconomic Policy and Economic Growth in Japan


Japanification of Germany?


The Japanese Banking Sector in a Low Growth Environment


Rise and Fall of Pax Nipponica


The Quantity Theory of Money in Japan: Income Version vs. Transactions Version


The Low Interest Rate Policy and Productivity Gains in Japan


Determinants of the Japanese Current Account Surpluses


The Bank of Japan and the Stability of the Japanese Yen


The Reasons for the Low Inflation in Japan and Switzerland



Basic Literature

  • Krugman, Paul / Obstfeld, Maurice / Melitz, Marc 2011: International Economics: Theory and Policy, 9th. edition, Boston.
  • Caves, Richard / Frankel, Jeffrey / Jones, Ronald 2007: World Trade and Payments: An Introduction, 10th edition, Boston

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