This course aims at providing insight into the basic models, concepts, methods and results of modern macroeconomics and to be a prerequisite for the more specialized macroeconomic courses. We will study what determines savings and capital accumulation in a general equilibrium framework. How taxes and public debt affect the economy. The effects of uncertainty and expectations, in particular how stabilization policy is affected by the way expectations are formed. Political limits to fiscal and monetary policy are analyzed.
After completing the course the student is expected to be able to:
- Account for the basic models, concepts, methods and results of modern dynamic macroeconomic analysis.
- Identify and discuss how shocks propagate in the economy.
- Analyze the role of expectations and dynamic linkages.
- Analyze a macroeconomic problem, where the above‐mentioned concepts and methods are central.
- Apply the models and explain in economic terms the results and implications and how they derive from the assumptions of the model.
- Manage the topics, tools and theories learned during the course and be proficient in the application of the concepts and methods which then can be used in other courses or in a future job after graduation.
The teaching will consist of lectures, as well as exercise
During the semester mandatory assignments must be handed in to the teachingassistants and not later than the given deadline.
- Niepelt D., 2018, “Macroeconomic Models”, pre-print.
- Romer D., 2012, “Advanced Macroeconomics”, 4th edition, McGraw-Hill.
- Blanchard O. and S. Fischer, 1989, “Lectures on Macroeconomics”, MIT Press.
- Persson T. and G. Tabellini, 2000, “Political Economics”, MIT Press.
- Christiano L., 2011, “Remarks on Unconventional Monetary Policy”, International Journal of Central Banking.
- Gonzalez-Eiras M. and D. Niepelt, 2008, “The future of social security”, Journal of Monetary Economics.
The course requires knowledge equivalent to that achieved in Macroeconomics I, Macroeconomics II, "Probability theory and statistics" (Sandsynlighedsteori og statistik) and Econometrics I at the Bachelor of Economics, University of Copenhagen.
3 hours lectures a week from week 36 to 50 (except week 42).
3 hours exercise classes a week from week 36/37 to 50 (except week 42).
The overall schema for the BA 3rd year and Master can be seen at KUnet:
MSc in Economics => "courses and teaching" => "Planning and overview" => "Your timetable"
BA i Økonomi/KA i Økonomi => "Kurser og undervisning" => "Planlægning og overblik" => "Dit skema"
Timetable and venue:
To see the time and location of lectures and exercise classes please press the link/links under "Se skema" (See schedule) at the right side of this page (E means Autumn, F means Spring). The lectures is shown in each link.
You can find the similar information in English at
-Select Department: “2200-Økonomisk Institut” (and wait for respond)
-Select Module:: “2200-E19; [Name of course]” or “2200-F20; [Name of course]”
-Select Report Type: “List – Weekdays”
-Select Period: “Efterår/Autumn – Weeks 31-5” or “Forår/Spring – Week 5-30”
Press: “ View Timetable”
Please be aware regarding exercise classes:
- The schedule of the exercise classes is only a pre-planned schedule and can be changed until just before the teaching begins without the participants accept. If this happens it will be informed at the links in the right side, in the app myUCPH and at your personal schema at KUnet.
- That the study administration allocates the students to the exercise classes according to the principles stated in the KUnet.
- If too many students have wished a specific class, students will be registered randomly at another class.
- It is not possible to change class after the second registration period has expired.
- If there is not enough registered students or available teachers, the exercise classes may be jointed.
- The student is not allowed to participate in an exercise class not registered, because the room has only seats for the amount of registered student.
- The teacher of the exercise class cannot correct assignments from other students than the registered students in the exercise class except with group work across the classes.
- That all exercise classes will be taught in English.
For foreign students not enrolled: Admission requirements, registration etc: Study Economics.
For gæste- og enkelfagsstuderende: Tilmelding via Uddannelse i Økonomi.
- 7,5 ECTS
- Type of assessment
Written examination, 3 hours under invigilationThe exam assignment is in English and must be answered in English.
- Without aids
- Marking scale
- 7-point grading scale
- Censorship form
- No external censorship
for the written exam. The exam may be chosen for external censorship by random check.
Criteria for exam assessment
Students are assessed on the extent to which they master the learning outcome for the course.
To receive the top grade, the student must with no or only a few minor weaknesses be able to demonstrate an excellent performance displaying a high level of command of all aspects of the relevant material and can make use of the knowledge, skills and competencies listed in the learning outcomes.
Single subject courses (day)
- Class Exercises
- Course number
- 7,5 ECTS
- Programme level
- Full Degree Master
Information about admission and tuition fee: Master and Exchange Programme, credit students and guest students (Open University)
Go to "Remarks".
Exam and re-sits: Go to "Exam".
- Department of Economics, Study Council
- Department of Economics
- Faculty of Social Sciences
- Martin Gonzalez Eiras
- Emiliano Santoro
see 'Course Coordinators'
Teachers of exercise classes:
Exercise class 1: Sebastian Skovgaard Naur
Exercise class 2: Niels Søndergaard Lauritzen
Exercise class 3: Mathias Vestergaard Christensen
Exercise class 4: Mathias Burrack Hansen
Exercise class 5: Mathias Jacobsen Bach
Exercise class 8: Oliver Nygaard Sørensen
Exercise class 9: Elias Kristian Vilhelmsen
Exercise class 10: Niels Søndergaard Lauritzen
The schedule of the exercise classes can be changed up to the start of the semester.
All classes will be taught in English.
- 19E-;Ex.class 1;;Macroeconomics III
- 19E-;Ex.class 10;;Macroeconomics III
- 19E-;Ex.class 2;;Macroeconomics III
- 19E-;Ex.class 3;;Macroeconomics III
- 19E-;Ex.class 4;;Macroeconomics III
- 19E-;Ex.class 5;;Macroeconomics III
- 19E-;Ex.class 8;;Macroeconomics III
- 19E-;Ex.class 9;;Macroeconomics III
- 20F-;Ex.class 1;;Macroeconomics III
- 20F-;Ex.class 2;;Macroeconomics III
- 20F-;Ex.class 3;;Macroeconomics III
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