Macroeconomics III (p)

Course content

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.

Education

MSc programme in Economics – mandatory course at first semester - if not taken at the BSc programme in Economics

 

Bacheloruddannelsen i økonomi – Prioriteret valgfag på 3. år (angivet med et p). The Danish BSc programme in Economics - prioritized elective at the 3rd year (symbolized by ‘p’).

Learning outcome

After completing the course the student is expected to be able to:

 

Knowledge:

  • Account for the basic models, concepts, methods and results of modern dynamic macroeconomic analysis.
  • Identify and discuss how shocks propagate in the economy.  

 

Skills:

  • 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.

 

Competencies:

  • 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 classes.


Restrictions due to Coronavirus:
The teaching in this course may be changed to be taught either fully or partly online due to COVID-19. For further information, please see the course room on Absalon (for enrolled students).

Bibliography:

  • 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.

Schedule:

Autumn 2021
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).

Spring 2022:
3 hours lectures a week from week 6 to 20 (except holidays).
3 hours exercise classes a week from week 6/7 to 20/21 (except holidays).

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 "Timetable"/​"Se skema" at the right side of this page (E means Autumn, F means Spring). The lectures are shown in each link.

You can find the similar information in English at
https:/​/​skema.ku.dk/​ku2122/​uk/​module.htm
-Select Department: “2200-Økonomisk Institut” (and wait for respond)
-Select Module:: “2200-E21; [Name of course]” or “2200-F22; [Name of course]”
-Select Report Type: “List – Weekdays”
-Select Period: “Efterår/Autumn” or “Forår/Spring”
Press: “ View Timetable”

Please be aware:
- The schedule of the exercise classes is only a pre-planned schedule and can be changed until the teaching begins without the participants´ acceptance. If this happens you can see the new schedule in your personal timetable at KUnet, in the app myUCPH and through the links in the right side and the link above.
- 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.
- 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.
- All exercise classes will be taught in English.
- It is the students´s own responsibility to continuously update themselves about their studies, their teaching, their schedule, their exams etc. through the curriculum of the study programme, the study pages at KUnet, student messages, the course description, the Digital Exam portal, Absalon, the personal schema at KUnet and myUCPH app etc.

Written
Oral
Individual
Collective

 

The students receive individual feedback at their mandatory assignments from the teaching assistants.

The lecturer gives collective oral feedback in the lectures.

ECTS
7,5 ECTS
Type of assessment
Written examination, 3 hours under invigilation
in the exam venues of the university.

The exam assignment is in English and must be answered in English.

Changes due to Coronavirus:
In the event that COVID-19 restrictions may affect the conduction of the exams, the written exam and the re-sit exam will be changed to a 4 hours take-home exam with all aids. If done so, the changes will be announced in study messages at KUnet, in the Digital Exam portal and here in the Exam section of the course description.

Both exams will still be individual and it is not allowed to communicate with any one about the exam assignment nor the solution at all. It is also prohibited to distribute data and other information at all. If this or alike actions happens, it will be regarded as cheating and plagiarism.
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Aid

No aids allowed at the written exams.

 

If the exams are changed to take-home exams due to COVID-19, the written exams will be with all aids.

 

In case of an oral reexam, please go to the section "Reexam" for further information about allowed aids.

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Marking scale
7-point grading scale
Censorship form
No external censorship
for the written exam. The written exam may be chosen for external assessment by random sample.

Oral re-examination may be with external assessment.
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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)

  • Category
  • Hours
  • Lectures
  • 42
  • Class Instruction
  • 42
  • Preparation
  • 119
  • Exam
  • 3
  • English
  • 206