Macroeconomics III (p)
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.
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’).
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
For non-Covid related issues that pertain to the organization of the lecturer, the first half of the Fall semester is only available in streaming, while the second part is going to be taught on campus. All exercise classes, instead, are going to be taught on campus.
Changes to teaching methods due to a pandemic crisis:
The teaching in this course might be changed to either fully or partly online due to a pandemic crisis. If changes are implemented please read the study messages at KUnet or the announcements in the virtual course room on Absalon (for enrolled students).
- 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.
Autumn 2023 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).
3 hours lectures a week from week 6 to 20.
3 hours exercise classes a week from week 6/7 to 20/21.
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
-Select Department: “2200-Økonomisk Institut” (and wait for respond)
-Select Module:: “2200-E22; [Name of course]” or “2200-F23; [Name of course]”
-Select Report Type: “List – Weekdays”
-Select Period: “Efterår/Autumn” or “Forår/Spring”
Press: “ View Timetable”
Please be aware:
- 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 are taught in English and it is expected that the students ask questions in English, so foreign students are included in the dialog.
- The schedule of the lectures and the exercise classes can change without the participants´ acceptance. If this occur, you can see the new schedule in your personal timetable at KUnet, in the app myUCPH and through the links in the right side of this course description and at the link above.
- It is the students´s own responsibility continuously throughout the study to stay informed about their study, 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.
The students receive individual feedback at their mandatory assignments from the teaching assistants.
The lecturer gives collective oral feedback in the lectures.
for enrolled students: Rules etc at Master(UK), Master(DK) and Bachelor(DK)
Foreign students and guests: Information about admission requirements, application, tuition fee, registration at Study Economics. Please read the curriculum before enrolment.
Efteruddannelse, gæste- og enkelfagsstuderende: Ansøgning, optag, pris etc. se Uddannelse i Økonomi. Læs venligst studieordningen inden tilmelding.
- 7,5 ECTS
- Type of assessment
Written examination, 3 hours under invigilation
- Type of assessment details
- ITX-exam in the exam venues of the university.
The exam assignment is in English and must be answered in English.
Changes to the exam due to a pandemic crisis:
In the event that restrictions from a pandemic crisis may affect the conduction of the ITX-exams, the written exam and the re-sit exam will change to a 4 hours written take-home exam. The changes will be announced in study messages at KUnet and in Digital Exam.
The take-home exam is an individual exam 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.
No aids allowed at the written ITX-exam.
If the ITX-exam changes to a take-home exam due to a pandemic crisis, the written take-home exam is with all aids.
- Marking scale
- 7-point grading scale
- Censorship form
- No external censorship
at the written exam. The written ITX-exam may be chosen for external assessment by random sample.
Criteria for exam assessment
Students are assessed on the extent to which they master the learning outcome for the course.
In order to obtain the top grade “12”, 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.
In order to obtain the passing grade “02”, the student must in a satisfactory way be able to demonstrate a minimal acceptable level of the knowledge, skills and competencies listed in the learning outcomes.
Single subject courses (day)
- Class Instruction
- Course number
- 7,5 ECTS
- Programme level
- Full Degree Master
- Autumn And Spring
- Go to 'Signup' for information about registration and enrollment.
Information about admission and tuition fee: Master and Exchange Programme, credit students and guest students (Open University)
- For teaching: Go to 'Remarks'.
- For exam and re-sits: Go to 'Exam'.
- Department of Economics, Study Council
- Department of Economics
- Faculty of Social Sciences
- Emiliano Santoro
Autumn 2022, Spring 2022
- John Vincent Kramer
See 'Course Coordinators'
Teachers of exercise classes:
Ex. class 1:
Ex. class 2:
Ex. class 3:
Please read "Remarks" regarding the schedule of the teaching.
Are you BA- or KA-student?
Courseinformation of students