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.


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’).


The course is open to:

  • Exchange and Guest students from abroad
  • Credit students from Danish Universities
  • Open University students
Learning outcome

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 classes.


  • 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.


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

The lecturer gives collective oral feedback in the lectures.

7,5 ECTS
Type of assessment
On-site written exam, 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.
Exam registration requirements

To qualify for the exam the student must during the semester and not later than the given deadlines

  • hand in and have approved 2 out of 3 mandatory assignments.

No aids allowed at the written ITX-exam.



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.
Exam period

Exam information:

The exact time and place will be available in Digital Exam from the middle of the semester. In special cases decided by the Department, the exam can change to another place, type, day and/or time than announced. 

More information about examination, rules, aids etc. at Master(UK), Master(DK) and Bachelor(DK).


Same as the ordinary exam. 

You must hand in and have approved 2 out of 3 mandatory assignments.


Exam information:

Exact type, day, time and place: See Digital Exam in February/August. In special cases decided by the Department, the exam can change to another place, type, day and/or time than announced.

More info: Master(UK), Master(DK), Bachelor.

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)

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


Course number
7,5 ECTS
Programme level
Full Degree Master

1 semester

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)

and venue:
- For teaching: Go to 'Remarks'.
- For exam and re-sits: Go to 'Exam'.
Department of Economics, Study Council
Contracting department
  • Department of Economics
Contracting faculty
  • Faculty of Social Sciences
Course Coordinator
  • Carl-Johan Lars Dalgaard   (19-6563746e306c716a63703066636e69636374664267657170306d7730666d)
Alexandre Kohlhas
Saved on the 30-04-2024

Are you BA- or KA-student?

Are you bachelor- or kandidat-student, then find the course in the course catalog for students:

Courseinformation of students