AØKA08006U  Macroeconomics III

Volume 2016/2017

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

BSc programme in Economics - prioritized elective at the 3.year



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.

Learning Outcome

After completing the course, the student should be able to:


  • Understand the basic models, concepts, methods and results of modern dynamic macroeconomic analysis.
  • Use these tools to understand how shocks propagate in the economy.  



  • Manage the topics, methods, tools and theories learned during the course.
  • Analyze the role of expectations and dynamic linkages, and to be proficient in the application of the concepts and methods which can be then used in other courses or in a future job after graduation.



  • Analyze a macroeconomic problem, where the above‐mentioned concepts and methods are central, that is competence in solving such models and explaining in economic terms the results and implications and how they derive from the assumptions of the model.



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 A), Macroeconomics II (Macroeconomics B), Probability theory and statistics/​Sandsynlighedsteori og statistik (Econometrics A) and Econometrics I (Econometrics B).
The teaching will consist of lectures, as well as exercise classes during 14 weeks.
The course consists of 2 hours of lectures 1 to 2 times every week and 2 hours of exercise classes 1 to 2 times every week for 14 weeks.

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 (16E means Autumn 2016, 17F means Spring 2017). The lectures is shown in each link.

You can find the similar information partly in English at
-Select Department: “2200-Økonomisk Institut” (and wait for respond)
-Select Module:: “2200-E16; [Name of course]” or “2200-F17; [Name of course]”
-Select Report Type: List
-Select Period: “Efterår/Autumn – Weeks 30-3” or “Forår/Spring – Week 4-29”
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 in KUnet or can be seen in the app myUCPH and at the above link.
- 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.
- That all exercise classes will be taught in English.
7,5 ECTS
Type of assessment
Written examination, 3 hours under invigilation
at the computers of Copenhagen University.
The exam assignment is in English and must be answered in English.
Exam registration requirements

As a part of the course, three written assignments should be completed and accepted.

Without aids
Marking scale
7-point grading scale
Censorship form
External censorship
100% censorship
Exam period

Autumn semester: January 9, 2017

Spring semester: June 7, 2017

The exam takes place at Peter Bangs Vej 36. 2000 Frederiksberg http:/​/​pc-eksamen.ku.dk/​pc_exam The exact time of the exam will be informed in the Self-Service at KUnet

For enrolled students more information about examination, rules etc. is available at the student intranet for Examination (English),student intranet for Examination (KA-Danish) and student intranet for Examination (BA-Danish).



Autumn semester: February 13, 2017

Spring semester: August 14, 2017

The re-exam takes place at Peter Bangs Vej 36. 2000 Frederiksberg http:/​/​pc-eksamen.ku.dk/​pc_exam The exact time of the exam will be informed in the Self-Service at KUnet

If only a few students have registered for the re-exam, the exam might change to an oral exam including the date, time and place for the exam, which will be informed  by the Examination Office.

Criteria for exam assesment

Students are assessed on the extent to which they master the learning outcome for the course.

To receive the top grade, the student must be able to demonstrate in an excellent manner that he or she has acquired and can make use of the knowledge, skills and competencies listed in the learning outcomes.

  • Category
  • Hours
  • Lectures
  • 42
  • Class Exercises
  • 42
  • Preparation
  • 119
  • Exam
  • 3
  • Total
  • 206