AØKA08006U 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.
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.
- 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.
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).
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).
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
-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.
- Class Instruction
The students receive individual feedback at their mandatory assignments from the teaching assistants.
The lecturer gives collective oral feedback in the lectures.
Foreign students and guests: Information about admission requirements, application, tuition fee, registration at Study Economics.
Please read the curriculum before enrolment.
Gæste- og enkelfagsstuderende: Tilmelding via Uddannelse i Økonomi.
- 7,5 ECTS
- Type of assessment
- Written examination, 3 hours under invigilationas an ITX-exam 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 ITX-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.
The take-home 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.
- 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 3 out of 4 mandatory assignments.
No aids allowed at the written exams.
If the ITX-exams are changed to take-home exams due to COVID-19, the written take-home exams will be with all aids.
For further information about allowed aids for the re-examination, please go to the section "Re-exam".
- Marking scale
- 7-point grading scale
- Censorship form
- No external censorship
at the written exams. The written ITX-exam may be chosen for external assessment by random sample.
An oral re-examination may be with external assessment.
- Exam period
The regular exam takes place:
4 January 2022
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.
The written reexam takes place:
If few students register, it might change to a 20 min. oral exam with 20 min. preparation time.
All written aids allowed during the preparation time.
No aids allowed during the examination.
Due to COVID-19, the re-sit might change to a 20 minutes oral ONLINE exam with all aids, without preparation time.
Exact day, time and place is available in Digital Exam in February.
In special cases decided by the Department, the re-sit can change to another place, type, day and/or time than announced.
Criteria for exam assesment
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.
- Course code
- 7,5 ECTS
- Full Degree MasterBachelor
- 1 semester
- Autumn And Spring
Go to 'Signup' for
information about registration and enrollment
- and venue for teaching:
Go to 'Remarks'.
For exam and re-sits: Go to 'Exam'.
- Course is also available as continuing and professional education
- Study board
- 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:
Exercise class 2:
Exercise class 3:
Exercise class 5:
Exercise class 6:
Exercise class 7:
Exercise class 9:
Exercise class 10:
Ex. class 1:
Ex. class 2:
The schedule of the exercise classes can be changed up to the start of the semester.
Please read "Remarks"