Macroeconomic Theory and Policy

ECN400 Macroeconomic Theory and Policy

Spring 2023

Autumn 2023
  • Topics

    The course will cover the following topics in macroeconomics:

    • Basics of modern macroeconomics: individual optimization
    • How do markets clear: general equilibrium
    • Planning for the future: dynamic problems
    • Consumption and savings
    • Real business cycle
    • Economic growth
    • Government spending and fiscal policy
    • Inflation and monetary policy
    • 2008 Great recession, and 2020 Covid Economics

  • Learning outcome


    Upon completion of the course, students will have:

    • an in-depth, up-to-date knowledge of relevant theories and empirics on major topics in modern macroeconomic theory and policy


    Upon completion of the course, students will be able to:

    • analysis macroeconomic questions with the help of modern macroeconomic models


    Upon completion of the course, students will be able to:

    • communicate key theoretical and empirical insights based on macroeconomic models and available macroeconomic data.

  • Teaching

    The course consists of in-person plenary lectures, guest lectures, exercise classes, and group assignments.

  • Recommended prerequisites

    Macroeconomics at the undergraduate level, for example the textbook by Jones "Macroeconomics".

  • Required prerequisites


  • Compulsory Activity

    All assignments must be passed (approved) in order to take the exam.

  • Assessment

    4 hours individual take-home exam.

    The exam must be written in English.

  • Grading Scale


  • Literature

    • Maurice Obstfeld and Kenneth Rogoff: Foundations of International Macroeconomics, MIT Press
    • Andolfatto, David (2008): Macroeconomic Theory and Policy (2nd Edition) (online book)
    • D. Backus et al. (2016): The Global Economy, NYU Stern. (online book)
    • Parts of recent articles and research reports.


ECTS Credits
Teaching language

Autumn. Offered autumn 2022.

Course responsible

Associate Professor Krisztina Molnar, Department of Economics (main course responsible).

Tenure-Track Assistant Professor Markus Johan Karlman, Department of Economics