PhD Macroeconomics I

ECS506 PhD Macroeconomics I

Autumn 2022

  • Topics

    This is the first of two courses in macroeconomics in the PhD program at NHH. This course is designed to give an introduction to a broad selection of topics and methods in macroeconomics at the PhD level. It aims at providing the necessary background for more specialized courses in various sub-fields.

    The course will cover a selection of the following topics:

    • Dynamic Programming
    • Models of Economic Growth
    • Overlapping Generations (OLG) models
    • Incomplete markets models
    • Real Business Cycle Models

    A detailed syllabus will be circulated closer to the start of term.

  • Learning outcome

    By the end of the course, the students will achieve the following learning outcomes:


    Be able to

    • Understand the workhorse models in modern real macroeconomics.
    • Evaluate the use of basic mathematical tools to solve a macroeconomic model.
    • Apply a standard numerical package to solve a model.
    • Evaluate the implications of uncertainty and market incompleteness.


    Be able to

    • Build a model to analyze macroeconomic research questions.
    • Analyze economic questions with modern macroeconomic models.
    • Model explicitly individual decision making, and then analyze aggregate behavior.
    • Evaluate the implications of the methodology used in modern macro papers.

    General competence

    Be able to

    • Communicate research questions, solution methods, and answer clearly.

  • Teaching

    Lectures and assignments.

  • Restricted access

    • PhD candidates from NHH
    • PhD candidates from University of Bergen 
    • PhD candidates from other higher educational institutions
    • Promising master students if approved by course responsible

  • Recommended prerequisites

    It is assumed as a prerequisite that students are familiar with macroeconomics at the Master level.

    Previous experience of quantitative programming (eg, Matlab, Python, Julia) will be helpful, though it is not required.

  • Compulsory Activity

    Participation in class and completion of mandatory assignments.

  • Assessment

    Four hours individually written home exam. The exam must be written in English.

    Compulsory activities (work requirements) is valid for one semester after the semester it was obtained. Re-take is offered the semester after the course was offered for students with valid compulsory activities (work requirements).

  • Grading Scale


  • Computer tools

    Some assignments will require to code in a quantitative programming language (eg, Matlab, Julia, Python).

  • Literature

    Lecture notes and selected chapters from graduate textbooks, including:

    • Lars Ljungqvist and Thomas J. Sargent, Recursive Macroeconomic Theory
    • Tullio Jappelli and Luigi Pistaferri, The Economics of Consumption

    A detailed reading list will be provided at the start of term.


ECTS Credits
Teaching language

Autumn. Offered autumn 2022.

Course responsible

Professor Gernot Doppelhofer, Department of Economics [main course responsible].

Assistant Professor Markus Karlman, Department of Economics.