DRE 7011 Lecture series on Oil Markets and the Macro Economy

DRE 7011 Lecture series on Oil Markets and the Macro Economy

Course code: 
DRE 7011
Course coordinator: 
Hilde Christiane Bjørnland
Course name in Norwegian: 
Lecture series on Oil Markets and the Macro Economy
Product category: 
PhD Economics courses
2019 Autumn
Active status: 
Level of study: 
Teaching language: 
Course type: 
One semester

This course description is available in English only. Please see the English course description.

Learning outcomes - Knowledge

After taking this course the students should have a solid knowledge of advanced research in oil market models and the link between oil prices, the macroeconomy and monetary policy.

To model and forecast the oil market, the students should master and be able to produce sophisticated research using a variety of linear and non-linear time series methods.

To analyse the link between the oil market, the macroeconomy and monetary policy, the students will be familiar with, among others, structural vector autoregression (VAR) models and Dynamic stochastic general equilibrium (DSGE) models

Learning outcomes - Skills


General Competence


Course content

The course will conver topics such as:

  • Alternative Specifications of the Price of Oil
  • Driver of the oil price
  • Forecasting the Real Price of Oil
  • A Review of the Channels of Transmission of Oil Price Shocks
  • Are Macroeconomic Responses Asymmetric in Oil Price Increases and Decreases?
  • Monetary Policy Responses to Oil Price Fluctuations
  • Resource rich economies
Teaching and learning activities

A course of 3 ECTS credits corresponds to a workload of 80-90 hours. 

Please note that while attendance is not compulsory in all courses, it is the student’s own responsibility to obtain any information provided in class that is not included on the course homepage/It's learning or text book. 

Software tools
No specified computer-based tools are required.
Additional information



Enrollment in a PhD Programme is a general requirement for participation in PhD courses at BI Norwegian Business School.
External candidates are kindly asked to attach confirmation of enrollment in a PhD programme when signing up for a course. Other candidates may be allowed to sit in on courses by approval of the courseleader. Sitting in on a course does not permit registration for the course, handing in exams or gaining credits for the course. Course certificates or conformation letters will not be issued for sitting in on courses.

Required prerequisite knowledge


Exam categoryWeightInvigilationDurationGroupingComment exam
Exam category:
Form of assessment:
Written submission
Exam code:
Grading scale:
Grading rules:
Examination when next scheduled course
100No1 Semester(s)Individual
Exam category:Submission
Form of assessment:Written submission
Grouping (size):Individual
Duration:1 Semester(s)
Exam code:DRE70111
Grading scale:Pass/fail
Resit:Examination when next scheduled course
Type of Assessment: 
Ordinary examination
Total weight: 
Sum workload: 

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 3 ECTS credit corresponds to a workload of at least 80 hours.