GRA 6634 Advanced Macroeconomics

GRA 6634 Advanced Macroeconomics

Course code: 
GRA 6634
Course coordinator: 
Tommy Sveen
Course name in Norwegian: 
Advanced Macroeconomics
Product category: 
MSc in Business - Economics
2018 Autumn
Active status: 
Level of study: 
Teaching language: 
Course type: 
One semester

Macroeconomics is the study of the economy as a whole. This course offers an introduction to advanced macroeconomic analysis. To this end, the course covers both theoretical models as well as empirical facts regarding a wide range of topics, from consumption and investment to economic growth. The course is also the preparatory course for doing further macroeconomic studies at the graduate level. It is a prerequisite for both GRA 6639 Business Cycles and GRA 6631 Macroeconomic Policy.

Learning outcomes - Knowledge

The students will learn basic macroeconomic theories and how they are related to advanced topics and policy issues. More specifically, students will gain knowledge about

  1. The main theories of consumption and investment and its empirical relevance. Important topics will include the permanent-income hypothesis, consumption based asset pricing and the Q-theory of investment.
  2. The determinants of long-run growth. Students will understand the main determinants of cross-country income differences observed in the data.
  3. Numerical Applications.
Learning outcomes - Skills

Students will acquire skills that enable them to analyze macroeconomic events and empirical regularities observed in the data. They will be able to understand and critically read information in specialized and popular press.

Students will acquire analytical tools to understand about consumption and investment patterns observed in the data. They will also be able to analyze income differences across countries.

The course enables students to perform numerical simulations about the macroeconomy.

This course is business relevant. The students acquire skills to analyze how the macro economy influences businesses and society in general.

Learning Outcome - Reflection

This course should lead students to reflect about the forces that influence the economy as a whole. What determines consumption and investment? Why do some countries grow faster than others?

Furthermore, this course prepares students for more advanced academic work. The course is an introduction to advanced macroeconomics theory.

Course content

Part I: Consumption and investment theories. Quantitative macroeconomics. Romer ch 8 and 9 (selected sections). Obstfeld-Rogoff section 2.5 (selected subsections). Krueger ch. 3-5.

Part II: Economic growth. Romer ch. 1-4 (selected sections) and Obstfeld-Rogoff ch. 7 (selected sections).

Part III: Numerical Applications.

Learning process and requirements to students

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

All courses in the Masters programme will assume that students have fulfilled the admission requirements for the programme. In addition, courses in second, third and/or fourth semester can have specific prerequisites and will assume that students have followed normal study progression. For double degree and exchange students, please note that equivalent courses are accepted.

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Form of assessment:
Written submission
Exam code:
Grading scale:
Grading rules:
Internal and external examiner
Examination when next scheduled course
100Yes3 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
Individual Written examination under supervision.
Exam category:Submission
Form of assessment:Written submission
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
Duration:3 Hour(s)
Comment:Written examination under supervision.
Exam code:GRA66342
Grading scale:ECTS
Resit:Examination when next scheduled course
Exam organisation: 
Ordinary examination
Total weight: 
Sum workload: 

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 6 ECTS credits corresponds to a workload of at least 160 hours.