SØK 3525 Macroeconomics

SØK 3525 Macroeconomics

Course code: 
SØK 3525
Course coordinator: 
Hans-Martin Straume
Course name in Norwegian: 
Makroøkonomi for økonomer
Product category: 
Bachelor - Common Courses
2023 Spring
Active status: 
Level of study: 
Teaching language: 
Course type: 
One semester

Macroeconomics is the study of the economy as a whole. It deals with phenomena such as long-run economic growth, business cycles, unemployment, inflation, and deficits on the balance of payments. Analyses on how governments and central banks can influence the economy through fiscal and monetary policy are particularly important in macroeconomics.

Learning outcomes - Knowledge

After completing the course, students shall know:

  • Different macroeconomic concepts and important relationships between macroeconomic variables. 
  • How macroeconomic indicators is used to identify turning points for the business cycles.
  • The central factors for economic growth and the concept of sustainable growth.
  • Key objectives for the economic policy and how the central policy makers execute the economic policy. 
  • How digitalization and technological development may affect labor demand
  • How the implementation of different policies affects a small open economy with flexible exchange rates.   
  • How the Norwegian economy is affected by international conditions.  
  • Important assessments for the implementation of monetary and fiscal policy.
  • The difference between descriptive and normative statements.
  • Long-term effects from fiscal policy on households disposable income and consumption. 
Learning outcomes - Skills

After completing the course, students will:

  • Be able to decide which macroeconomic theory that is the most relevant to discuss a given macroeconomic problem.
  • Understand how to collect and utilize relevant macroeconomic data and indicators assess the present domestic business cycle.
  • Be able to discuss basic macroeconomic relationships and have obtained a critical sense when it comes to identify correct and wrong statements about the macroeconomy and macroeconomic policy.
  • Know how to discuss changes in macroeconomic policies using both formal mathematical and graphic models.
  • Be able to explain the difference between the real economy and nominal variables.
  • Know how to identify possible conflicts between the main goals of the fiscal policy.
General Competence

After taking this course the students should be ethically conscious about the conflicts of interest and inherent goal conflicts and trade-offs in macroeconomic policy. They should be aware of the importance of sustainable use of the society’s resources. The students should be able to look at a macroeconomic policy issue from different perspectives in regard to the interests of different groups in society. They should also have developed a critical attitude making them conscious of the difference between political ambitions behind announcements of goals and the real effects of macroeconomic policies in practice.

Course content
  • Introduction to macroeconomics
  • National accounts and economic indicators
  • Population development and the wealth of nations
  • Productivity, economic growth and inequality
  • Labor market, institutions and unemployment
  • Money, credit and exchange rates
  • Business cycles 
  • Asset bubbles and financial crisis
  • Inflation, expected inflation and output gap
  • Monetary- and fiscal policy
  • Real interest rates and savings
Teaching and learning activities

The course consists of 39 hours of lectures and 6 hours of plenary exercises

In course delivery as online courses, lecturer will, in collaboration with the student administration, organize an appropriate course implementation, combining different learning activities and digital elements on the learning platform. Online students are also offered a study guide that will contribute to progression and overview. Total recommended time spent for completing the course also applies here.

Software tools
No specified computer-based tools are required.

Higher Education Entrance Qualification


Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.

Required prerequisite knowledge

This course requires prior knowledge in mathematics (MET 2910), statistics (MET 2920), and microeconomics (SØK 3520).

Exam category: 
Form of assessment: 
Written submission
Support materials: 
  • BI-approved exam calculator
  • Simple calculator
3 Hour(s)
Exam code: 
Grading scale: 
Examination every semester
Type of Assessment: 
Ordinary examination
Total weight: 
Student workload
39 Hour(s)
Feedback activities and counselling
6 Hour(s)
Review of assignments in plenary
Prepare for teaching
128 Hour(s)
Group work / Assignments
24 Hour(s)
3 Hour(s)
Sum workload: 

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.