This information is for the 2019/20 session.

Teacher responsible

Prof Wouter Den Haan 32L.1.08A and Prof Alwyn Young 32L. 2.20


This course is compulsory on the MSc in Economics and MSc in Economics (2 Year Programme). This course is available on the MPA in International Development, MPA in Public Policy and Management, MPA in Public and Economic Policy, MPA in Public and Social Policy, MPA in Social Impact, MRes/PhD in Quantitative Economic History, MSc in Economics and Philosophy, MSc in Finance and Economics, MSc in Finance and Economics (Work Placement Pathway) and MSc in Quantitative Economic History. This course is available with permission as an outside option to students on other programmes where regulations permit.


Students must have completed Introductory Course in Mathematics and Statistics (EC400).

In exceptional circumstances, students may take this course without EC400 provided they meet the necessary requirements and have received approval from the course conveners (via a face to face meeting), the MSc Economics Programme Director and their own Programme Director. Contact the Department of Economics for more information ( regarding entry to this course.

Course content


The aim of the course is to give a wide-ranging overview of modern macroeconomics.


Economic growth (Michaelmas)


The Michaelmas term of EC413 is an introduction to the techniques needed to critically read and evaluate academic research in economic growth. Topics are facts about growth, the Solow growth model (theory and empirics), the Neoclassical Growth model (growth with dynamic optimization), and endogenous technical change.


Business Cycles (Lent)


The Lent term of EC413 focuses on the main characteristics of business cycle fluctuations with a special emphasis on what happened during the financial crisis and different macroeconomic models to study business cycles. The course covers the Real Business Cycle model, the New-Keynesian model, models with frictions in labour and financial markets, agent-based models, the role of money, self-fulfilling believes, the role of monetary and fiscal policy (and in particular non-conventional monetary policy), and (un)sustainable sovereign debt.


20 hours of lectures and 10 hours of seminars in the MT. 20 hours of lectures and 10 hours of seminars in the LT.

Formative coursework

Two marked assignments per term. Exercises are discussed in each class.

Indicative reading

Primary reading will be journal articles and a couple chapters from Daron Acemoglu, Introduction to Modern Economic Growth. A full list will be available at the start of each term.


Exam (50%, duration: 2 hours, reading time: 15 minutes) in the January exam period.
Exam (50%, duration: 2 hours, reading time: 15 minutes) in the summer exam period.

Key facts

Department: Economics

Total students 2018/19: 149

Average class size 2018/19: 18

Controlled access 2018/19: No

Value: One Unit

Guidelines for interpreting course guide information