EC4B5      Half Unit
Macroeconomics for MSc F&E

This information is for the 2020/21 session.

Teacher responsible

Prof Wouter Den Haan 32L.1.08A


This course is available on the MSc in Finance and Economics and MSc in Finance and Economics (Work Placement Pathway). This course is not available as an outside option.


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

Course content

This course will teach you the main characteristics of business cycle fluctuations with a special emphasis on what happens during severe economic crises. We will consider a range of 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. These models and policy studies will highlight important economic mechanisms that are relevant to analyse a range of past and current economic phenomena.


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

IMF World Economic Outlook, Chapter 1: Global Prospects and Policies. 

Den Haan, Wouter, 2006, Macroeconomic Models without the Walrasian Auctioneer, Tinbergen Magazine 14, fall.

IMF, 2013, Unconventional Monetary Policies – Recent Experience and Prospects.

Nelson, Rebecca M., 2013, Sovereign debt in advanced economies: Overview and Issues for Congress.

Carvalho, Vasco, 2014, From micro to macro via production networks, Journal of Economic Perspectives 28(4), 23-48. 

More readings will be provided at the start of the course. 


Exam (100%, duration: 2 hours, reading time: 15 minutes) in the summer exam period.

Important information in response to COVID-19

Please note that during 2020/21 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the situation of students in attendance on campus and those studying online during the early part of the academic year. For assessment, this may involve changes to mode of delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.

Key facts

Department: Economics

Total students 2019/20: 28

Average class size 2019/20: 4

Controlled access 2019/20: Yes

Value: Half Unit

Guidelines for interpreting course guide information