This information is for the 2021/22 session.

Teacher responsible

Prof Alwyn Young

Prof Wouter Den Haan


This course is compulsory on the MSc in Economics and MSc in Economics (2 Year Programme). This course is available on the 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, 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)


During the Lent part of EC413 you will learn 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 MT. 20 hours of lectures and 10 hours of seminars in the LT.

This course is delivered through a combination of classes and lectures totalling a minimum of 60 hours across Michaelmas Term Term and Lent Term. This year, some or all of this teaching will be delivered through a combination of virtual classes, live streamed (recorded) lectures, and some flipped content delivered as short online videos

Formative coursework

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

Indicative reading

Primary reading will be journal articles and a few 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.

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Important information in response to COVID-19

Please note that during 2021/22 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 differing needs of students in attendance on campus and those who might be studying online. For example, this may involve changes to the mode of teaching 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 2020/21: 195

Average class size 2020/21: 20

Controlled access 2020/21: Yes

Value: One Unit

Guidelines for interpreting course guide information