This information is for the 2023/24 session.

Teacher responsible

Prof Matthias Doepke SAL 1.18

Prof Silvana Tenreyro SAL.2.17


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 and MSc in Finance and Economics (Work Placement Pathway). 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 (Autumn)

The Autumn 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 (Winter)

During the Winter term 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 AT. 20 hours of lectures and 9 hours of seminars in the WT. 1 hour of seminars in the ST.

There will be a reading week in Week 6 of WT only (no lectures or classes that week).

This course is delivered through a combination of classes and lectures totalling a minimum of 60 hours across Autumn Term, Winter Term, and Spring Term.

Formative coursework

Two marked assignments per term. Exercises are discussed in weekly classes.

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 spring exam period.

Key facts

Department: Economics

Total students 2022/23: 146

Average class size 2022/23: 14

Controlled access 2022/23: Yes

Lecture capture used 2022/23: Yes (LT)

Value: One Unit

Guidelines for interpreting course guide information

Course selection videos

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