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Macroeconomics (MSB111)

The course aims to provide deeper insights into macroeconomic theory and its application to current macroeconomic policy problems.

The main topics are economic growth, determination of employment, monetary and fiscal policy in a small open economy, exchange rate determination, the causes and effects of government budget deficits and external imbalances.

Course description for study year 2022-2023. Please note that changes may occur.

Course code




Credits (ECTS)


Semester tution start


Number of semesters


Exam semester


Language of instruction



Facts about economic aggregates and macroeconomic models. Particular attention is given to:

  • Economic growth and business cycles
  • Monetary policy
  • The current account of the balance of payments
  • Employment and unemployment
  • Exchange rates
  • Economic effects of government budgets
  • Financial crises

Throughout the course, continuous reference will be made to historical and current macroeconomic phenomena, from both a global perspective and with a special focus on Norway.

Learning outcome

Upon completion of the course, the student should be able to:


Knowledge and understanding

  • Understand basic macroeconomic models off economic growth, business cycle fluctuations, exchange rates, employment and unemployment, inflation, budget deficits, and national debt.

Skills and abilities

  • Be able to describe the above-mentioned models and derive their implications;
  • Be able to apply basic macroeconomic models to phenomena such as economic growth, current accounts, employment, exchange rates, business cycle fluctuations, monetary policy, and budget deficits.

Judgement and approach

  • Understand how to use various simplified models to analyse different problems;
  • Be able to assess the feasibility of the assumptions behind different models, as well as their limitations;
  • Be able to assess whether the implications of a model are more or less factually accurate;
  • Be able to assess the feasibility of macroeconomic arguments in the public debate.
Required prerequisite knowledge
Form of assessment Weight Duration Marks Aid
Written exam 1/1 4 Hours Letter grades Dictionary

Coursework requirements
Coursework requirements: Mandatory case assignment
Course teacher(s)
Course coordinator: Anders Åkerman
Study Program Director: Yuko Onozaka
Method of work

Instruction is given in the form of lectures and group exercises/seminars.

Assessment: The course is examined on the basis of a written examination. Students may be awarded examination credits through partial examination consisting of voluntary written assignments during the course.

Overlapping courses
Course Reduction (SP)
Macroeconomics (MØA111_1) 10
Open for
Master in Accounting and Auditing Business Administration - Master of Science Business Administration - Master of Science (5 years)
Course assessment
Students will have the opportunity to give feedback on the course in an early dialogue and a written course evaluation at the end of the course.
The syllabus can be found in Leganto