PAST CORE COURSES

MA0708 MACROECONOMIC THEORY

Basic Information

• Location: Helsinki, University of Helsinki, Economicum

• Time: Academic year 2007-2008

  • Autumn term: Macroeconomic Theory I

  • Spring term: Macroeconomic Theory II

• Deadline for applications: August 24, 2007

  • Application form

  • Please note that the applicants will be informed of their acceptance soon after the deadline.

The course is divided in two parts: Macroeconomic Theory I (autumn term) and Macroeconomic Theory II (spring term). In total the course includes 48 hours of lectures and 24 hours of exercises (app. 5 credits/7 ECTS credit points).

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Teaching Staff

• Instructors:

  • Part I: Professor Mikko Puhakka (University of Oulu)

  • Part II: Doctor Juha Kilponen (Bank of Finland)

• Teaching assistants:

  • Part I: Lic. Soc. Sc. Juha Tervala (University of Helsinki)

  • Part II: Lic. Soc. Sc. Juha Tervala (University of Helsinki)

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Course Requirements and Exams

The course can be passed by:

PART I (autumn)

• taking the 1. midterm exam AND/OR taking a retake exam in the spring term (part I and II are examined together) AND
• solving a sufficient number of problems correctly: in practise this means that the exams (both the midterm exams and the retake exam) can only be taken by those who have solved at least one third of the problems "showing good effort" so that the principles of solution are correct - mistakes in mechanical calculations are allowed, however.

PART II (spring)

• taking the 2. midterm exam AND/OR taking a retake exam (part I and II are examined together) AND
• solving problems: in practice this means that 4 problem sets (of 6) will be graded AND
• solving a mid-term assignment which will be graded

GRADING

• getting 40 % of the combined maximum points of the parts I and II (at the minimum):
  • points of the I part consists of the first midterm exam or a retake exam (weight of 100 %)
  • points of the II part consists of the second midterm exam or a retake exam (weight of 40 %), exercises (weight of 30%) and a mid-term assignment (weight of 30%)

Please note that the students' home departments are responsible for registering the grades according to their own requirements. FDPE gives the students, on request, a certificate of the courses passed within the programme.

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Topics

Topics covered in the course include:

• intertemporal macroeconomic theory

• overlapping generations model

• dynamic programming

• economic growth

• real business cycle theory

• open economy macroeconomics

• credibility of economic policies

• models of labour unions

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How to Prepare Yourself for the Course

• Instructions on how to prepare yourself for the 1st year FDPE core courses

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