ØSS113 Macroeconomics II

Course description for academic year 2020/2021

Due to Covid-19, changes may occur in course descriptions for the autumn semester of 2020. Changes in each course will be published on Studentweb or Canvas. When a course description has been changed there, the description on web is no longer valid. Examples of such changes could be accomplishment of practice, course type, or whether letter grades or passed/not passed will be used as grading scales.

Contents and structure

The course is based on ØSO002 Macroeconomics I and the learning from this course is an integral part. The course aims to explain some theories that were not treated in ØSO002. Furthermore, the course will emphasize bringing up current topics and reflecting the current macroeconomic news. Thus, the course may be somewhat different from one year to another.

Key themes are:

Various economic models that provide perspectives on macroeconomic events.

Learning Outcome

Knowledge:

The course aims for the student to know alternative theories that were not addressed in ØSO002 such as: 

  • Stabilization policy subject to a monetary policy rule.
  • IS-PC-MP model
  • Currency Union
  • Financial crises and bubble theory
  • Economic politics in a game between voters and politicians
  • Economic policy in a game between rational actors and politicians (time inconsistency, "Inflation bias").
  • Problems related to the stabilization of government debt
  • "Real Business Cycle" models
  • Norway as an oil-dependent economy.
  • Norwegian economic policy

Skills: 

  • On completion of the course the students should be able to interpret and understand economic news and events. Explain alternative ways of seeing things. Explain the logic of economic models and their reflect on their validity (assumptions). An increased degree of formal presentation will be emphasized. 

Entry requirements

None

Recommended previous knowledge

  • ØSO001 Microeconomics I
  • ØSO002 Macroeconomics I
  • ØMO001 Mathematics

Teaching methods

Lectures, presentations and problem solutions.

Course requirements

Students have to pass 3 assignments to be allowed to take the exam.

Assessment

Written school exam, 4 hours. The exam can be held on the digital exam system. The time and place for the exam will be announced on Studentweb. Grading scale A-F, where F means the student failed.

Examination support material

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More about examination support material

Course reductions

  • ØSS102 (1) - Macroeconomics II - Reduction: 5 studypoints