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2025/2026  BA-BSEMO1011U  Macroeconomics

English Title
Macroeconomics

Course information
Language English
Course ECTS 7.5 ECTS
Type Mandatory
Level Bachelor
Duration One Quarter
Start time of the course Third Quarter
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for Service and Markets
Course coordinator
  • Pontus Rendahl - Department of Economics (ECON)
Main academic disciplines
  • Economics
Teaching methods
  • Face-to-face teaching
Last updated on 26-06-2025

Relevant links
Learning objectives
Course aim: The purpose of the course is to give students an understanding of (i) movements in the economy over the business cycle, (ii) macroeconomic stabilisation policy (monetary and fiscal) in closed and open economies, and (iii) basic aspects of financial markets and expectations.
  • Explain basic macroeconomic terminology (e.g. "growth", "recession", "natural unemployment", "trade balance deficit" etc.) in a comprehensive way
  • Describe how real GDP is determined in the short and medium run.
  • Describe the main determinants of other important macroeconomic variables such as inflation, unemployment, real wage, interest rate, exchange rate etc.
  • Perform simple algebraic calculations related to developments in the main macroeconomic variables
  • Describe and explain the assumptions and relations of the main macroeconomic models (e.g. IS/LM).
  • Illustrate diagrammatically these models, perform policy experiments (like increasing government spending or changing the money supply) and interpret verbally what happens when moving from one equilibrium to another.
  • Solve algebraically simple macroeconomic models in order to determine the value of the variables in equilibrium (national income, interest rate, consumption, investment etc.)
Course prerequisites
English language skills equal to B2 level (CEFR) and math skill equal to Danish level B are recommended.
Examination
Macroeconomics:
Exam ECTS 7,5
Examination form Written sit-in exam on CBS' computers
Individual or group exam Individual exam
Assignment type Written assignment
Duration 3 hours
Grading scale 7-point grading scale
Examiner(s) Internal examiner and external examiner
Exam period Spring
Aids Limited aids, see the list below:
The student is allowed to bring
  • An approved calculator. Only the models HP10bll+ or Texas BA ll Plus are allowed (both models are non-programmable, financial calculators).
  • Language dictionaries in paper format
The student will have access to
  • Advanced IT application package
Make-up exam/re-exam
Same examination form as the ordinary exam
The number of registered candidates for the make-up examination/re-take examination may warrant that it most appropriately be held as an oral examination. The programme office will inform the students if the make-up examination/re-take examination instead is held as an oral examination including a second examiner or external examiner.
Course content, structure and pedagogical approach

This course offers a general introduction to macroeconomics. We ask questions such as, ‘What determines production, unemployment and inflation in the short and medium run?’ To answer this, we develop an analytical framework based on equilibrium conditions in three markets: the goods market, the financial market and the labour market. This framework is also used to analyze questions like, ‘What is the scope for a government to stabilise the economy using fiscal and monetary policy?’ Moreover, issues related to the open economy are addressed, such as capital mobility, exchange rates, balance of payments etc.

The following issues are addressed in the course:
• Demand for goods
• Demand for money
• Labour market
• Inflation and unemployment
• Fiscal and monetary policy
• The open economy
• Financial markets and expectations
Research-based teaching
CBS’ programmes and teaching are research-based. The following types of research-based knowledge and research-like activities are included in this course:
Research-based knowledge
  • Classic and basic theory
  • Models
Research-like activities
  • Data collection
  • Analysis
  • Discussion, critical reflection, modelling
Description of the teaching methods
Lectures & workshops
Feedback during the teaching period
The students will receive feedback during the course in different ways. Firstly, they will get feedback during lectures in the form of interaction with the instructor if any question arises. Secondly, they will get feedback during the exercise classes where the course is supplemented by Kahoot. This online platform provides continuous feedback, on the exercises and tests carried out. Finally, they will get feedback at the office hours.
Student workload
Classes 30 hours
Workshop/ Exercises 15 hours
Preparation for class(including exam) 158 hours
Exam 3 hours
Expected literature
  • Macroeconomics. A European Perspective”, Blanchard, Amighini and Giavazzi (Third Edition) 



Please note, minor changes may occur. The teacher will upload the final reading list to CBS Canvas two weeks before the course starts.

Last updated on 26-06-2025