Macroeconomic Theory at UU was the second subject I picked and to be honest, it might have been the most challenging course I took last year. Partly this was due to the fact that most of my macro classes from the Bachelor level dated back incredibly far – yes, I am getting a bit long in the tooth. But the course covered quite a number of complex macro models in depth and I am not going to lie: there were lots of derivations.
The first part of the course dealt with economic growth, going through some neoclassical growth models like the Solow Model, the Ramsey-Cass-Koopmans Model and the Diamond Model. We also somewhat touched endogenous growth models in one lecture here. Afterwards we turned to consumption, especially the Permanent Income Hypothesis, so there was quite an emphasis on intertemporal consumption behavior. We then spent two lectures on budget deficits and fiscal policy including tax smoothing and the Ricardian Equivalence, for example, and a debt crisis model.
The third part of the course was working towards explanations of economic fluctuations. It included the Real Business Cycle Model, but also the New Keynesian DSGE Model with sticky prices and imperfect competition.
The last two lectures then dealt with inflation and monetary policy.
Last year the lecture was held by Teodora Borota Milicevic, who in my opinion was an excellent and inspiring teacher. Unfortunately, she is not doing any teaching at the department this semester (as far as I know), so it is hard to tell whether the course will be similar to the one last winter.
However, if this year’s lecturer covers the same topics at least, you should be prepared for a really intense macro course, which will demand you to think abstract, do many mathematical derivations and remember several complex models. Though it was tough, I am really happy that I picked this course because it has widely enhanced my understanding of macroeconomics.
This is the link to the course page. Feel free to comment if you have further questions on this course!