Prof Wouter Den Haan 32L.1.08A

This course is available on the MSc in Finance and Economics. This course is not available as an outside option.

Students must have completed Introductory Course in Mathematics and Statistics (EC400).

The Lent term of EC413 focuses on the main characteristics of business cycle fluctuations with a special emphasis on what happened during the financial crisis and different macroeconomic models to study business cycles. The course covers the Real Business Cycle model, the New-Keynesian model, models with frictions in labour and financial markets, agent-based models, the role of money, self-fulfilling believes, the role of monetary and fiscal policy (and in particular non-conventional monetary policy), and (un)sustainable sovereign debt.

20 hours of lectures and 10 hours of seminars in the LT.

Two marked assignments per term. Exercises are discussed in each class. 

IMF World Economic Outlook, Chapter 1: Global Prospects and Policies. 

Den Haan, Wouter, 2006, Macroeconomic Models without the Walrasian Auctioneer, Tinbergen Magazine 14, fall.

IMF, 2013, Unconventional Monetary Policies – Recent Experience and Prospects.

Nelson, Rebecca M., 2013, Sovereign debt in advanced economies: Overview and Issues for Congress.

Carvalho, Vasco, 2014, From micro to macro via production networks, Journal of Economic Perspectives 28(4), 23-48. 

More readings will be provided at the start of the course. 

Exam (100%, duration: 2 hours, reading time: 15 minutes) in the main exam period.