ECN122 Macroeconomics I - Policies for Economic Growth, Welfare, and Economic Crisis Management

Credits (ECTS):5

Course responsible:Eirik Romstad

Campus / Online:Taught campus Ås

Teaching language:Norsk

Course frequency:Annually

Nominal workload:125 hours

Teaching and exam period:This course starts in Spring parallel. This course has teaching/evaluation in Spring parallel.

About this course

The course consists of two main parts: economic growth and human well-being, and economic stabilization policies. In addition, trade central theories are introduced and discussed in conjunction with international currency markets.

Learning outcome


The course builds further on ECN 120 (English link), and the curriculum from ECN 120 is part of ECN 122. ECN 122 builds on ECN 120, expands som central economic models, and provides knowledge on:

  • Welfare impacts of international trade and capital mobility
  • Changes in the Norwegian economy, ’Norway after oil’
  • Labor markets, wage policy, and Phillips curves
  • Impacts on economic development and welfare from economic distribution policies
  • A framework for choosing economic policy instruments to control short term economic fluctuations


  • Link central terms, knowledge about markets, and basic models to analyze impacts on an economy in the long term (development and welfare), and short term economic fluctuations
  • Ability to choose suitable economic policy measures for various macro economic scenarios
  • Understand changes in impacts from economic policies from closed to open economies
  • Use and understand the expected impacts of different basic economic policy measures

General competence

  • Knowledge based understanding of economic development in Norway and internationally
  • Present applied macro economic issues and expected impacts of economic policy
  • Able to conduct a knowledge based discussion of central macro economic issues with economists and persons without such economic theory and methods
  • The course uses "flipped classroom", i.e., preparation materials and reading guide for the discussion and exercise sessions are available on the course web page. To achieve learning objectives it is strongly recommended that students prepare for each gathering and exercise hours. Gatherings and exercise sessions are thematically organized. On each gathering, the main points from materials on the course web pages are summarized.

    Exercises (with proposed solutions) are available on the course web page. The exercise sessions provide opportunities to work on the exercises under supervision. Proposed solutions to exercises are presented upon demand.

    For each class there are some announced central discussion topics/questions. Students divide in self-organized groups in class and prepare an introduction to topics. For each topic/questions, one group is selected to introduce before a brief in-class discussion. Participation in-class and on exercise sessions is voluntary, but students are required to participate in two of the first three class gatherings.

    Towards the end of the course groups of 3-4 students prepare an 8-10 min presentation on a given topic related to the course contents. Students present for the course responsible person. Presentations are followed by a short academic discussions with the course responsible person. A pass on this activity is required to be allowed to take the exam. In the event of "not approvedl" on this activity, the groups gets one chance to improve their presentation and discussion to get "approved".

  • The course web page contains pointers to background materials and news events that are related to the course contents, and make up an important source for student learning. It is recommended that students form self organized groups, for exampe 3-4 persons, and work together on the theoretical materials and exercises. Working on exercises and active participation is important for meeting the learning objectives.

    The course web also contains a Q&A section that provides answers to the most common questions students have. This will be expanded as new questions are asked. The course responsible can be contacted by email or drop-in. For longer academic conversations, it is recommended to schedule a meeting.

    One 2 hours gathering/lecture per week + one 2 hours exercise session per week except the first and last week of the teaching period.

  • ECN120 Macroeconomics I - Markets, Economic Development, and Welfare or equivalent.
  • Written take-home exam in examination period, 3,5 hours (100%), consisting of three parts: (i) multiple choice, (ii) graphical analysis, and (iii) verbal/mathematical analysis.

  • External examiner will assess assess exam questions and suggested solutions.
  • (1) Attendance on four of the first six exercise sessions.

    (2) Groups consisting of 2-4 students give an 8-10 minutes prepared presentation to the course responsple person on a given topic related to the course. Presentations are followed op by a brief discussion with the course responsible person. "Approved" on the presentation and discussion is required to be allowed to take the exam. In case of "not approved", the group gets one try to improve their presentation and the ensuing discussion to "approved".

    The mandatory activity is valid until the next time the course is given and the ensuing continuation exam.

  • The course builds on ECN120 Macroeconomics I - Markets, Economic Development, and Welfare.
  • 2 standard lectures: (1) course introduction at the start of the course, (2) and (3) course summary before the exam.

    8-10 gatherings/lectures of 2 hours each (presentation of main points from materials on the course pages + discussion of questions related to the theme for each gathering)

    8-10 exercise sessions for work on exercises. Teaching assistant available.

    4 hours total organized activity per week for 10-12 weeks.

    1 presentation and ensuing discussion with course responsible person.

  • Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).