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721347S Advanced Macroeconomics, 6 ECTS cr 
Code 721347S  Validity 01.08.2019 -
Name Advanced Macroeconomics  Abbreviation Advanced Macroe 
Scope6 ECTS cr   
TypeAdvanced Studies Discipline6311 Economics 
  Grading1 - 5, pass, fail 
Unit Oulu Business School 

Puhakka Mikko 

ECTS Credits 

6  credits

Language of instruction 



Period 4 (1st year of Master’s Programme)

Learning outcomes 

Student is able to apply dynamic models in the analysis of aggregate economy. He/she can also use these models in empirical analyses, and is well prepared to write a Master’s thesis. Students are also able to express their ideas analytically and effectively in written form.


A review of ISLM and ADAS models. Two-period models, introduction to dynamic programming,economic growth, new keynesian macro, fiscal policy, search theory.

Mode of delivery 

Face-to-face teaching

Learning activities and teaching methods 

36 lectures and 18 hours of exercises, exam 3 hours, preparing for the lectures, exercises and exam 103 hours

Target group 

The first year Master’s students

Prerequisites and co-requisites 

Fundamentals of Economics (Intermediate micro and macroeconomics), Mathematical Economics, and preferably Advanced Microeconomics (Economic Theory I).

Recommended optional programme components 

Active following of current topics e.g. from the Economist or Financial Times.

Recommended or required reading 

P. Minford and D. Peel, Advanced Macroeconomics. Edvard Elgar 2002. M. Puhakka, “Lecture Notes on Two-Period Models in Macroeconomics” (2005), and required readings from a list of readings for the course.

Assessment methods and criteria 

Written exam and a concise term paper


The course utilizes a numerical grading scale 1-5. In the numerical scale zero stands for a fail.

Person responsible 

Professor Mikko Puhakka

Working life cooperation 

Students learn relevant analytical and quantitative skills to prepare useful (for decision makers) reports on the state of the economy, say at the levels required in central banks and ministries of finance. The required short term paper enhances further their ability to write concisely about the state of the economy.

Other information 

The number of students is limited.


Current and future instruction
Functions Name Type ECTS cr Teacher Schedule
registration period has not begun Advanced Macroeconomics  Course  Puhakka Mikko  14.03.22 -21.04.22

Future examinations
No examinations in WebOodi