Macroeconomics 15 credits

About the course

The overall purpose of this course is to introduce the student to macroeconomic theory, i.e. to provide a good understanding of how the economy works in the short- and long-run, and to analyze the possibilities and limitations of fiscal and monetary policy. The course consists of three modules.

Module 1: Economic growth, distribution, and sustainability (5 hp)

The module begins with an introduction to long run economic growth and related questions such as distribution of income, living standards and sustainability. This is followed by a review of concepts that are central to analyzing long-term growth such as aggregate savings, capital accumulation and technological development. The module also covers topics related to technological change and its impact on the labor market and living standards.

Module 2: The labor market and the financial sector (5 hp)

In this module we focus on the basic cornerstones of macroeconomic analysis, starting by introducing the labor market and its role for understanding the supply side of the economy. Then the money market and the central bank's role in the economy are covered. In this context, interest rate formation, the connection between the private banking system and the central bank. This module also covers basic concepts of asset pricing as well as asset market bubbles.

Module 3: Macroeconomic policy (5 hp)

This module covers economic shocks and cyclical fluctuations and the role of fiscal and monetary policy. Here, models are introduced that can be used to analyze aggregate supply and aggregate demand in the short and medium term. This part of the course also deals with the open economy and how real and financial flows are reflected in the balance of payments. Exchange rate determination and international financial markets are also covered. Various economic crises and how the economic-political framework can be designed are also studied in this module.

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Apply

Spring 2026
- Macroeconomics
  
  Second admissions round for EU/EEA citizens
  
  VT26 / Umeå / English / On site
  
  Show more Show less
  
  Starts
  19 February 2026
  
  Ends
  3 May 2026
  
  Number of credits
  15 credits
  
  Type of studies
  On site
  
  Study pace
  100%
  
  Teaching hours
  Daytime
  
  Study location
  Umeå
  
  Language
  English
  
  Application code
  UMU-22104
  
  Eligibility General entry requirements and English 6/level 2, Mathematics 3b or 3c or Mathematics Further level 1b or 1c or Mathematics C, Civics 1b or 1a1+1a2/level 1b or 1a1+1a2
  
  Selection
  Results-National university aptitude test-Academic credits
  
  Application
  Application deadline was 15 October 2025. The application period is closed. Please note: This second application round is intended only for EU/EEA/Swiss citizens.
  
  Application and tuition fees
  As a citizen of a country outside the European Union (EU), the European Economic Area (EEA) or Switzerland, you are required to pay application and tuition fees for studies at Umeå University.
  
  Application fee: SEK 900
  
  Tuition fee, first instalment: SEK 24,150
  
  Total fee: SEK 24,150
  
  Details about tuition, fees and funding

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