Advanced Macroeconomics 2 (5 cr)

Research Master's students PhD students
University of Helsinki - Economics
Oskari Vähämaa
Period 2
Contact teaching
Economicum building

In case of conflicting information consider the Sisu/Courses/Moodle pages the primary source of information.

The course builds upon the models studied in the Advanced Macroeconomics 1 course, further introducing uncertainty, capital market incompleteness, firm dynamics and general equilibrium stochasticity. As another application of recursive and stochastic macroeconomic models, it introduces search theory for the analysis of labour market issues.

  • Completion method: contact teaching
    • Streaming will be only available to the FDPE students, for more infromation please contact Jenni Rytkonen, jenni.rytkonen [at]
  • Schedule: can be found in Course Page and Sisu
  • Study materials: can be found in Moodle
    • For some courses, it is enough to register in Sisu and you can access directly the Moodle area, please note, however, that it may take up to two hours after registration to enter the Moodle area.
    • Log in with your UH username to be able to use all the features of the course workspace
    • More tips for enrolling in Moodle can be found here

Please register for the course in the UH Sisu with your UH username, further instructions can be found here.

Aalto University Students
  • Code: ECON-L3200
  • Target groups: PhD / rMSc
  • Credit points: 5
  • Credit transfer: apply for substitution in Sisu
Hanken Students
  • Code: 26050
  • Target groups: PhD / rMSc
  • Credit points: 5
  • Credit transfer: apply for substitution in Sisu
University of Helsinki Students
  • Code: COM-R313

  • Target groups: PhD / rMSc

  • Credit points: 5

FDPE Students Students
  • Target groups: PhD
  • Credit points: please check your curriculum
  • Credit transfer: please apply for credit transfer according to your home university's procedures

After the course, the student should:

  • Understand and be able to solve macroeconomic models with heterogeneous workers and firms (in particular, the concepts of idiosyncratic uncertainty, misallocation, borrowing constraint, and stationarity issues as covered in partial and general equilibrium setups)
  • Understand the search theory applied to macroeconomic models of the labour market (in particular how search frictions can be used to rationalize the existence of unemployment and wage inequality).