Program Overview

---

Course Overview

The course AI2106, Business Cycles in Construction and Real Estate Markets, is a 7.5 credit course offered by the KTH Royal Institute of Technology.

Information per Course Offering

Termin

The course is offered in the Autumn 2025 term, starting on August 25, 2025, and ending on October 24, 2025.

Course Location

The course is held at the KTH Campus.

Duration

The course duration is from August 25, 2025, to October 24, 2025.

Periods

The course is offered during the Autumn 2025 period, specifically during period P1 (7.5 hp).

Pace of Study

The pace of study for this course is 50%.

Application Code

The application code for this course is 50183.

Form of Study

The form of study for this course is Normal Daytime.

Language of Instruction

The language of instruction for this course is English.

Course Memo

The course memo is not published.

Number of Places

The number of places for this course is not limited.

Target Group

The target group for this course is recommended for students in the master programme in Real Estate and Construction Management (TFOBM), year 2, but is open for all master programs as long as it can be included in the program.

Course Contents

Basic Macroeconomics

The course covers basic macroeconomics, including economic growth, inflation, unemployment, interest rates, consumption, savings, investments, productivity, current account, exchange rates, indebtedness, business cycles, fiscal policy, monetary policy, and financial stability.

Real Estate Cycles and Financial Cycles

The course also covers real estate cycles and financial cycles, including fluctuations in construction, property prices, and financial asset prices, financial stability, and financial bubbles.

Intended Learning Outcomes

After passing the course, the student should be able to:

• Describe and explain different macroeconomic concepts
• Describe, apply, and compare various theories of causes of fluctuations in different macroeconomic variables, including fluctuations in asset prices, and how economic stabilization policies can affect and be affected by different types of macroeconomic fluctuations
• Describe and analyze relationships between financial cycles, real estate cycles, and business cycles with empirical and theoretical models
• Give examples of how knowledge in macroeconomics, real estate cycles, and financial cycles can be used to analyze and develop activities that can lead to sustainable economic, environmental, and social development
• Produce and present investigations of economic fluctuations in order to give decision-makers knowledge that can lead to more correct decision-making
• Explain how gender, diversity, and inequality issues are related to business cycles and how to consider a potential impact from the sectoral perspective

Literature and Preparations

Specific Prerequisites

The course requires knowledge in quantitative methods equivalent to the content in the course AI2152.

Literature

Information about course literature can be found in the course memo for the course offering or in the course room in Canvas.

Examination and Completion

Grading Scale

The grading scale for this course is A, B, C, D, E, FX, F.

Examination

The course examination consists of:

• ÖVN2 - Exercise, 3.0 credits, grading scale: P, F
• TENA - Tentamen, 4.5 credits, grading scale: A, B, C, D, E, FX, F

Examiner

The examiner for this course is Sviatlana Engerstam.

Ethical Approach

All members of a group are responsible for the group's work. In any assessment, every student shall honestly disclose any help received and sources used. In an oral assessment, every student shall be able to present and answer questions about the entire assignment and solution.

Further Information

Course Room in Canvas

Registered students can find further information about the implementation of the course in the course room in Canvas.

Offered by

The course is offered by the ABE/Real Estate Economics and Finance department.

Main Field of Study

The main field of study for this course is The Built Environment.

Education Cycle

The education cycle for this course is Second cycle.