Lehrende: Dr. Konstantin Gantert
Veranstaltungsart: Vorlesung mit integrierter Übung
Orga-Einheit: 07-Wirtschaftswissenschaften
Anzeige im Stundenplan: 07-ERA-SoSe08
Fach:
Anrechenbar für:
Semesterwochenstunden: 2
Unterrichtssprache: Englisch
Offizielle Kursbeschreibung: Overview ? Language: English ? Program: ERASMUS / Elective without ECTS (MSc Economics) ? Workload: 5 ECTS (180h) ? Format: Lecture and Project Work ? Examination: (ERASMUS)-Paper Course Content Block 1 – Modern Macroeconomics and Monetary Policy Week 1 to 5 1. Introduction: Going from the AS-AD Model to Dynamic Macroeconomics (Week 1) 2. Basics of Dynamic Macroeconomic Models (Week 2 to 3) 2.1. Real Business Cycle (RBC) Model 2.2. New-Keynesian (NK) Model 3. Short Overview of the Methods (Week 4) 3.1. The State-Space Form 3.2. Method of Undetermined Coefficients 3.3. Stability Properties of Dynamic Models 4. (Optimal) Monetary Policy in Macroeconomic Models (Week 5) Block 2 – The Dynare Toolbox and Octave/MATLAB Week 6 1. Introduction to MATLAB/Octave und Dynare 1.1. The Building Blocks of Dynare 1.2. Calculating the Steady-State of the Model 1.3. Troubleshooting 1.4. Running Dynare and Working with the Output 2. Introduction to the MacroModelBase Block 3 – Project Work Week 7 to 14 – Optional „Open Discussion Room“ each Week 1. Topic: Take a (simple) model from the MacroModelBase, understand the content and the model, and be able to present the main model components and their economic intuition to your fellow students. 2. Analysis: Monetary Policy Analysis using the MacroModelBase 2.1. Students analyze the impact of different monetary policy rules on the impulse response functions of the model that has been assigned to them. Using the MacroModelBase, you do not have to code anything yourself. 2.2. Students analyze the impact of model uncertainty. This is, they analyze the impact on the impulse response functions when using two alternative and related models from the MacroModelBase. Again, no coding is required to solve this exercise. 3. (ERASMUS)-Paper: Each student summarizes the results from 1. and 2. in a short paper (max 10 pages). 4. Presenting your paper (30 minutes presentation + 15 minutes discussion). Aim of the Course The aim of the course is to give the students a basic understanding of modern macroeconomic models and enable them to work with the Dynare toolbox. Having passed the course, students should be able to read and understand recent macroeconomic research. Also, with a bit of effort, students should be able to implement, solve, and simulate the models in Dynare. The course teaches skills in computational macroeconomics that are required by international Institutions and central banks. Prerequisites: ? Mandatory: Macroeconomics (BSc) ? Advantageous: Microeconomics (BSc) ? Advantageous: An interest in some light coding Textbook ? George Alogoskoufis (2019). Dynamic Macroeconomics. MIT Press. Software (OpenSource) ? Dynare: https://www.dynare.org ? Octave: https://www.gnu.org/software/octave/index ? MacroModelBase: https://www.macromodelbase.com
