AØKA08207U Summerschool 2016: Theoretical and Empirical Foundations of DSGE Modeling (F)
MSc in Economics
The course is part of the Financial line symbolized by
"F".
We will focus on the construction, solution and empirical validation of dynamic stochastic general equilibrium (DSGE) macroeconomic models. The first week of the course will be centered around the formulation and solution of DSGE models. We will first review the baseline structure of the Real Business Cycle model and the New Keynesian model. We will next consider some recent extensions to these baseline settings. There will be afternoon classes designed to acquaint participants with the numerical analysis of DSGE models. During the second week there will be lectures and classes aimed at reviewing various methods employed to validate DSGE models. Finally, a guest lecture will be provided by Jesper Pedersen (Danmarks Nationalbank), on the structure and estimation of the DSGE model of the Danish economy.
After the course the student should:
- Have knowledge of the key building blocks of dynamic stochastic
general equilibrium (DSGE) models.
- Be able to formulate, solve and analyze small-scale DSGE models.
- Be able to interpret formal results obtained from the analytical
and numerical analysis of DSGE models, reporting them in economic
and intuitive terms.
- Be able to perform monetary policy analysis in the baseline New
Keynesian model.
- Have knowledge of the main empirical methodologies used to
validate DSGE models.
- Have a basic understanding of how DSGE models are implemented for
both business cycle and normative analyses at modern monetary
institutions.
Syllabus:
The course will cover topics taken from the following two textbooks: 1. Jordi Galí (2015): Monetary Policy, Inflation, and the Business Cycle. Second Edition, Princeton University Press. 2. Carl. E. Walsh (2010): Monetary Theory and Policy. Third Edition, The MIT Press. In addition, some recent research articles will be studied. Slides and these articles will be made available at the course webpage.
It is strongly recommended that Macro III has been followed prior to taking the summerschool.
Familiarity with intertemporal optimization, the analysis of static and dynamic systems under rational expectations and basic multivariate econometrics.
3 hours of lectures 9.00-12.00 and 2 hours of exercise classes 14.00-16.00 every working day.
Timetable and venue:
To see the time and location of classroom please press the link under "Se skema" (See schedule) at the right side of this page.
You can find the similar information partly in English at
https://skema.ku.dk/ku1516/uk/module.htm
-Select Department: “2200-Økonomisk Institut” (and wait for respond)
-Select Module:: “2200-B5-5F16; [Name of course]””
-Select Report Type: List
-Select Period: “Forår/Spring – Weeks 4-29”
Press: “ View Timetable”
- Category
- Hours
- Class Exercises
- 20
- Exam
- 24
- Lectures
- 30
- Preparation
- 132
- Total
- 206
for enrolled students. More information about registration, schedule, rules, courses etc. can be found at the student intranet (KUnet) for courses (English) and student intranet (KUnet) for courses (Danish).
Registration and information for prospective foreign speaking students, exchange students, Open University etc. please find more information at Study Economics.
For dansktalende enkelfagsstuderende kan tilmelding ske via siderne Åbent Universitet og Merit.
- Credit
- 7,5 ECTS
- Type of assessment
- Written assignment, 7 daysThe exam is a 7 days take-home assignment. The exam assignment is given in English and must be answered in English.
- Exam registration requirements
Full participation at the summerschool is mandatory and the student must actively participate in all activities.
- Aid
- All aids allowed
- Marking scale
- 7-point grading scale
- Censorship form
- External censorship
100 % censurship
- Exam period
16.th of July from 12 AM to 23.th of July 2016 12 AM
For enrolled students more information about examination, exam/re-sit, rules etc. is available at the student intranet for Examination (English) and student intranet for Examination (KA-Danish).
- Re-exam
Same as the ordinary exam.
If only a few students have registered for the re-exam, the exam might change to an oral exam including the date for the exam, which will be informed by the Examination Office.
Criteria for exam assesment
The student must in a satisfactory way demonstrate that he/she has mastered the learning outcome of the course.
Course information
- Language
- English
- Course code
- AØKA08207U
- Credit
- 7,5 ECTS
- Level
- Full Degree Master
- Duration
- 1 block
- Placement
- Summer
- Schedule
- July 4 - July 23, 2016
- Teaching July 4-15, 9.00-16.00 (not the weekend)
- Writing assignment July 16-23 - Course capacity
- 40
- Continuing and further education
- Price
- Study board
- Department of Economics, Study Council
Contracting department
- Department of Economics
Course responsibles
- Emiliano Santoro (16-747c787b78707d7e3d82707d837e817e4f74727e7d3d7a843d737a)
- Søren Hove Ravn (15-817d80737c3c767d84733c806f847c4e73717d7c3c79833c7279)
Lecturers
Guestspeakers:
From Bank of England: Ivan Petrella i.petrella@bbk.ac.uk
From the National bank of Denmark: Jesper Pedersen,
jpe@nationalbanken.dk