CIMS Summer School: Foundations and Advanced Courses on DSGE Macroeconomics Modelling

Following highly successful Easter and Summer Schools in previous years, the Centre for International Macroeconomic Studies (CIMS) in the School of Economics, University of Surrey will hold a five-day Summer School from 4th-8th September, 2017.

The School will consist of two parallel four-day courses and four parallel one-day stand-alone courses on day five. Participants can register for all five days, or for only one of the stand-alone one-day courses.

The two four-day courses will run in parallel from 4th-7th September:

  • Foundations of DSGE Modelling is aimed at early researchers with some knowledge of Dynamic Stochastic General Equilibrium (DSGE) macroeconomic models, but little experience of Matlab and Dynare. Complete beginners are advised to attend the 3-day Easter Course first.
  • Advanced Topics in DSGE Modelling is aimed at more established researchers who are already fluent in Dynare and Matlab. This course will be useful to anyone who is engaged in practical macroeconomic modelling work, especially if they are interested in working with models that are either computationally expensive to simulate, highly nonlinear, or infinite dimensional thanks to heterogeneous agents.

Then on day 5, 8th September, participants will be able to choose one of four one-day stand-alone courses covering:

  • Financial frictions
  • Forecasting
  • Occasionally Binding Constraints and Nonlinear Estimation
  • Emerging Open Economies

For all these courses, notes and model codes will be distributed to participants.

The deadline for application is 6th August 2017 although places will be offered on a first-come-first-served basis.

Course Contents

Foundations of DSGE Modelling: will start with an introduction to Matlab and Dynare programming. It will then proceed to the construction and Bayesian estimation of DSGE macroeconomic models in Dynare and their use for optimal policy analysis. The course material will cover the underlying theory proceeding in steps from the RBC model through to a medium-sized NK model.

Advanced Topics in DSGE Modelling: will cover advanced Matlab and Dynare Programming, applied dynamic programming, non-linear solution and estimation methods and DSGE modelling with heterogeneous agents.

The four full-day course options on day 5 are as follows:

  • Financial Frictions in DSGE Models: different modelling approaches; Bayesian estimation and comparison of models; conventional and unconventional monetary policy; implications of financial frictions for optimal conventional monetary policy.
  • DSGE-VAR Models and Forecasting: finite VAR approximation to solutions of DSGE models; use of DSGE-VAR models for model comparisons; DSGE-VAR estimation; DSGE forecasts in a Bayesian framework; estimation and out-of-sample forecasting.
  • Occasionally Binding Constraints and Nonlinear Estimation: Computational methods for introducing occasionally binding constraints into large DSGE models. Application to ZLB, borrowing constraints, and irreversible investment. Non-linear estimation using dynareOBC toolkit.
  • Emerging Open Economies: Incorporation of emerging economies features into NK open-economy models (credit constrained consumers, non-traded informal sector); Bayesian estimation of models; policy rules (monetary interest rate rules, foreign exchange intervention, fiscal policy).

Who should attend this Summer School?

  • PhD students and academics and who want to develop or extend their knowledge of DSGE modelling.
  • Researchers and practitioners working at central banks, as well as at other private and public institutions, working or interested in DSGE modelling.


The fees for academics and PhD students are £700 for the 5-day course, or £200 for day 5 only.

For participants from central banks, ministries or the private sector the fees are £1500 for the 5-day course, or £400 for day 5 only.

Participants who have attended a previous CIMS course are eligible for a 10% discount, while applicants based at institutions in developing economies are eligible for a 20% discount.

3-course lunches, refreshments, a course dinner on day 3, course notes and model software is included in this cost. Accommodation costs are not included in this price, but the University of Surrey offers accommodation on campus at competitive rates.


The practical sessions will take place in computer labs with Dynare installed and set up to run in a Matlab platform.  For those wishing to use their own computers outside the sessions, it should be noted that Dynare is free software, but Matlab must be purchased.

Entry Requirements

To be considered for admission to the Foundations course applicants must have:

  • A background in economics
  • A working knowledge of English
  • A basic knowledge of the RBC and NK Model

To be considered for admission to the Advanced course, applicants must have:

  • A strong knowledge of DSGE modelling.
  • A working knowledge of English
  • Experience in programming in Matlab and Dynare.

To be considered for admission to the one-day stand-alone courses applicants must have:

  • A background in economics
  • A working knowledge of English
  • A knowledge of the RBC and NK Model

Applicants who have attended previous courses by CIMS will be particularly welcome to apply for the advanced course.

Deadline and Admission Process

The deadline for application is 6th August 2017, but we do encourage interested people to apply as soon as possible as the places will be allocated using a rolling selection process. Once your application has been reviewed, you will receive an email offering you a place and applicants will have 2 weeks to pay the full fees balance to secure their place.

The University of Surrey offers accommodation on campus at competitive rates. Details on how to book will be given once accepted onto the course. Please note that places on the course and for accommodation are on a first come first serve basis.

Further Information

Should you require any further information please visit our website or for enquiries contact the CIMS team at


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Summer schools

Centre for International Macroeconomic Studies (CIMS) in the School of Economics, University of Surrey

Guildford , United Kingdom

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Summer schools

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