Open Economy DSGE Modelling with Applications to Emerging Economies

Open Economy DSGE Modelling with Applications to Emerging Economies

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Start Date

End Date

Application Deadline

Type

Professional training, summer schools, supplementary courses, other, online courses

Certifications & Titles

A hybrid online and on-site course and conference

Study Options

Full Time

Fees

Regular fees: 250 - 1300 GBP

Comment:

Fees

On-site fees include breaks with coffee/tea/biscuits/fruit; lunch and a course dinner at the end of Day Three. Participants must meet their own travel and hotel costs.

  • Non-academic participants: online, £1000; on-site, £1300
  • Academics: online, £500; on-site, £700
  • Students: online, £250; on-site, £350

Funding opportunities

The following concessions is available: 20% discount for participants working or studying in medium income or below countries as classified by the World Bank in 2021.

The Macroeconomics Research Group, at City, University of London, has launched a hybrid online and on-site course and conference on Open Economy DSGE Modelling with Applications to Emerging Economies. 

A Three-Day Course and One-Day Conference at the City University, London. Based in the heart of London, close to the Square Mile and the Bank of England, City University provides the ideal location for attending the course and visiting famous sites in London.

https://www.city.ac.uk/news-and-events/events/2022/april/open-economy-dsge-modelling-with-applications-to-emerging-economies/_nocache

COURSE DATE: 25th – 28th April 2022

The three-day course will serve as an introduction to Dynamic Stochastic General Equilibrium (DSGE) macroeconomic modelling for MSc, MRES, PhD students and for researchers in Universities, Central Banks, Finance Ministries and the private sector. For those with some DSGE modelling experience it provides a specialized treatment of open and emerging economies.

The course covers the construction, calibration and estimation of Dynamic Stochastic General Equilibrium (DSGE) models for open emerging economies and their use for policy analysis. It is Dynare-based introductory course and assumes a basic knowledge of Matlab and a knowledge of dynamic optimization in macroeconomics.

It begins with the basics of Dynare and will then build up, in stages, from closed economy Real Business Cycle and New Keynesian models to the open economy with emerging economy features. The course will finish by showing how the models can be used to study policy using monetary, fiscal and foreign exchange intervention instruments.

 

Course Programme

The instructors for the course will be Michael Ben-Gad, Vasco Gabriel, Paul Levine, Maryam Mirfatah and Joe Pearlman.

Course Contents

Taken over the three days the participants will be guided through a coherent modelling methodology summarized by the following steps:

  1. The Construction of a small open economy New Keynesian (SOE NK) DSGE model with emerging economy features
  2. The SOE NK model will build in stages from a closed economy real business cycle (RBC) model, to a closed economy NK model, to the SOE NK model
  3. The dynare model set-ups consisting of first-order conditions for economic agents, in the form of non-linear difference equations, market equilibria and exogenous shock processes.i
  4. The solution of the steady state to be used for both solution and calibration
  5. Bayesian estimation methodology
  6. The Bayesian estimation of the small open economy model using data from an emerging economy.
  7. Model validation by comparison with the second moments of data
  8. Monetary, fiscal and foreign exchange intervention policy.

Day One

  • Introduction to the Course
  • Dynare Basics
  • Closed Economy RBC Model
  • Closed Economy NK Model
  • SOE NK Model
  • Calibration
  • Exercises

Day Two

  • Adding Emerging Economy Features to the SOE NK Model
    • Limited Asset Market Participation in a Two-Agent NK (TANK) Model
    • Informal-Formal Sectors
    • Commodity Exporting Sector
    • High and volatile Inflation
  • Bayesian Estimation
    • Bayesian Methodology
    • Identification
    • Calibration and Estimation of the SOE with Emerging Economy Features
    • Variance and Historical Decomposition
  • Exercises

Day Three

  • Model Comparison and Validation
    • Model Comparisons by Likelihood Races
    • Comparison of Second Moments of Model with Data
  • Policy
    • Monetary Interest Rate Rules
    • Foreign Exchange Intervention
    • Fiscal Policy
  • Exercises

 

Conference

The course will be followed by a one-day conference for course participants who will be invited to submit papers.

Each accepted paper will have a discussant, giving you the opportunity to present your work and receive feedback. Full details of the conference programme will be provided nearer to the event.

Keynote Speaker

Professor Martin Ellison, University of Oxford

Martin Ellison is Professor of Economics at the University of Oxford and a Fellow of Nuffield College. He gained his PhD in economics from the European University Institute in Florence, and was previously a consultant at the Bank of England and Professor at the University of Warwick.

He has been a Visiting Professor at Universitat Autònoma de Barcelona and the University of British Columbia in Vancouver. He is a consultant at the European Central Bank and a Fellow of the Centre for Economic Policy Research (CEPR), having recently finished a term as a member of the Finnish Economic Policy Council.

His research interests cover many areas of theoretical and applied macroeconomics, with recent papers concentrating on the management of the UK National Debt, the role that leaving the gold standard played in ending the Great Depression, and the economic value of increases in longevity.

He has published academic papers in American Economic Journal: Macroeconomics, Journal of Monetary Economics, Journal of the European Economic Association, Economic Journal and Nature Aging, and contributed to a volume of readings “Debt and Entanglements Between the Wars” by the IMF.

 

How to apply

Applicants are advised to book earlier as there will be a limit on the number enrolled. To apply, please complete the registration form.

Once your application has been submitted it will be reviewed by the course tutors. Please ensure that you provide all the necessary information to help us process your application as quickly as possible.

You will then receive an email notification to confirm whether or not you have been accepted onto the course.

For those that have been offered a place, you will receive the link to pay the tuition fee via a secure portal. Please note we require payment to secure your place, and you will have two weeks to pay the full balance to secure this.

Once payment has been received you will receive confirmation of your place on the course, and further information so you have everything you need.

 

Fees

On-site fees include breaks with coffee/tea/biscuits/fruit; lunch and a course dinner at the end of Day Three. Participants must meet their own travel and hotel costs.

  • Non-academic participants: online, £1000; on-site, £1300
  • Academics: online, £500; on-site, £700
  • Students: online, £250; on-site, £350

 

Software

Both online and on-site participants will need to have installed MATLAB and the latest Dynare in their computers for the practical sessions.

All participants are required to have their own copy of MATLAB since you will be using your own computers. You can download a 30-day free trial of the software beforehand.

To run the codes in your computer, all participants are also required to have Dynare on their computers. Current version is 4.6.4. and is free software.

 

Local hotels

Premier Inn London Farringdon

DoubleTree by Hilton London Angel Kings Cross

 

For more information please email Mohamed Zahran.

More Information

Attendance

On-Site

Posted on

Start Date

End Date

Application Deadline

Type

Professional training, summer schools, supplementary courses, other, online courses

Certifications & Titles

A hybrid online and on-site course and conference

Study Options

Full Time

Fees

Regular fees: 250 - 1300 GBP

Comment:

Fees

On-site fees include breaks with coffee/tea/biscuits/fruit; lunch and a course dinner at the end of Day Three. Participants must meet their own travel and hotel costs.

  • Non-academic participants: online, £1000; on-site, £1300
  • Academics: online, £500; on-site, £700
  • Students: online, £250; on-site, £350

Funding opportunities

The following concessions is available: 20% discount for participants working or studying in medium income or below countries as classified by the World Bank in 2021.

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