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Courses 2009

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COURSES 2009

Spring  2009

Solving, calibrating and evaluating DSGE models
Empirical methods for applied macroeconomics
Macroeconomic methods 1: The real side of the economy
Macroeconomic methods 2: Inflation and the nominal side of the economy

Fall 2009

Banking, financial markets and the Macroeconomy
Credit, housing markets and the Macroeconomy
Monetary and fiscal policy interactions
International Economics for developing countries

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Fall 2009

September 7-9: Banking, financial markets and the macroeconomy

Instructor: Gianni de Nicoló
Selected Topics:

  • Banking and Financial Markets: Substitute or Complements?
  • Financial Innovation, Financial Cycles and Real Cycles
  • The subprime crisis and the global systemic liquidity shock
  • Crisis Resolution Mechanisms
  • The Policymaker as a Risk Manager: Monetary and Financial Stability Policies under Significant Tail-Risk


September 9-11: Credit, housing markets and the macroeconomy

Instructor: Stefano Neri
Selected Topics:

  • Models of credit: financial accelerator, Kiyotaki-Moore model
  • House prices and monetary policy
  • Banking and credit in DSGE models


September 14-16: Monetary and fiscal policy interactions

Instructor: Eric M. Leeper
Selected Topics:

  • Monetary and fiscal policy interactions: simple models
  • The fiscal theory of the price level
  • Monetary and fiscal policy interactions: tax distortions, generalizations with Markov switching of policy behavior
  • Lucas critique and practical policy analysis
  • Economic foresight: analytics and econometrics


September 16-18: International Economics with emerging economies

Instructor: Giancarlo Corsetti
Selected Topics:

  • Basic open economy version of RBC model: the international transmission mechanism
  • Terms of trade and real exchange rate determination under different degrees of financial market integration and development
  • Current account theory
  • Monetary models and nominal exchange rates: the international transmission mechanism in the New-Keynesian framework
  • Monetary policy in open economies: transmission and optimal policy

Spring 2009

March 23-25:  Solving, calibrating and evaluating DSGE models

Instructor: Fabio Canova
Selected Topics:

  • Solving dynamic models
  • Linear and second order approximations
  • Applications and examples (with Dynare and Matlab)
  • Calibration and evaluation of DSGE models

March 25-27:  Empirical methods for applied macroeconomics

Instructor: Fabio Canova
Selected Topics:

  • Detrending and gap computations
  • GMM estimation
  • VAR and shock analysis
  • Examples (with Matlab)

March 30- April 1: Macroeconomic methods 1: The real side of the economy

Instructor: Morten Ravn
Selected Topics:

  • Basic single good RBC model driven by technology shocks
  • Extensions to factor hoardings, consumption habit and  investment adjustments
  • Multi-sector and  multi-country models
  • Effects of oil shocks and news shocks


April 1-3, : Macroeconomic methods 2: Inflation and the nominal side of the economy

Instructor: Tommaso Monacelli
Selected Topics:

  • Basic New Keynesian model
  • Optimal policy
  • Sources of policy trade-offs: Discretion versus commitment
  • Phillips curve

Time:  14:00-16:00h on April 1
9:00-12:00h and 14:00-16:00h on April 2-3