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Courses 2012



W E E K 3   / 2012

Analyzing business cycles (July 30- August 3, 2012)

Prof Adrian R. Pagan

University of Sidney

  • Types of cycles and measurement of cycle state – Automated cycle dating with the Bry-Boschen and Markov Switching algorithims.
  • Summarizing characteristics of univariate cycles – duration, amplitude, variability, asymmetry.
  • Summarizing characteristics of multivariate cycles – synchronization, reference cycle, aggregating turning points, heatmaps.
  • Analysing the cyclical characteristics of statistical and economic models – VARs, VECMs, DSGE.
  • Predicting recessions – Model based, leading indicators.

W E E K 4   / 2012

Financial Markets and the Macroeconomy (August 6- August 10, 2012)

Prof Harald Uhlig

University of Chicago

  • Asset prices and macroeconomic dynamics.
  • Long run risk and  Epstein-Zin preferences.
  • Systemic risk
  •  DSGE models incorporating a financial sector and house price booms and busts.
  • Sovereign debt crises.


W E E K 1   / 2012

I.  Open economy macroeconomics

II.  Fiscal policy in closed and open economies

Open economy macroeconomics (March 19-21, 2012   2,5 days)

Prof Gianluca Benigno

London School of Economics

  • Intertemporal approach to the current account and the International Real Business Cycle
  • Nominal Exchange Rate Determination;
  • The New Keynesian Open Economy framework: inflation dynamics and optimal policy
  • Currency and Sovereign Debt Crisis.

Fiscal policy in closed and open economies (March 21-23, 2012   2,5 days)

Prof Evi Pappa

European University Institute

  • Empirical evidence on the effects of fiscal policy
  • Different methodologies used to extract information on the effects of government spending and tax shocks in the data
  • Fiscal policy in basic RBC and New Keynesian models
  • Recent theoretical macro models that describe the behaviour of governments in closed economies
  • Fiscal policy in Open Economy Models
  • Empirical evidence and recent theoretical open economy models that descrive the behaviour of governments.
  • Fiscal policy in models with labour market frictions
  • Explaining the effects of fiscal policy on the labor market from an empirical and theoretical point of view
  • Fiscal and sovereign debt crises
  • Sudden stops, financial crisis and empirical estimates of available fiscal space in advanced economies

W E E K 2   / 2012

Bayesian methods for macroeconomics  (March 26-30, 2012)

Prof Fabio Canova

ICREA Research Professor at UPF and CEPR

  • Solution of DSGE models
  • ML estimation of DSGE models
  • Bayesian estimation of DSGE models
  • Policy analyses and forecasts with estimated DSGE models

Last update: April 6, 2012

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