Important information: the 2023 Summer courses will be face-to-face for a registration fee of 1,500 EUR per course. We also offer the opportunity to follow the courses online on a Cisco/Webex platform for a reduced registration fee of 1,200 EUR per course. Discounts are available for multiple applications from the same institution, for PhD students and based on financial need.

Registration deadlines:

  • July 17, 2023 for WEEK 1. (Prof. Fernando Alvarez)
  • July 24, 2023 for WEEK 2. (Prof. Leonardo Melosi)
  • August 7, 2023 for WEEK 3. (Prof. Christian Bayer)

 

2023 COURSES

WEEK 1
July 24 - July 28, 2023
Title: Large Cost of Shocks and the Dynamics of Inflation

Instructor: Fernando Alvarez, University of Chicago

Topics covered

  • Review standard price setting model behind modern Phillips curve.
  • Deviations from monopolistic competition, variable markups: non-constant elasticity and oligopolistic competition.
  • State dependent models: Calvo^+ and generalized sS models.
  • Historical and current evidence on pass through of cost shocks: large vs small shocks.
  • Effect of small and large shocks across models. Policy implications.

 

WEEK 2
July 31 - August 4, 2023
Title: Monetary and fiscal policies in times of large debt.

Instructor: Leonardo Melosi, Federal Reserve Bank of Chicago

Topics covered

  • Fiscal Imbalances and Monetary Policy in the XXI Century 
  • Monetary and fiscal dominance in DSGE models
  • DSGE models with regime switching to study
    • Lack of coordination between monetary and fiscal policies
    • Learning the policy mix
  • Monetary and fiscal policy mix in a monetary union
  • Models with partially unfunded debt

 

WEEK 3
August 14 - 18, 2023
Title: Heterogeneity in Business Cycle Models: Theory and Empirical tools

Instructor: Christian Bayer, University of Bonn

Topics covered

  • Solving and estimating heterogeneous agent models in state space form.
  • Comparing heterogeneous agent, incomplete market models with representative agent regarding amplification and propagation of business cycle shocks.
  • Solving single agent decision problems and aggregating them to general equilibrium.
  • Solving heterogeneous agent models and computing responses to business cycle shocks.
  • Practical estimation with Bayesian a state-space representation, making use of the BASEforHANK toolbox by Bayer, Born, and Luetticke.

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