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.
- 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)
July 24 - July 28, 2023
Title: Large Cost of Shocks and the Dynamics of Inflation
Instructor: Fernando Alvarez, University of Chicago
- 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.
July 31 - August 4, 2023
Title: Monetary and fiscal policies in times of large debt.
Instructor: Leonardo Melosi, Federal Reserve Bank of Chicago
- 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
August 14 - 18, 2023
Title: Heterogeneity in Business Cycle Models: Theory and Empirical tools
Instructor: Christian Bayer, University of Bonn
- 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.