Important information: announcement on whether the spring courses will be held in person or online will be made in January 2022. Registration to these courses will open after this announcement.


March 28–April 1, 2022
Asset Price Reactions to News: High Frequency Methods and Applications

Refet S. Gürkaynak (Bilkent University and CEPR)

Topics covered

  • Shocks in VARs and surprises in event studies. Examples and identification.
  • Measuring market perceptions of monetary policy, forward guidance, QE surprises. Effects on asset prices, cross country spillovers.
  • OLS vs. Heteroskedasticity-based identification. Application to inference using yield curve changes. Market-based real rate and inflation expectations.
  • Unobserved news and yield curve movements.
  • Proxy VARS and central bank information effects.


April 4-7, 2022
New developments in applied time series analysis

Fabio Canova (Norwegian Business School)

Topics covered

  • New identification procedures for SVARs: heteroskedasticity based; sign and narrative; higher moments.
  • Local projections: facts and problems.
  • Method for network analyses.
  • Compression and shrinkage methods for large data
  • Hitchhiker guide to empirical macro.


Application deadline: March 14, 2022 for the 2022 Spring courses


July 25-29, 2022
The Economy as a Complex Production Network: Supply chain disruptions and economic dynamics

Vasco Carvalho (University of Cambridge)

Topics covered

  • Introduction to Production Networks: Lingo and a Baseline G.E. Framework. Application: Introduction to network data manipulation and visualization, IO Tables as a Network; Comovement Across Sectors.
  • Aggregation in Linear and Nonlinear Economies. Application: COVID-19 Impact
  • Networked Propagation: Micro Evidence. Application: Aggregate Consequences of Natural Disasters as Supply Chain Disruptions
  • Multi-Sector DSGE Models OR Policy as Network Targeting. Application: Selection from applied use cases in the literature (trade, spatial, financial frictions, misallocation, industrial policy)


August 1-5, 2022
Frontiers of Heterogeneous Agent Research in Open and Closed Economies: Facts, Methods and Policy Implications

Kurt Mittman (Stockholm University and IIES)

Topics covered

  • Aggregate and cross-sectional facts on heterogeneity.
  • Workhorse theory of inequality: Bewley-Imrohoroglu-Huggett-Aiyagari Model.
  • Frontier solution methods for models with heterogeneity.
  • Implications of heterogeneity for monetary and fiscal policy in open and closed economies.
  • Directions for future research: Can heterogeneity help solve unresolved puzzles in open economy macro?

Application deadline: July 11, 2022 for the 2022 Summer courses