ESF:MPE_MAMO Macro modelling - Course Information
MPE_MAMO Macroeconomic modelling
Faculty of Economics and AdministrationAutumn 2016
- Extent and Intensity
- 2/2/0. 10 credit(s). Type of Completion: zk (examination).
- Teacher(s)
- Ing. Miroslav Hloušek, Ph.D. (lecturer)
prof. Ing. Osvald Vašíček, CSc. (lecturer)
Ing. Mgr. Vlastimil Reichel, Ph.D. (seminar tutor) - Guaranteed by
- prof. Ing. Osvald Vašíček, CSc.
Department of Economics – Faculty of Economics and Administration
Contact Person: Mgr. Jarmila Šveňhová
Supplier department: Department of Economics – Faculty of Economics and Administration - Timetable of Seminar Groups
- MPE_MAMO/02: Thu 16:20–17:55 VT204, M. Hloušek
- Course Enrolment Limitations
- The course is also offered to the students of the fields other than those the course is directly associated with.
- fields of study / plans the course is directly associated with
- Economics (programme ESF, M-EKT)
- Economics (programme ESF, N-EKT)
- Economics (programme ESF, N-MA)
- Mathematical and Statistical Methods in Economics (programme ESF, N-KME)
- Mathematics - Economics (programme PřF, N-AM)
- Course objectives
- At the end of the course students should be able to:
- give overview of national accounts
- understand Solow growth model
- simulate Markov processes (compute the value of being at a given state)
- solve simple neoclassical growth model
- formulate Lagrangian
-- derive optimality conditions of households and firms and to interepret them
-- define competitive equilibrium
- formulate the model recursively
-- determine state and control variables
-- formulate Bellman equation
-- derive first order conditions
-- derive optimality conditions
- analyticaly compute steady state of the model
- numerically compute value function by method of successive iteration
- compute decision rules
- calibrate structural parameters of simple growth model
- log-linearize model equation
- calculate moments in data
- determine behavior of variables during business cycle
- simulate model economy and compare model moments with moments from data
- apply these procedures in deterministic as well as in sochastic models
- analyze model with labor supply
- understand theory of balanced growth path
- stacionarize model by detrending of variables
- analyze model of overlapping generations and compare it to Ramsey model
- understand behavior of New Keynesian model in reaction to shocks
- compare models of Real business cycle and New Keynesian models - Syllabus
- National Accounts, Solow growth model
- Neoclassical growth model (inter- and intratemporal choice, equilibrium and the welfare theorems)
- Modelling of uncertainty (uncertainty and expected utility, Markov processes)
- Neoclassical growth model and dynamic programming (sequential methods, recursive methods)
- Stochastic neoclassical growth model (uncertainty and decision making)
- Quantitative business cycle analysis, Calibration
- Cost of business cycles
- Business cycle model with divisible labor supply
- Business cycle model with inidivisible labor supply
- Overlapping generations model
- New Keynesian model
- Literature
- required literature
- MCCANDLESS, George T. The ABCs of RBCs : an introduction to dynamic macroeconomic models. Cambridge, Mass.: Harvard University Press, 2008, xiv, 421. ISBN 9780674028142. info
- Williamson, S. Notes on Macroeconomic Theory, http://www.econ.yale.edu/smith/econ510a/notes99.pdf
- recommended literature
- Advanced macroeconomics. Edited by David Romer. 3rd ed. Boston: McGraw-Hill, 2006, xxii, 678. ISBN 0072877308. info
- Krueger, D. Quantitative Macroeconomics, http://www.econ.upenn.edu/~dkrueger/teaching/QuantMacroBook.pdf
- Teaching methods
- lectures, reading of additional materials
seminars: theoretical exercises, computations in Matlab software, work with data
term paper - Assessment methods
- Term paper (necessary before taking exam): group project (2 students), two parts (empirical, theoretical); every student presents solution of assignment at seminar
Examination: written, minimum is 60 % - Language of instruction
- Czech
- Further comments (probably available only in Czech)
- Study Materials
The course is taught annually.
Information on course enrolment limitations: max. 20 cizích studentů; cvičení pouze pro studenty ESF - Information about innovation of course.
- This course has been innovated under the project "Inovace studia ekonomických disciplín v souladu s požadavky znalostní ekonomiky (CZ.1.07/2.2.00/28.0227)" which is cofinanced by the European Social Fond and the national budget of the Czech Republic.
- Teacher's information
- http://www.econ.muni.cz/~hlousek/teaching/mamo.html
- Enrolment Statistics (Autumn 2016, recent)
- Permalink: https://is.muni.cz/course/econ/autumn2016/MPE_MAMO