O DSGE Modelling and Open Economy Macroeconomics

DSGE modelling and open economy macroeconomics

The Aboa Centre for Economics organises a doctoral course on DSGE modelling and open economy macroeconomics to be lectured by Juha Tervala.

The aim of the course (3 ECTS) is to give a detailed introduction to dynamic stochastic general equilibrium (DSGE) modelling. The course also provides basic tools for solving and simulating DSGE models using Matlab so that you can work at the research frontier. The course focuses on the so-called New Open Economy Macroeconomics (NOEM).

The course is free to all doctoral students in economics registered in the Finnish universities. Please note that the students’ home departments are responsible for registering the course. Students outside Turku are strongly advised to meet with the representative of the student’s home department to discuss the approval of the course. If the student passes the exam, the University of Turku gives a certificate of the course.

To register for the course, send an e-mail to Juha Tervala. The deadline for registrations is 19.10. Please inform your home university.

University of Turku, the seminar room of the Department of Economics

The course (20 hours) will be lectured in week 45
Monday 2.11: 12-16
Tuesday 3.11: 10-12 and 14-16
Wednesday 4.11: 10-12 and 14-16
Thursday 5.11: 10-12 and 14-16
Friday 6.11: 10-12 and 14-16

The 1st exam will be at the University of Turku on 27.11 at 10-13 (the seminar room) and the retake exam on 15.01.10 at 10-13 (the seminar room). The exams are possible to take at the student’s home university if the home university is willing to organise them.

Introduction to DSGE modelling, New Keynesian Economics and New Open Economy Macroeconomics
* Gali, J (2008): Monetary policy, inflation, and the business cycle, chapter 1.
Lane, P (2001): New open economy macroeconomics: A survey, Journal of International Economics 54, 235-266
Lane, P and Ganelli, G (2003): Dynamic general equilibrium analysis: The open economy dimension, in: Altug S, Chadna J, Nolan C (eds.) Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium, pp. 308-333.

Monetary and fiscal policy in the small country Obstfeld-Rogoff model
* Obstfeld, M and Rogoff, K (1995): Exchange rate dynamics redux (appendix), Journal of Political Economy 103, 624-660
* Obstfeld, M and Rogoff, K (1996): Foundations of International Macroeconomics, chapter 10.2

Monetary policy in a small country model with sticky wages
* Obstfeld, M and Rogoff, K (1996): Foundations of International Macroeconomics, pp. 706-711

Solution and simulations techniques
McCallum, B (2001a): “Software of RE analysis”
McCallum, B (2001b): Should monetary policy respond strongly to output gaps? American Economic Review: Papers and Proceedings 91, 258-262

The international transmission of economic shocks in the Obstfeld-Rogoff (Redux) model
Mark N (2001) International Macroeconomics and Finance: Theory and Econometric Methods, chapter 9
* Obstfeld, M and Rogoff, K (1995): Exchange rate dynamics redux, Journal of Political Economy 103, 624-660
* Obstfeld, M and Rogoff, K (1996): Foundations of International Macroeconomics, chapter 10
* Tervala, J (2007): Technology shocks and employment in open economies, Economics: The Open-Access, Open-Assessment E-Journal 1, 2007-15 (version 2)
* Tervala, J (2009): The international transmission of monetary policy in a dollar pricing model, Open Economies Review, forthcoming
Walsh, C E (2003): Monetary Theory and Policy 2nd edition, chapter 6

Extensions to the basic NOEM framework

Tentative syllabus (PDF)

Looking for a cheap place to stay? Hostel Turku is one option.

O Personnel Economics
Professor Tor Eriksson (Århus School of Business) will give a series of
lectures on Personnel Economics (in English) in week 19. The course is
jointly organised by the departments of economics in Turku within ACE.
The lectures will be of interest from the standpoint of several research
areas, not least labour economics and industrial organisation.
More details will be given soon.

Prof. Eriksson is a well known empirical labour economist who has
recently focused on the so called internal labour markets. He has been
acting professor at Turku School of Economics and has held junior posts
at Åbo Akademi.

O Macroeconomics
The macroeconomics course continues on the 2nd of March at 10 AM. There will be lectures (3 h) every Monday at this time until the 23rd of March. Mikko Puhakka will continue the lecture series on the 30th at 4 PM. He will have lectures also on the 31st at 10 pm (4 hours) and 1st of April (2 hours). That will complete the course. There will two sets of exercise before the exam on the 15th of April.
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