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Root number
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26492 |
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Semester
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HS2024 |
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Type of course
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Seminar |
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Allocation to subject
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Economics |
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Type of exam
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Seminar paper |
| Title |
Seminar: Empirical Macroeconomics II |
| Description |
This course is largely complementary to another class I am teaching this term, ‘Empirical Macroeconomics II’. The main difference is that whereas ‘Empirical Macroeconomics II’ deals with structural VARs and their applications, this class mostly deals with estimating DSGE models. However, since every DSGE model possesses a structural VAR(MA) representation, the two classes ultimately deal with ‘two sides of the same coin’, and should therefore be regarded as complementary.
We will start with a brief introduction to MATLAB, which is today, by far, the dominant computer language for performing empirical macroeconomic research. Then, we will proceed from solving DSGE models ‘with pencil and paper’ to solving them numerically in MATLAB. This provides the starting point for computing the likelihood function of a DSGE model, which is the key input we need in order to estimate the model via maximum likelihood. We will then discuss (and see in practice) the limitations of a pure likelihood approach to estimating DSGE models (basically, it only works with very, very simple models). This will provide a motivation for moving to Bayesian methods, that is, combining the information contained in the data with prior information the researcher has in order to sharpen inference.
Language: English
Credits: 4 SWS / 6 ECTS
if you would like to participate please register in KSL (open from 15.07.-08.09.2024)
During the period between the end of the theoretical and practical (i.e., computer-based) lectures (around early November) and the end of the course itself (around mid-December), students will be required to
(1) agree with Mr. Benati on a topic for the term paper (which is due on the last day of classes), and
(2) work on the term paper under his supervision during classes.
Conditions (1) and (2) are necessary—although not sufficient—in order to pass the class.
Evaluation: 50% of the grade will be based on 3 homeworks. The remaining 50% will be based on a term paper.
Lectures: Wednesday, 08:15 - 10:00h, A 322 PC Pool UniS
Submission of term paper: Last day of Class (18.12.2024). Please register in KSL. |
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ILIAS-Link (Learning resource for course)
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Registrations are transmitted from CTS to ILIAS (no admission in ILIAS possible).
ILIAS
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Link to another web site
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| Lecturers |
Prof. Dr.
Luca Benati, Department of Economics ✉
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ECTS
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6 |
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Recognition as optional course possible
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No |
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Grading
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1 to 6 |
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| Dates |
Wednesday 08:15-10:00 Weekly
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Rooms
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| External rooms |
A322, PC Pool, UniS
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| Students please consult the detailed view for complete information on dates, rooms and planned podcasts. |
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