Economic modeling

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The goal of the course is to introduce students to the scientific methods used in modelling economic phenomena. Concretely, the course presents developments in the modelling of consumer and producer behaviour, solutions to macroeconomic models using local and global methods, and estimation of DSGE models

Literatura podstawowa:

1. Heer, B., Maussner, A. 2009. Dynamic General Equilibrium Modeling: Computational Methods and Applications, 2nd ed. Springer.

2. Judd, K. 1998. Numerical Methods in Economics, MIT Press.

3. Koop, G. 2003. Bayesian Econometrics, Wiley.

4. Deaton, A., and Muellbauer, J. (1980a), ""An Almost Ideal Demand System,"" American Economic Review, 70, 312-336

5. De Loecker, Jan, Jan Eeckhout, and Gabriel Unger. ""The rise of market power and the macroeconomic implications."" The Quarterly Journal of Economics 135.2 (2020): 561-644

6. Battese, George E., and Tim J. Coelli. ""Prediction of firm level technical inefficiencies with a generalized frontier production function."" Journal of Econometrics 38 (1988): 387-399

Literatura uzupełniająca:

1. An, S. & Schorfheide, F. 2007. ""Bayesian Analysis of DSGE Models,"" Econometric Reviews, Taylor & Francis Journals, vol. 26(2-4), pages 113-172.

2. Basu, S. & Bundick, B. 2018. ""Uncertainty Shocks in a Model of Effective Demand: Reply,"" Econometrica, Econometric Society, vol. 86(4), pages 1527-1531, July.

3. Bielecki, M., Brzoza-Brzezina, M., Kolasa, M. 2020. ""Demographics and the natural interest rate in the euro area,"" European Economic Review, Elsevier, vol. 129(C).

4. Hamilton, J.M. 1994. Time series analysis, Princeton University Press.

5. Levinsohn, James, and Amil Petrin. ""Estimating production functions using inputs to control for unobservables."" Review of Economic Studies 70.2 (2003): 317-341.

6. Ryan, Mandy, Karen Gerard, and Mabel Amaya-Amaya. ""Discrete choice experiments in a nutshell."" Using discrete choice experiments to value health and health care. Springer, Dordrecht, 2008. 13-46.

Wiedza: Understanding state-of-art research methods.; Obtaining advanced-level knowledge of the mathematical tools employed to model macroeconomic processes; Awareness of the methodology used to rationalize household consumption decisions

Umiejętności: Capacity to apply the acquired knowledge to interpret empirical macroeconomic processes.; Ability to describe and present economic problems using adequate modelling tools and analytical methods; Expressing opinions on economic matters combining knowledge on stylized facts about economic processes and implications from recent theoretical developments.

Kompetencje społeczne: Ability to discuss topics connected to macroeconomic theory and its assessment.; Capacity to critically judge economic research and its limitations based on assumptions used and modelling decisions.

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