Tools for Macroeconomists
2024
Background
"Tools for Macroeconomists" was started in 2010 by Wouter J. den Haan. Initially, Wouter ran the course on his own, but in 2014 he brought us (Pontus Rendahl and Petr Sedlacek) into the mix. Over the past nine years, the three of us have taught more than 600 students who rated the course with an average evaluation of 4.9 out 5.
After 13 years of hard work, Wouter decided to retire from the summer school. This is a big loss. Wouter is a phenomenal teacher, highly appreciated by students a colleagues alike.
However, Wouter gave us the blessing to continue with the summer school if we chose to do so. We both feel that the courses fill an important gap in some PhD programs and, therefore,
Tools for Macroeconomists will run again in 2024,
but with Wouter missing from the lineup.
Notice: Tools for Macroeconomists is a fully online course.
Course Description
The Essentials: This graduate-level course teaches the key building blocks of solving, analyzing and estimating structural macroeconomic models. Students obtain detailed theoretical and practical knowledge of linearization techniques, the Kalman filter, the basics of (Maximum Likelihood and Bayesian) estimation as well as an introduction into non-linear solution of macroeconomic models. Throughout the course, students will be taught how to use Dynare and also how to write their own Matlab programs to solve and analyze models. Importantly, the course also focuses on practical problems that researchers run into when using these techniques.
Advanced Tools: The second graduate-level course focusses on three main topics: 1, Nonlinear solution methods, making use of nonlinear equation solvers (such as Newton's method) and functional approximation, with an emphasis on occassionally binding constraints (eg. borrowing constraints); 2, Heterogenous agents models (the Bewley-Hugget-Aiyagari framework, and its descendants); 3, methods in continuous time. This courses uses Matlab throughout, and is intended for students that have either taken "The Essentials", or students with sufficiently sophisticated background in economics AND numerical methods (ie effectively knowing the material in Essentials).
Course Structure
As in previous years, our courses provide a combination of lectures (~2h/day) and hands-on computer sessions (3h/day). Therefore, each course offers at least 25 contact hours. Read more about the course structure here.
New in 2024:
In 2024 we have added several new elements. First, we have rearranged the topics to follow a more unified, streamlined, format. We believe this will enhance the stringency of the course, and provide a more natural transition across topics. Second, lectures will be supplemented with pre-recorded video tutorials. Third, students will also be able to interact with lecturers and each other during dedicated office hours, social events and a research workshop: read about these brand new features here. All elements will be online. View the time table here.
Key Dates
As in previous years, Tools for Macroeconomists will run in the “summer” break:
The Essentials: August 5-9, 2024
Advanced Tools: August 12-16, 2024
New in 2024, Research workshop: August 17, 2024
Price
One of the main distinguishing features of Tools for Macroeconomists was Wouter’s desire to provide affordable courses. In the past, this had led to several changes in institutional umbrellas. Eventually, the only way to keep fees unchanged for over a decade was for the three of us to take on the administrative burden and entrepreneurial risk and run the summer school completely on our own.
This year will be no different and we are committed to providing highly competitive fees:
- Students: € 575/course
- Academic staff: € 750/course
- Professionals: € 1,200/course