| Monday | Morning | What will you learn and implement? A refresher in GAMS. What are the advanced features of GAMS? Which GAMS solvers to use in dynamic general equilibrium modeling? Size of the model and system requirements. |
| Afternoon | What will you learn and implement? A refresher in mathematical optimization. Commonly used functional forms in applied general equilibrium modeling. How to derive the first-order conditions? |
| Tuesday | Morning | What will you learn and implement? What is the best strategy in large-scale complex model development? How to build a static 2x2 single country-closed economy model? How to calibrate it? How to close it? |
| Afternoon | What will you learn and implement? What is an Overlapping Generations General Equilibrium (OLG-GE) model? What types of problems require using an OLG-GE model? How to introduce the OLG structure into a 2x2 static, closed economy model? |
| Wednesday | Morning | What will you learn and implement? How to model dynamic consumption behavior in an OLG-GE model? How to model dynamic production behavior in an OLG-GE model? How to close the model using dynamic asset equilibrium and market clearance conditions? |
| Afternoon | Free afternoon. Enjoy yourself, get some rest! |
| Thursday | Morning | What will you learn and implement? How to handle forward-looking expectations? How to derive steady-state equilibrium conditions? How to introduce a government and various fiscal balances? Intertemporal budget constraint. |
| Afternoon | What will you learn and implement? An overview of social security systems in the world and the common problems that publicly managed social security sytems face. How to introduce social security into the 2x2 OLG-GE model? Data requirements for solving an OLG-GE model with social security. |
| Friday | Morning | What will you learn and implement? How to implement the OLG-GE model developed on GAMS? Calibration of the model. Solution of the model. Plotting the paths of different variables over time. |
| Afternoon | What will you learn and implement? What type of simulation experiments to design? How to run simulation experiments? Comparing the steady-state values and reporting the results. Plotting the paths of different variables over time. |
| Saturday | Morning | What will you learn and implement? Trade-offs facing the governments and alternative goals of social security reform. Additional simulation experiments. Checking the robustness of results with respect to initial values of parameters through sensitivity analyses. |
| Afternoon | What will you learn and implement? Extensions: Privatization of social security and money purchased retirement schemes. Mixed social security systems with publicly and privately managed funds Introduction of more complicated population dynamics and population aging. |
