macro troll

Dynamics

Intensive course at the advanced level. This course is especially tailored for staff involved in forecasting and policy analysis in the central banks, ministries and international institutions.

The course will use the MULTIMOD model of the International Monetary Fund and the QUEST model of the European Commission.

The course will be provided by a group of highly experienced macromodelers from the EcoMod Network, Hendyplan, and the European Commission. The course will use the TROLL software. The course will take place in the computer labs of the Free University of Brussels.

Course Goal

The course will introduce all the basic tools for constructing and implementing large-scale multi-national and dynamic intertemporal macroeconometric models for policy analysis. By the end of the course the participants will have acquired detailed knowledge of and extensive hands-on experience in:

	the use of TROLL,
	the structure of dynamic macroeconometric models,
	building the database for such models,
	introducing forward-looking expectations,
	estimating and calibrating the models,
	implementing the model on the computer using the TROLL software,
	formulating scenarios and running policy simulations,
	reporting and interpreting the results.

The course will be offered in English. However, help in French will be available.

The course will mainly take place in the computer labs of the Free University of Brussels.

For the detailed course content please click here.

MULTIMOD and QUEST

The course will use the MULTIMOD model of the International Monetary Fund and the QUEST model of the European Commission. MULTIMOD and QUEST are modern dynamic multicountry macroeconometric models of the world economy that have been designed to study the transmission of shocks across countries as well as the short-run and medium-term consequences of alternative monetary and fiscal policies.

Both models assume that behavior is completely forward-looking in goods markets, but it is possible to study the effect of shocks under alternative assumptions about the degree of policy credibility. Given the forward-looking nature of the model, the fundamental role of the monetary authorities is to provide an anchor for inflation expectations.

The models include well-defined steady-state analog models for each country and for the world economy as a whole. These steady-state models serve two roles. First, they are used to construct terminal conditions for the dynamic models. Second, they can be used to study the long-run effects of shocks that have permanent consequences on savings, capital formation, output, real interest rates, real exchange rates, etc. Despite the focus on medium-term and long-run properties, the models also have important short-run Keynesian dynamics that feature significant wage and price rigidities.

MULTIMOD and QUEST are implemented on TROLL.

For details on the models please follow the links: MULTIMOD and QUEST

Assumed Background

This course is only accessible to economists having a good background and experience in econometrics.

Sample Daily Schedule

Fees

The fee for the course is 2760 euros. This includes course materials (including a free course license of TROLL), lectures, computer labs, lunches, morning and afternoon coffee breaks, receptions. University students and staff get a discount of 25 percent. Please include a photocopy of your student or staff card. You can pay by check, credit card (Visa, American Express, Diners Club, or MasterCard) or bank transfer.

Registration and Payment: For details please click here.

Contact for registrations and further information

For registration and any further information you may need please contact Ms Theresa Leary (Theresa.Leary@ecomod.net).

Next Course Dates

(Brussels, Belgium)

Europe

Americas

Edson

Sample Daily Schedule

Contact us at office@ecomod.net