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Information
| Code | IEM1823 |
| Name | Dynamic Stochastic General Equilibrium Models I |
| Term | 2024-2025 Academic Year |
| Term | Fall and Spring |
| Duration (T+A) | 4-0 (T-A) (17 Week) |
| ECTS | 8 ECTS |
| National Credit | 4 National Credit |
| Teaching Language | Türkçe |
| Level | Doktora Dersi |
| Type | Normal |
| Mode of study | Yüz Yüze Öğretim |
| Catalog Information Coordinator | Prof. Dr. KENAN LOPCU |
| Course Instructor |
1 |
Course Goal / Objective
The objective of the course is to introduce the canonical Dynamic Stochastic General Equilibrium (DSGE) models that form the foundation for understanding various macroeconomic policy issues and business cycle events.
Course Content
In this course, Dynamic Stochastic General Equilibrium (DSGE) models are formulated and evaluated.
Course Precondition
At least two econometrics courses at the graduate level.
Resources
DeJong, D. N., & Dave, C. (2007). Structural macroeconometrics. Princeton University Press.
Notes
Geweke, J. (2005). Contemporary Bayesian econometrics and statistics. Wiley.
Course Learning Outcomes
| Order | Course Learning Outcomes |
|---|---|
| LO01 | Explains various macroeconomic policy issues and business cycle events within the framework of DSGE models. |
| LO02 | Setups Dynamic Stochastic General Equilibrium models. |
| LO03 | Solves Dynamic Stochastic General Equilibrium models. |
| LO04 | Estimates the Dynamic Stochastic General Equilibrium models. |
| LO05 | Evaluates economically the results |
| LO06 | Analyzes the effects of DSGE models on macroeconomic policy. |
| LO07 | Tests DSGE models under different macroeconomic scenarios. |
| LO08 | Assesses the parameters of DSGE models. |
| LO09 | Interprets the results from DSGE models for policymakers. |
Relation with Program Learning Outcome
| Order | Type | Program Learning Outcomes | Level |
|---|---|---|---|
| PLO01 | Bilgi - Kuramsal, Olgusal | Identify an econometric problem and propose a new solution to it | 5 |
| PLO02 | Bilgi - Kuramsal, Olgusal | Develops new knowledge using current concepts in Econometrics, Statistics and Operations Research | 5 |
| PLO03 | Bilgi - Kuramsal, Olgusal | Explain for what purpose and how econometric methods are applied to other fields and disciplines | 4 |
| PLO04 | Beceriler - Bilişsel, Uygulamalı | Using her knowledge, brings original solutions to problems in Economics, Business Administration and other social sciences | 5 |
| PLO05 | Beceriler - Bilişsel, Uygulamalı | Creates a new model using mathematics, statistics and econometrics knowledge to solve the problem encountered | 4 |
| PLO06 | Beceriler - Bilişsel, Uygulamalı | Interprets the results obtained from the most appropriate method to predict the model | 5 |
| PLO07 | Beceriler - Bilişsel, Uygulamalı | Performs conceptual analysis to develop solutions to problems | 5 |
| PLO08 | Beceriler - Bilişsel, Uygulamalı | Collects data on purpose | 4 |
| PLO09 | Beceriler - Bilişsel, Uygulamalı | Synthesizes the information obtained by using different sources within the framework of academic rules in a field of research | 3 |
| PLO10 | Beceriler - Bilişsel, Uygulamalı | Presents analysis results conveniently | 5 |
| PLO11 | Beceriler - Bilişsel, Uygulamalı | Converts its findings into a master's thesis or a professional report in Turkish or a foreign language | |
| PLO12 | Beceriler - Bilişsel, Uygulamalı | It researches current approaches and methods to solve the problems it encounters and proposes new solutions | 5 |
| PLO13 | Beceriler - Bilişsel, Uygulamalı | Develops long-term plans and strategies using econometric and statistical methods | 4 |
| PLO14 | Beceriler - Bilişsel, Uygulamalı | Uses a package program/writes a new code for Econometrics, Statistics, and Operation Research | 4 |
| PLO15 | Yetkinlikler - Bağımsız Çalışabilme ve Sorumluluk Alabilme Yetkinliği | Performs self-study using knowledge of Econometrics, Statistics and Operations to solve a problem | 3 |
| PLO16 | Yetkinlikler - Bağımsız Çalışabilme ve Sorumluluk Alabilme Yetkinliği | Leads the team by taking responsibility | |
| PLO17 | Yetkinlikler - Öğrenme Yetkinliği | Being aware of the necessity of lifelong learning, it constantly renews itself by following the current developments in the field of study | |
| PLO18 | Yetkinlikler - İletişim ve Sosyal Yetkinlik | Uses acquired knowledge in the field to determine the vision, aim, and goals for an organization/institution | |
| PLO19 | Yetkinlikler - İletişim ve Sosyal Yetkinlik | Interprets the feelings, thoughts and behaviors of the related persons correctly/expresses himself/herself correctly in written and verbal form | |
| PLO20 | Yetkinlikler - Alana Özgü Yetkinlik | Applies social, scientific and professional ethical values | |
| PLO21 | Yetkinlikler - Alana Özgü Yetkinlik | Interprets data on economic and social events by following current issues |
Week Plan
| Week | Topic | Preparation | Methods |
|---|---|---|---|
| 1 | Introduction to DSGE models. | Reading Assignments | Öğretim Yöntemleri: Anlatım |
| 2 | Application of DSGE models | Reading Assignments | Öğretim Yöntemleri: Alıştırma ve Uygulama, Tartışma |
| 3 | The new IS-LM model. | Reading Assignments | Öğretim Yöntemleri: Anlatım |
| 4 | Solution of the new IS-LMmodel. | Reading Assignments | Öğretim Yöntemleri: Alıştırma ve Uygulama |
| 5 | Introduction to Monetary Policy, Inflation, and the Business Cycle | Reading Assignments | Öğretim Yöntemleri: Anlatım, Soru-Cevap |
| 6 | New Perspectives on Monetary Policy, Inflation, and the Business Cycle | Reading Assignments | Öğretim Yöntemleri: Tartışma |
| 7 | Practice with DSGE models | Reading Assignments | Öğretim Yöntemleri: Soru-Cevap |
| 8 | Midterm Exam | Ölçme Yöntemleri: Yazılı Sınav |
|
| 9 | Introduction to Data, Filtering and Business Cycle Facts | Reading Assignments | Öğretim Yöntemleri: Anlatım |
| 10 | Toplam Veri, Filtreleme ve İş Çevrimleri | Reading Assignments | Öğretim Yöntemleri: Anlatım |
| 11 | Solving DSGE models | Reading Assignments | Öğretim Yöntemleri: Alıştırma ve Uygulama |
| 12 | Evaluation of DSGE models | Reading Assignments | Öğretim Yöntemleri: Tartışma |
| 13 | Model Evaluation | Reading Assignments | Öğretim Yöntemleri: Anlatım |
| 14 | Estimation of DSGE models | Reading Assignments | Öğretim Yöntemleri: Alıştırma ve Uygulama, Soru-Cevap |
| 15 | Solving Examples | Reading Assignments | Öğretim Yöntemleri: Soru-Cevap |
| 16 | Term Exams | Ölçme Yöntemleri: Yazılı Sınav |
|
| 17 | Term Exams | Reading Assignments | Ölçme Yöntemleri: Yazılı Sınav |
Student Workload - ECTS
| Works | Number | Time (Hour) | Workload (Hour) |
|---|---|---|---|
| Course Related Works | |||
| Class Time (Exam weeks are excluded) | 14 | 4 | 56 |
| Out of Class Study (Preliminary Work, Practice) | 14 | 8 | 112 |
| Assesment Related Works | |||
| Homeworks, Projects, Others | 2 | 4 | 8 |
| Mid-term Exams (Written, Oral, etc.) | 1 | 12 | 12 |
| Final Exam | 1 | 24 | 24 |
| Total Workload (Hour) | 212 | ||
| Total Workload / 25 (h) | 8,48 | ||
| ECTS | 8 ECTS | ||