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The main goal of the Foundations of DSGE Modelling course is to provide instructions on the construction and estimation of Dynamic Stochastic General Equilibrium (DSGE) models and for their use for policy analysis. It begins with the basics of Dynare and proceeds to the construction of a closed economy NK DSGE model. It will then progress to the estimation of the model by Bayesian methods and finish by introducing optimal monetary policy and open NK DSGE model. 

This course is Dynare-based and is aimed at:

• PhD, MSc or MRes students aiming to proceed to a PhD and early researchers who want to learn about DSGE modelling.
• Researchers and practitioners working at central banks, as well as at other private and public institutions who intend to construct or use DSGE models.

We require participants to have some prior experience with macroeconomic models and dynamic optimization and a basic knowledge of MATLAB, but no prior knowledge of Dynare is necessary.

The advanced course is aimed at researchers who are already fluent in Dynare and DSGE modelling or who wish to learn directly more advanced techniques. This course will be useful both for advanced PhD students, academic researchers, and central bank researchers engaged in macroeconomic modelling work. The advanced course covers models that are either computationally expensive to simulate, nonlinear, require additional recursive assumptions, or have infinite dimensional state-spaces thanks to heterogeneous agents and optimal taxation.

The courses have been taught by the following instructors over the years:

More details on the content of our Summer Schools in each year can be found following the links in the table below.