Course descriptions for the winter semester 2012

 

040090 UK Introduction to Macroeconomics

UK, 4 hours per week (8 ECTS)

Language of instruction: English

Time and location:    Wednesday 18:00–21:30, Hörsaal 5, BWZ

Start: October 3, 2012

 

Course description: The course offers an introduction to modern macroeconomics. Most of it is based on the textbook by Olivier Blanchard: Macroeconomics (Prentice-Hall) in its fifth edition (older editions can be used, but note that there are some changes in some formulas and in notation between editions; usage of the German edition is discouraged). For an introduction to national accounting, see Dudley Jackson: The New National Accounts (Edward Elgar). In this field, the relevant material for all tests is a set of lecture notes by Ana Ania-Martinez, which will be made available to participants. No special preliminary knowledge is required, some reasonable competence in mathematical methods will be assumed.

In line with the current study plan, this course contains an inseparable mix of elements of ‘lectures’ and of ‘exercises’. Approximately one fourth of the time should be devoted to repetition and to exercises. The final grade is determined from a weighted average of exercises (30%), a written midterm test (30%), and a written final test (40%). You need 50% of the total achievable score to pass the course. In particular, note that a positive midterm test is not a binding constraint. However, you cannot pass without participating in the midterm test. In the ‘exercises’ component, you can score points mainly by regular attendance and by occasional unannounced quizzes. Attendance is mandatory. Midterm and final tests will be organized jointly with the parallel groups.

 

 Course contents:

1. National accounts

2. The goods market

3. The financial market

4. The IS-LM model (short-run equilibrium on goods and financial markets)

5. The labor market

6. The AS-AD model (medium-run equilibrium on three markets)

7. The Phillips curve

8. The open economy (exchange rates, Mundell-Fleming model)

 

The course contents correspond roughly to chapters 1-8 and 18-20 of Blanchard’s book (and, additionally, to Ana Ania's lecture notes on national accounting). All economic theories and models are illustrated using Austrian and international data.


 

040131 UK Introductory Econometrics

 

UK, 4 hours per week (8 ECTS)

Language of instruction: English

 

Time and location: Monday, 15:00-16:30, Hörsaal 23

                                 Wednesday, 8:00-9:30, Hörsaal 26

 

Course starts: October 1, 2012

 

Instruction of this course is shared between Pedro Bom and Robert Kunst. The basic literature for this course is the book

Jeffrey M. Wooldridge: Introductory Econometrics (South-Western, 4th edition)

 

Plan of the course: The first part of the course (until and including midterm test) is lectured by Pedro Bom, the second part is lectured by Robert Kunst. The overall grade of the course is composed of a midterm test (40% weight), a final test (40% weight), and quizzes and homework assignments (20% weight).


 

390045 UK PhD-E: Econometric Forecasting

 

UK, 2 hours per week (4 ECTS)

Language of instruction: English

 

Time and location: Monday, 17:00-18:30, Seminarraum 2, Hohenstaufengasse 9

 

Course starts: October 1, 2012

 

Course description: The course aims at an understanding of currently used techniques for prediction in empirical economics. We focus on the following topics:

(1)   General introduction (Aims of forecasting, types of forecasts: technical extrapolation, time-series forecasts, theory- and model-based forecasts)

(2)   Technical model-free extrapolation (exponential smoothing, ad-hoc prediction etc.)

(3)   Univariate time-series techniques (one variable on its own)

(4)   Multivariate time-series techniques (several variables together: vector autoregressions, cointegration)

(5)   Forecasting using econometric models

(6)   Criteria for assessing forecasting accuracy

 

In line with the course form UK, the evaluation should be based on several parts. One suggestion would be to determine the course grade from a weighted average of a written midterm test (40%) and a lesser empirical forecasting project or a short presentation of some advanced piece of literature that is related to econometric forecasting (60%). The presentations should take place in the time after the midterm test. Details will be convened in the first unit.

Recommended literature for this course:

Chris Chatfield: Time-series Forecasting. Chapman & Hall.

Michael P. Clements and David F. Hendry: Forecasting Economic Time Series. Cambridge University Press.

Michael P. Clements and David F. Hendry: Forecasting Non-Stationary Economic Time Series. Cambridge University Press.

Michael P. Clements: Evaluating Econometric Forecasts of Economic and Financial Variables. Palgrave-Macmillan.