40680 UK Introduction to
UK, 4 hours per week
Time and location:
March 5: Thursday 13:00-14:00
Hörsaal 4 BWZ 2.OG, 14:00-16:00 Hörsaal 3 BWZ 2.OG
from March 19: Thursday 12:30–14:00 Hörsaal 9 BWZ 3.OG
March 19 and April 2 – April 23: Th 14:00-16:00 Hörsaal 7 BWZ 3.OG
April 30, and May 14 – June 25: Th 14:00-16:00 Hörsaal 8 BWZ 3.OG
Start: Thursday, 5/3/2009
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 fourth edition (older editions can be used, but note that there are some changes in some formulas and in notation between editions). 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 lecture note by Ana Ania-Martinez, which will be made available to participants. No special preliminary knowledge is required, but some competence in mathematical methods is certainly useful.
In line with the current study plan does this course contain an inseparable mix of elements of ‘lectures’ and of ‘exercises’. Approximately one fourth of the time should be devoted to repetition and to exercises. It is essential that students participate actively. The final grade is determined from a weighted average of exercises (15%), a written midterm test (35%), and a written final test (50%). Overall, you need 50% to pass the course. In the component ‘exercises’, points are allotted to regular attendance and to occasional written homework, the main emphasis is however on the presentation of exercises during the course. Midterm and final test will be organized jointly with the parallel groups.
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. Phillips curve, Okun's law, medium-run dynamic model
8. The open economy (exchange rates, J-curve)
The course contents correspond roughly to chapters 1-9 and 18-19 of Blanchard’s book. All economic theories and models are illustrated using Austrian and international data.
40871 UK Econometric Methods for Panel Data
2 hours per week
and location: Wednesday,
13.00 - 14.30 Uhr, Seminarraum 2,
Start: March 4, 2009
Course description: The lecture course surveys econometric techniques that are used on two-dimensional data sets, one dimension of which is time. Such data sets, generally named panels or sometimes longitudinal data, occur in macroeconomics, for example in inter-country comparisons, where the time dimension dominates, as well as in labor economics, where a short time dimension and a large cross-section dimension is the rule.
The following topics could be covered:
Models for panel
random effects, one-way and two-way)
2. Estimation procedures for panels (LSDV or within-groups estimator, GLS)
3. Tests (poolability, Hausman test)
4. Heteroskedasticity and autocorrelation
5. Dynamic panels (Nickell bias, instrumental variable estimation)
6. Panel tests for unit roots
The methods are explained using empirical examples that are handled by computer software. As important literature related to this course, I would recommend the textbooks by Hsiao: Analysis of Panel Data (Cambridge University Press, 2003) and by Baltagi: Econometric Analysis of Panel Data (Wiley, 2005).
In line with the course form UK, the evaluation of students is to be composed of several parts. The definitive form will be convened at the first meeting on March 6. It may also depend in the number of participants. In the most recent course, it was convened that the final course grade was a weighted average of a written test (50%) in early May, and of a presentation of an advanced topic from the above list or of an independent empirical project on panel data (50%).
UK, 2 hours per week
and location: Tuesday,
18.00 - 20.00 Uhr, Seminarraum 1,
Tuesday, March 3, 2009
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 (50%) and a lesser empirical forecasting project or a short presentation of some advanced piece of literature that is related to econometric forecasting. 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.