Course descriptions for the summer term 2010

40185 UK Introductory Macroeconomics (Einführung in die Makroökonomie)

UK, 4 hours per week

Time and location:     Monday 12:00–14:00, Hörsaal 7, BWZ;

           Thursday 12:30–14:00 Hörsaal 9, BWZ

Start: March 1, 2010

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). 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%). 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, points are allotted for regular attendance and for occasional written homework, the main emphasis is however on the presentation of exercises during the course. 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. Phillips curve, Okun's law, medium-run dynamic model

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

The course contents correspond roughly to chapters 1-9 and 18-20 of Blanchard’s book. All economic theories and models are illustrated using Austrian and international data.

40871 UK Econometric Methods for Panel Data


UK, 2 hours per week


Time and location: Wednesday 13:00–14:30, Seminarraum 2, Hohenstaufengasse 9


Start: March 3, 2010


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 data (fixed and random effects, one-way and two-way)

Estimation procedures for panels (LSDV or within-groups estimator, GLS)

Tests (poolability, Hausman test)

Heteroskedasticity and autocorrelation

Dynamic panels (Nickell bias, instrumental variable estimation)

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 3. It may also depend on 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%).

40568 UK Econometrics of seasonality


UK, 2 hours per week


Time and location: Tuesday 18:00–19:30, Seminarraum 1, Hohenstaufengasse 9

Start: March 2, 2010


Course description:
This lecture course focuses on the topic of seasonality in time series and it is based on the monograph "The Econometric Analysis of Seasonal Time Series" by Eric Ghysels und Denise R. Osborn (Cambridge University Press, 2001). The following sections can be regarded as the core:


1.  Introduction to seasonal processes (basic ingredients of concepts for modeling seasonality)

2.  Deterministic seasonality (seasonal dummies, tests with the null hypothesis of dummy-type seasonality, such as the Canova-Hansen test)

3.  Seasonal unit-root processes (seasonal random walk, tests with complex unit roots as their null hypothesis, such as the HEGY test)

4.  Seasonal adjustment routines


The definitive form of this lecture course will be convened in the first unit and is dependent on the number of participants. A suggestion is that the main points from the above list will be presented by the lecturer, and these topics will be the basis for a test in early May (50% of the final grade). This will be followed by presentations by participants. These presentations may focus on advanced topics that could not be covered before, on original articles related to seasonality, or on small individual research projects with a seasonal focus. (50% of the final grade)