**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, 4 ^{th}
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.