Informations about the modules
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Module (6 Credits)
Specification and Simulation of General Equilibrium Models
- Name in diploma supplement
- Specification and Simulation of General Equilibrium Models
- Responsible
- Admission criteria
- See exam regulations.
- Workload
- 180 hours of student workload, in detail:
- Attendance: 45 hours
- Preparation, follow up: 90 hours
- Exam preparation: 45 hours
- Duration
- The module takes 1 semester(s).
- Qualification Targets
Students
- have a deepened understanding of computable general equilibrium models
- master the basics of implementation of the general equilibrium models
- are able to adopt this methodology in their independent quantitative analyses
- can describe and interpret the results from general equilibrium models linking them to relevant theory
- learn the programming language GAMS, the model language MCP and the meta-language MPSGE
- understand simple basic models and their extensions
- are able to implement the basic models independently both in MCP and MPSGE
- can modify the given models in order to capture other situations
- can interpret the results and link them to the relevant economic theory
- Relevance
The content of the course is useful in many scientific institutions, business consultancy, multinational firms, international organizations, economic research institutes and ministries. The theory-driven step-by-step specification of the models is a prerequisite for understanding economic research in this field and thus a basis for conducting independent research.
- Module Exam
The module-related examination is performed by a written test (usually 60-90 minutes).
- Usage in different degree programs
- Elements
Lecture (3 Credits)
General Equilibrium Models of Open Economies
- Name in diploma supplement
- General Equilibrium Models of Open Economies
- Organisational Unit
- Lecturers
- SPW
- 2
- Language
- English
- Cycle
- every second winter semester
- Participants at most
- 16
- Preliminary knowledge
Advanced knowledge in the field of international trade
- Abstract
The course provides deep knowledge of design and implementation of Computable General Equilibrium (CGE) models.
- Qualification Targets
Students
- have a deepened understanding of computable general equilibrium models
- master the basics of implementation of the general equilibrium models
- are able to adopt this methodology in their independent quantitative analyses
- can describe and interpret the results from general equilibrium models linking them to relevant theory
- Contents
- Introduction to computable general equilibrium analysis
- Comparative static analysis of a closed economy with two goods and two production factors
- Extensions of the basicmodel for a closed economy with heterogeneous labor, heterogeneous households and endogenous labor supply
- Models of open economies: extension of the basic model for an open economy with import tariffs and quotas and other trade policies
- General equilibrium models with imperfect competition on the goods markets
- Literature
- Francois/Reinert, Applied Methods for Trade Policy Analysis;
- Jones, The Structure of Simple General Equilibrium Models;
- Shoven/Whalley, Applying General Equilibrium;
- Articles from economics literature
- Teaching concept
The class is held in the form of lectures. The construction and implementation of the abovementioned models is illustrated by using a special software (GAMS, „General Algebraic Modeling System“) as well as a special programming language for general equilibrium models (MPSGE, „Mathematical Programming System for General Equilibrium“).
- Participants
Exercise (3 Credits)
General Equilibrium Models of Open Economies
- Name in diploma supplement
- General Equilibrium Models of Open Economies
- Organisational Unit
- Lecturers
- SPW
- 2
- Language
- English
- Cycle
- every second winter semester
- Participants at most
- 16
- Abstract
This tutorial provides students with programming experience while constructing and implementing the computable general equilibrium models.
- Qualification Targets
Students
- learn the programming language GAMS, the model language MCP and the meta-language MPSGE
- understand simple basic models and their extensions
- are able to implement the basic models independently both in MCP and MPSGE
- can modify the given models in order to capture other situations
- can interpret the results and link them to the relevant economic theory
- Contents
- Introduction to computable general equilibrium analysis
- Comparative static analysis of closed economy with two goods and two production factors
- Extensions of the basic model for closed economy with heterogeneous labor, heterogeneous households and endogenous labor supply
- Models of open economies: extension of the basic model for open economy with import tariffs and quotas as well as with international mobile capital
- General equilibrium models with imperfect competition on the goods markets
- Literature
Markusen, J. R., The Markusen Examples, www.mpsge.org
- Participants