PhD/Research MSc course on Imperfect knowledge and learning in macroeconomics

The course analyses expectations and learning in dynamic stochastic macroeconomics. We develop techniques for solving for rational expectations equilibrium (REE) and examine whether economic agents endowed imperfect knowledge but following statistical learning schemes will over time converge to REE. Cases where learning can lead to non-REE learning dynamics and dynamic paths of temporary equilibria are also considered. The approach has yielded important implications for different aspects of macroeconomic policy. Monetary policy has in particular been studied. A range of other applications are also discussed.
  • PhD/Research MSc course on Imperfect knowledge and learning in macroeconomics
  • 2019-11-21T11:00:00+02:00
  • 2019-11-28T14:00:00+02:00
  • The course analyses expectations and learning in dynamic stochastic macroeconomics. We develop techniques for solving for rational expectations equilibrium (REE) and examine whether economic agents endowed imperfect knowledge but following statistical learning schemes will over time converge to REE. Cases where learning can lead to non-REE learning dynamics and dynamic paths of temporary equilibria are also considered. The approach has yielded important implications for different aspects of macroeconomic policy. Monetary policy has in particular been studied. A range of other applications are also discussed.
  • When Nov 21, 2019 11:00 AM to Nov 28, 2019 02:00 PM (Europe/Helsinki / UTC200)
  • Where Helsinki, Arkadiankatu 7, Economicum building, seminar room 3-4
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Instructor: Professor Emeritus Seppo Honkapohja (Aalto University)

Place: Helsinki, Arkadiankatu 7, Economicum building, seminar room 3-4

Schedule:

Thu November 21 11-14 lectures
Fri November 22 9-12 lectures
       
Tue November 26 12-14 lectures
Wed November 27 12-14 lectures
Thu November 28 12-14 lectures
       
Thu December 19 9-12 exam
Thu February 13 9-12 retake exam

 

Host University: Aalto University

Prerequisites for the course: Advanced Macroeconomics 1 - 4 or Macroeconomics 1 - 2 in HGSE program or equivalent knowledge.

Instructions on how to apply/register for the course:

  • Finnish PhD / Research MSc students in Economics: please see the Helsinki GSE web page How to enroll?
  • Foreign PhD students and all the others: please contact info-hgse@aalto.fi

For more information see Aalto University's WebOodi page

Overview:

The course analyses expectations and learning in dynamic stochastic macroeconomics. We develop techniques for solving for rational expectations equilibrium (REE) and examine whether economic agents endowed imperfect knowledge but following statistical learning schemes will over time converge to REE. Cases where learning can lead to non-REE learning dynamics and dynamic paths of temporary equilibria are also considered. The approach has yielded important implications for different aspects of macroeconomic policy. Monetary policy has in particular been studied. A range of other applications are also discussed.