Offered
Clayton Second semester 2008 (Day)
Synopsis
This course surveys contemporary macroeconometric and applied general equilibrium models as they are used for policy analysis. The focus of these models extends from fiscal, monetary and tax policy, through trade, tariffs and industry policy, to the environment and greenhouse gases. In their major written assignment, all students are expected to come to grips with some of the practical issues involved in policy modelling.
Objectives
The learning objectives of this unit are to:
- acquire an understanding of the main elements of the theoretical structure of a computable general equilibrium (CGE) model;
- acquire an understanding of how a CGE model is calibrated and implemented on computer;
- develop the ability to conduct basic simulations with a comparative-static CGE model;
- acquire skills in the analysis of the more readily interpretable model results in terms of model theory, data base, closure and shocks;
- develop an elementary understanding of the key features of dynamic CGE models.
Assessment
Within semester assessment: 40%
Examination (3 hours): 60%
Contact hours
Two 1.5-hour lectures per week
Prerequisites
ECC2010 and one of ETC3400 or ETC3410