Macroeconomic Modeling for Open Economies 1

Jan 27 – Feb 25, 2021 Online Learning Campus No Fee

About this learning event 

This learning event is the first one in the sequence of two events under a single learning package Macroeconomic Modeling for Open Economies. They will be both delivered within a time-span of not more than a year. The event in 2021 will be delivered as an online course.

What will you learn 

During this course, you will (1) learn the technical skills required to develop and use simple DSGE models of your national economies, in order to estimate the impact of policy measures and changes ('shocks') in key macroeconomic variables; (2) have a chance to present your ongoing work and experience with DSGE modeling and receive feedback from instructors and (3) have a chance to learn from an example of DSGE model developed and used in practice at European Central Bank.

The online course consists of 6 units.

  • Unit 1: Intro DSGE and software
  • Unit 2: Households, firms, rigidities
  • Unit 3: Uncertainty
  • Unit 4: Bayesian estimation
  • Unit 5: External sector in small open economies
  • Unit 6: Examples, country cases, limitations, and enhancement

Who should attend 

Finance officials from the CEF constituency countries and beyond are welcomed and strongly encouraged to apply. Invited will be those finance officials engaged in econometric modeling, who are working in macroeconomic and research departments in ministries of finance, central banks, fiscal councils and other independent research institutes.

The course is designed for officials, who may have sufficient technical knowledge but often lack the practical know-how and skills to independently develop and use models in their working environments.


The learning initiative/event will be delivered by/ under the guidance of:

  • Michel Juillard, Bank of France, Eurosystem
  • Günter Coenen, Head of the Forecasting and Policy Modelling Division, European Central bank, Eurosystem
  • Andrej Kuštrin, Institute of Macroeconomic Analysis and Development

Practical information 

There is no participation fee for this online course.

Please consider this course relatively time-demanding with your engagement on the dates, stated above in the document under «What will you learn» section and above at the right hand of this webpage. It consists of 14 webinars plus number of exercises with pre-agreed timeslots, where you will be able to consult with the expert in case you need advice on the exercise challenges.

Applications need to be submitted no later than December 18 via the online application form. Candidates will first be approved by the CEF; confirmations will be sent to selected candidates by December 23. No fee will be charged. The course will be delivered in English and no translation will be provided.


This event/learning initiative is supported by:

Banque de France Bank of Slovenia European Central Bank (ECB)
Institute of Macroeconomic Analysis and Development