Course objectives (competences):
- Knowledge of economic theory relevant to the construction and solution of macroeconomic models.
- Mastering the quantitative techniques needed to construct, evaluate, and test the reliability of parameters derived from dynamic models.
- Ability to critically evaluate the usability, limitations, potential weaknesses and sensitivity of the model to external or endogenous shocks (changes in parameters).
- Empirical testing of models.
- Critical analysis of model consistency – critical points, errors, and pitfalls in modeling and comparing the results obtained from different approaches.
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