The objective of this course is to provide an introduction to the analysis of monetary and fiscal policy making with practical applications to current policy challenges. Examples from the European Union, the United States and Japan will be discussed. We will develop theoretical models of monetary and fiscal policy and learn how different policy recommendations can be evaluated using these models. Students will conduct practical simulation exercises and make use of software tools for model analysis. In particular, we will analyse policy working with macro-financial models available in the Macroeconomic Model Database (see www.macromodelbase.com). Furthermore, the inclusion of epidemics in macroeconomic models as well as policy responses during the Coronavirus pandemics are studied. In this context, we will draw on the Epi-Macro- Model Database (see www.epi-mmb.com).
The OMAT course covers the following main topics:
Linear Algebra (e.g. matrix operations, systems of linear equations)
Sequences and Series
Differential Calculus (e.g. approximation methods, multivariate optimization)
In the process, the mathematical foundations are developed and then placed in an economics context. To refresh your mathematical skills—especially in analysis—it is recommended that you attend the mathematics preparatory courses.
2020-2021
From Teaching Maths in the morning, over lab experiments before lunch, to English classes in the afternoon. Here, I had to teach almost all subjects offered whenever a teacher was unavailable. It provided a crucial experience in spontaneity, creativity, and confidence building.