- Code IDEC8127
- Unit Value 6 units
- Offered by Crawford School of Public Policy
- ANU College ANU College of Asia and the Pacific
- Course subject International and Developmental Economics
- Academic career PGRD
- Prof Warwick McKibbin
- Mode of delivery In Person
Second Semester 2019
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This course is designed to introduce the theoretical and practical basis of large scale economic modeling of the global economy for Masters level and PhD students with a strong understanding of Economics. Students will be instructed on the fundamentals of constructing a global simulation models based on the G-Cubed general equilibrium model. They will then analyze a number of macroeconomic policy problems using the G-Cubed model as the basis for formulating the policy question. They will learn how to use the model to generate a set of results, to interpret those results will write a report that uses those insights to contribute to an existing literature on a major macroeconomic policy problem.
Upon successful completion, students will have the knowledge and skills to:On successful completion of the course, students will be able to:
1. understand the conceptual basis of large scale general equilibrium models
2. have a detailed understanding of the G-Cubed global economic model.
3. evaluate macroeconomic policy questions in the model framework and
4. use and interpret results from this model for policy analysis.
Indicative Assessment1. 2,500 word essay (25%) where students will use a small CGE model to simulate a policy question and write up the economic interpretation of the model results.
2. 5,000 word research essay (75%) where students will be given a series of spreadsheets of results from the G-Cubed model for a number of different macroeconomic questions. They will be required to choose one of the sets of results and write a research report interpreting the model results and provide a detailed study of the policy question posed drawing on the relevant economics literature to supplement the analysis.
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WorkloadA 2-hour Lecture and a 1-hour Workshop each week. Students are expected to study at least 8 hours per week outside class.
Prescribed TextsPeter B. Dixon and Dale W. Jorgenson, Editor(s), Handbook of Computable General Equilibrium Modeling, Elsevier, 2013, Volume 1, Pages 1-22, ISSN 2211-6885, ISBN 9780444595683, 10.1016/B978-0-444-59568-3.00001-8.
Preliminary ReadingPeter B. Dixon, Dale W. Jorgenson, Chapter 1 - Introduction, In: Peter B. Dixon and Dale W. Jorgenson, Editor(s), Handbook of Computable General Equilibrium Modeling, Elsevier, 2013, Volume 1, Pages 1-22, ISSN 2211-6885, ISBN 9780444595683, 10.1016/B978-0-444-59568-3.00001-8.
Warwick J. McKibbin, Peter J. Wilcoxen, Chapter 15 - A Global Approach to Energy and the Environment: The G-Cubed Model, In: Peter B. Dixon and Dale W. Jorgenson, Editor(s), Handbook of Computable General Equilibrium Modeling, Elsevier, 2013, Volume 1, Pages 995-1068, ISSN 2211-6885, ISBN 9780444595683, 10.1016/B978-0-444-59568-3.00015-8.
Assumed KnowledgeThis is a Master-level course in Economics. A high level of computer skills plus Masters microeconomics and a good technical understanding of mathematical techniques (including calculus) is assumed.
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- Unit value:
- 6 units
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