Dynamic Programming –
ExpertenseminarTheory, Numeric Implementation and Applications
Recursive methods and their numerical application, in particular dynamic programming, have become the most important solution methods in modern macroeconomics. Today the areas of their application encompass almost all areas of macroeconomics, e.g. growth theory, monetary economics, social insurance, and fiscal policy. Despite their widespread use in research, they have not yet become part of the standard curriculum at European economic faculties. The course aims at closing this gap. It introduces dynamic programming from a theoretical perspective and discusses numerical solution methods. Subsequently, these methods are applied to solve the real business cycle model, which is the workhorse model of modern quantitative macroeconomics and constitutes the starting point to analyse, e.g. fiscal policy and social insurance in a dynamic economic environment.
Personen
// University of Cologne
// Universität zu Köln und Universität Mannheim
Anfahrt
Adresse
ZEW – Leibniz-Zentrum für Europäische Wirtschaftsforschung
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L 7, 1, 68161 Mannheim