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Hong Kong Institute for Monetary Research (HKIMR)

Workshop on "Building and Solving Macroeconometric Models using WinSolve"

11 April 2006 (Tuesday) - 12 April 2006 (Wednesday)



11 April, Tuesday
9:00 - 9:30 Registration and Welcoming Coffee
9:30 - 9:35 Opening Remarks,
Hans Genberg, Director, Hong Kong Institute for Monetary Research
9:35 - 10:45 Introduction to WinSolve
This first session will cover the basics: building a model, the WinSolve modelling language, adjustments and how to use them, data files, running log files of commands.
10:45 - 11:00 Coffee Break
11:00 - 12:30 Introductory hands-on session
12:30 - 14:00 Lunch
14:00 - 15:15 Simulation and forecasting in WinSolve
Setting up simulations, shocking equations, target-instrument solutions. Forecasting issues: the ragged edge, projecting exogenous variables, the role of judgment.

15:15 - 15:30 Coffee Break
15:30 - 16:30 Hands-on session on simulation and forecasting
16:30 - 17:45 Seminar on "Offshore Financial Centers: Parasites or Symbionts?"
Andrew Rose, University of California, Berkeley

17:45 - 18:00 Break
18:00 - 22:00 Workshop dinner
12 April, Wednesday
9:00 - 9:30 Morning Coffee
9:30 - 10:45 Stochastic simulation and optimal control in WinSolve
Computing model moments by simulation and producing fan charts. Control exercises: optimal control, imposing smooth instrument paths, estimating optimal simple rules.

10:45 - 11:00 Coffee Break
11:00 - 12:30 Hands-on session on stochastic simulation and optimal control
12:30 - 14:00 Lunch
14:00 - 15:30 Solving DSGE models
Rational expectations, approximation methods, linearisation and log-linearisation. Solving for the deterministic steady state. Alternative solution methods. Terminal conditions and how to use them.

15:30 - 15:45 Coffee Break
15:45 - 17:30 Hands-on session on DSGE models
17:30 End


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