Dynamic Stochastic General Equilibrium (DSGE) Modelling for Emerging Open Economies

Key information


This course provides instructions on the construction and estimation of DSGE models for emerging open economies and their use for policy analysis. It is Dynare-based and is aimed at PhD students, postgraduate students aiming to proceed to a PhD, early researchers and research staff from central banks, ministries and the private sector. Participants should have some prior experience with macroeconomic models.

Course content

This course will assume a basic knowledge of Matlab programming. It will start with a brief summary of the basics of Dynare programming. Then it will proceed to the construction, simulation and estimation of a small open economy DSGE model with emerging economy features. The course will finish by showing how the estimated model can be used for policy analysis using monetary, fiscal and foreign exchange intervention instruments. The course material will cover the underlying theory and the practicalities of using Dynare.


The practical sessions will take place in computer labs. We provide computers to all participants with Matlab and Dynare installed and set up. For those wishing to use their own computers outside the sessions, it should be noted that Dynare is free software, but Matlab requires a license to be purchased.

Entry requirements

Applicants must have:

  • A background in macroeconomics with some knowledge of macro-modelling and dynamic optimisation.
  • A basic knowledge of Matlab programming (see an overview of the Matlab features our participants are expected to know).
  • A working knowledge of English.

Fees and funding

Price per person:


Non-academic participants





What these fees include

Lunch, coffee, a course dinner on day two, course notes and model software are included.

Additional costs

We aren't able to provide accommodation as part of this course, however the University has a limited number of rooms for visitors. Alternatively, there are hotels in the Guildford area to suit a variety of budgets including:

Please see the Visit Surrey website for other options.

Funding opportunities

The following concessions are available:

  • 10% discount for participants who have attended a previous course with the Centre for International Macroeconomic Studies.
  • 20% discount for participants from institutions in developing countries.

How to apply

Applications are currently closed, but please register your interest with us.

Register your interest

Terms and conditions

When you accept an offer of a place at the University of Surrey, you are agreeing to comply with our policies and regulations and our terms and conditions. You are also confirming you have read and understood the University's prospective student privacy notice.

Further details of our terms and conditions will follow.


This online prospectus has been prepared and published in advance of the commencement of the course. The University of Surrey has used its reasonable efforts to ensure that the information is accurate at the time of publishing, but changes (for example to course content or additional costs) may occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for a course with us. Read the full disclaimer.

Course location and contact details

Campus location

Stag Hill

Stag Hill is the University's main campus and where the majority of our courses are taught. 

Centre for International Macroeconomic Studies (CIMS)

University of Surrey
Surrey GU2 7XH