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

Key information

Start date: 20 April 2020

Attendance dates:

April 2020: 20, 21, 22, 23

Time commitment: 4 days


Stag Hill campus, University of Surrey, Guildford, Surrey GU2 7XH

Contact details:


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.

Call for participants

On the final day of the course, we will hold a conference session. All participants on the course are invited to submit a paper on some aspect of DSGE modelling. The organisers will select five or six papers to be presented in full with discussants, while the remaining submissions will be given the opportunity to be presented during our poster session. The deadline for paper submission will be 31 March. Notification of acceptance to present a paper in full or in the poster session will be communicated by 7 April.

Course contributors

Vasco Gabriel

Biography Vasco Gabriel graduated in Economics from the Technical University of Lisbon in 1995, where he was awarded the ICEP prize. He received a masters degree in Applied Maths (Econometrics) in 1998 from the same institution. In 2002, he comple...

Paul Levine

Biography Paul Levine received a first-class BSc and a PhD, both in Mathematics, from the University of Manchester. He then taught and researched in the area of applied mathematics at Liverpool Polytechnic and the Polytechnic of North London befor...

Ricardo P. C. Nunes

Ricardo Nunes is a Professor in the School of Economics at the University of Surrey. He graduated from Universitat Pompeu Fabra (Barcelona, Spain) obtaining a MSc in Economics in 2003 and a PhD in Economics in 2007. After graduating he spent 10 years...


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

The deadline for applications is 10 April 2020, but we do encourage interested people to apply as soon as possible as the places will be allocated using a rolling selection process. Once your application has been reviewed, you will receive an email offering you a place and you will have two weeks to pay the full fees balance to secure this.

Apply now

Terms and conditions

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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 more.