Tractable Heterogeneous Agents Models (TANK/HANK)
Attendance dates:To be confirmed
Time commitment: 2 days
- Centre for International Macroeconomic Studies
We have decided to have a virtual Summer School (online) this year. This decision has been made to ensure the safety of our participants, our colleagues and all those involved with the Summer School.
This course will be conducted through the Zoom platform. The University and the lecturers are used to doing online teaching and have state-of-the-art systems to do so. We will limit the number of participants on the course and have additional lecturers per room to ensure a highly interactive experience. Though we will do our best to record all the sessions, we are expecting participants to attend them live to enable you to interact with lecturers and ask questions. We will continue to have coffee breaks to allow for networking.
The course is aimed at those who are familiar with representative agent DSGE models, but no prior knowledge of heterogeneous agent models is required.
It will cover the theoretical aspects of the techniques, in addition, it is very hands-on and you will have carefully implemented exercises where you need to modify parts of the codes. This will be done in the lectures, both in groups and with the help of the instructors. You'll receive solutions to all exercises and will be provided with computer codes that you may then use in your own research.
This course can also be taken as part of:
Please note that all participants are required to have their own copy of Matlab since you will be using your own computers. You can download a 30-day free trial of the software beforehand.
This course will look at:
- The key insights from the two-agent New Keynesian (TANK) model and heterogeneous agents New Keynesian (HANK) model literature.
- TANK and HANK models as in Bilbiie (2019):
- Inverted aggregate demand logic
- Cyclical Iinequality and iMPCs
- Forward guidance.
- Zero-liquidity HANK
- Analytical solution
- Comparison with representative-agent New Keynesian (RANK)
- Forward guidance
- Endogenous uncertainty
- Quantitative easing
- Distributional consequence of monetary policy.
On the final day of the course, we will hold an optional conference. The two keynote speakers are Professor Morten Ravn (UCL) and Professor Kjetil Storesletten (University of Oslo).
You are invited to submit a paper on some aspect of DSGE modelling. We will select five or six papers to be presented in full with discussants. The deadline for paper submission will be 3 August. Notification of acceptance to present a paper in full or in the poster session will be communicated by 10 August.
Learning and teaching methods
You will be sent computer codes, lecture notes, and slides ahead of the course and will also receive direct assistance before the Summer School starts in order to set up all the systems ahead of the online events.
There will be opportunities to discuss your projects and research ideas. This will occur both informally during the virtual coffee breaks and virtual dinners, as well as formally during the conference. After the Summer School, lecturers will be available to answer questions and discuss your projects.
Applicants must have:
- A background in economics
- A working knowledge of English
- A knowledge of RBC and NK models.
Fees and funding
Price per person:
£325 (down from £450)Non-academic participants
£200 (down from £275)Academics
£150 (down from £200)Students
What these fees include
The price includes the optional conference.
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.