From January 10 to 18, 2023, a special workshop series on macroeconomic modelling and simulation by Professor Junior Maih (Norges Bank) was organised and held by the Centre for Positive/Empirical Analysis of Political Economy.
Professor Maih’s method is widely used by several central banks and universities around the world. Professor Maih gave a passionate workshop on the main techniques for solving and analysing constant-parameter DSGE models and regime-switching DSGE models.
The workshop was organised into 7 lectures, each of which consisted of both lectures and hands-on exercises. Special emphasis was placed on research methodology. Participants were therefore able to conduct research and address the issue of “how effective is monetary policy” as if they were writing a research paper. At the end of the workshop, the participants had a better command of RISE, but also an improved ability to organise and conduct effective research.
This year’s workshop was held in a hybrid format, allowing many participants to attend from not only parts of Japan (Kobe University), but also from all over the world (South Africa, Canada, etc.). Students, professors and researchers listened attentively to Professor Maih’s lecture and engaged in lively discussions throughout the workshop series.
Prof. Junior Maih, Prof. Hamano, and the students who participated in person.
Comments from students:
Yuki Murakami, M2 Graduate School of Economics of Waseda University
The novelty of this workshop is that it is designed as if we were working on a research project. The aim of the workshop was not only to learn practical techniques, but also to learn how to conduct our own research. Compared to the previous workshops, we learned more intensively how to carry out the numerical exercises with regime-switching DSGE models using the RISE toolbox developed by Professor Maih. The regime-switching DSGE model gives us new insights into regime-switching in the economy, such as monetary policy regime switching, interest rate pass-through, macroeconomic volatility, etc. The techniques for solving and estimating this type of model are hot topics in the field, and Prof. Maih is one of the leading scholars. The workshop was a good opportunity to interact with such a great economist as well as participants from all over the world.
Sechang Won, M1 Graduate School of Economics of Waseda University
This workshop was conducted as if we were working on a project. It also gave us a new vision by learning practical skills that help research according to the purpose of the workshop. Using the RISE toolbox, through the exercise of numerical conversion to the regime-switching DSGE model, the regime-switching DSGE model presents new insights into changes such as the transition of each policy and macroeconomic volatility. It is a hot topic in the field of technology that solves and estimates problems by establishing this type of model, and Professor Maih is one of the leading scholars. His workshop was a special opportunity to interact with such great economists as well as participants from all over the world.
