The Center for Positive/Empirical Analysis of Political Economy held the worshop “The 1st RISE Workshop” with Professor Junior Maih, Norges Bank, Norway Business school, regarding Simulation of Macroeonomoc Modeling on July 22. This is a practical workshop on macroeconomic modelling, where research papers using the RISE toolbox developed by Professor Maih were presented and discussed, and Professor Maih gave a keynote speech entitled “Efficient Solution and Estimation of Rare Disaster Models in a Regime-Switching DSGE framework”.
The 1st RISE Workshop focused on VAR models, Bayesian estimation, and dynamic general equilibrium models using the RISE toolbox. Many presentations tackled regime switching, a feature that RISE excels at, capturing issues such as zero interest rate constraints or borrowing constraints as regime switching problems, and various intriguing applications and developments were observed.
At the end of the workshop, a keynote lecture was delivered by Professor Maih, the developer of RISE. His presentation focused on a dynamic general equilibrium model incorporating “rare but devastating shocks,” which have a significant impact on capital and productivity. The model was demonstrated using data from the United States. The content was fascinating, especially in understanding the world going forward, where uncertainty has increased.
Many students from our university and other universities participated, engaging in lively discussions and exchanging opinions. It was an incredibly successful event.
Prof. Junior Maih and participants
