MODULE OBJECTIVES

A key learning objective is that students acquire the technical skills to understand and work with advanced theoretical models. These technical skills are important for the application of the models and for own research, but also for a critical assessment of current macroeconomics with its strengths and weaknesses.

The application of the models to current policy issues or own extensions are not part of this module, but are the objective of other modules.

After taking this module, you can

• explain and solve standard macroeconomic models at an intermediate to advanced level
• discuss the history of macroeconomics and the current state of the field
• explain the principles of system dynamics models
• use the software Vensim to analyze existing dynamics models
• modify existing models and create simple new models in Vensim