Modeling with Impact

Using Bayesian Methods to Estimate Small Global Projection Models (GPMs) with Dynare

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This is a 5-day hands-on course on building Global Projection Models (GPMs) for forecasting and policy analysis.

Representing the middle ground between micro-founded DSGE models and reduced-form econometric models, these models can be useful for both forecasting and monetary policy analysis. Students will learn how to use Bayesian methods in DYNARE to estimate 2-country versions of the models that include information on interest rates, exchange rates, inflation, GDP and unemployment.

Dynare is a pre-processor and a collection of MATLAB routines that have been developed to support modern macro modeling.


No previous knowledge of Bayesian methods or DYNARE is required.

For references and code see


The fee for the course is US$3,767.00. This includes course materials, lectures, computer labs, morning and afternoon coffee breaks, receptions.

University students and staff get a discount of 25 percent off the regular fee. Please send  a copy of your student or staff card to Institutional group rates are available for two or more persons attending during the same course period. Please inquire.

EcoMod offers a limited number of partial scholarships to candidates from developing countries and transition economies. To submit your application, please click here. The deadline to apply for a scholarship is two months before the beginning of the course.