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Home | Events | Summer School | Behavioral Macro and Complexity

Behavioral Macro and Complexity

Despite the Covid-19 outbreak we still expect that the TI summer school courses can take place. In the unfortunate event that we are not able to offer courses due to tightened national regulations, you will receive a full refund of your payment to Tinbergen Institute. If this is the case, we will inform all applicants accordingly via email asap.


August 24-28, 2020. Zuidas Amsterdam

This course provides a state of the art overview of complex economic systems with boundedly rational heterogeneous agents. The leading paradigm in macroeconomics assumes that economic agents (households, firms, investors) are perfectly rational in making their decisions. Experimental and empirical evidence indicate that this assumption is too demanding. A central question in the course will be: which emerging macro behavior arises through the interactions of micro decisions of boundedly rational heterogeneous agents and how can policy affect micro and macro behavior.  

Topics:
Animal spirits and boom and bust cycles
Bounded rationality and adaptive learning
Complex dynamics, tipping points, chaos and bifurcations
Heterogeneous expectations in asset pricing and macroeconomic models
Macro laboratory experiments
Monetary policy and asset prices under bounded rationality

Literature:
C.H. Hommes (2013). Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems, Cambridge University Press,
C.H. Hommes (2020), Behavioral & experimental macroeconomics and policy analysis: a complex systems approach, Journal of Economic Literature, forthcoming

Level

The summer course welcomes (research) master students, PhD students and post-docs with a quantitative background and who are interested in learning state-of-the art complex systems and behavioral macroeconomic modeling. We also welcome professionals from policy institutions such as central banks or international firms and institutions.

Admission requirements

Some background in quantitative studies (mathematics, statistics, econometrics, engineering, etc.) and knowledge of dynamical systems is useful (at the level of a first year course in a Master study), but no formal background will be required.

Academic Director Prof. Cars Hommes
Degree Program Certificate
Credits Participants who joined at least 80% of all sessions will receive a certificate of participation stating that the summer school is equivalent to a work load of 3 ECTS. Note that it is the student’s own responsibility to get these credits registered at their university.
Mode Short-term
Language English
Venue Tinbergen Institute Amsterdam, Gustav Mahlerplein 117, 1082 MS Amsterdam
Capacity 30 participants
Application deadline July 27, 2020
Apply here Registration form

 

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Summer School