Numerical Methods for Macroeconomists
The project will develop curriculum for Economics 245, Numerical Methods for Macroeconomists. This is an important course for undergraduate economics majors, especially those intending to go on to graduate school in economics/business or work at institutions such as the Federal Reserve and consulting firms such as Bates White. Economics increasingly employs methods from computer science, mathematics, and statistics. Undergraduate schooling is struggling to keep up with the rapid advance in economic science. This course introduces undergraduates to modern computing in macroeconomics. Specifically, it covers solving nonlinear equations, maximization problems, difference equations, dynamic programming problems, differentiating and integrating functions numerically, interpolating functions, smoothing data, and conducting Monte Carlo simulations on the computer. These are all part of the tool kit of modern economics. In addition, the student researchers will work on other various related small projects.
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