Modul im Detail

KU.Campus

Home

Drucken

Detailinformationen zum Modul

Modulbezeichnung:

Climate Change and the Macro Economy: Climate Policy in a Business Cycle Model

Modulbezeichnung (englisch):

Climate Change and the Macro Economy: Climate Policy in a Business Cycle Model

Modulnummer:

82-021-SBE05-H-1025

Niveau:

Bachelor (UNI)

Geberstudiengang:

BA Sustainability in Business and Economics

Typ:

Modul

Federführende Fakultät/Sprachenzentrum:

Wirtschaftswissenschaftliche Fakultät

Modulverantwortliche/r:

Waldinger, Maria

Prüfende:

Leistungspunkte (ECTS-Punkte):

Kompetenzen:

Upon successful completion of this course, students will be able to:
• Students will understand and apply state-of-the-art structural macroeconomic models of the business cycle including business cycle models with climate change features.
• Students will master the dynamic optimization and loglinearization techniques fundamental to the solution and analysis of state-of-the-art structural macroeconomic models.
• Students will be able to express, explain and analyze state-of-the-art models formally, verbally and graphically.
• Students will be able to critically assess climate change policies in macroeconomic models of the business cycle.
• Students will be able to apply the techniques and their understanding of the course’s models in their further studies and use them to inform their understanding and discussion of the macroeconomy.

Inhalte/Themen:

This course introduces students to the field of climate change and macroeconomics, especially business cycle economics. Students will learn the foundations of modern DSGE modelling with an application to climate change. The course consists of two parts. In the first part, we learn about real business cycle economics by analysing empirical facts of the business cycle and by formally stating and solving a standard real business cycle model. This incorporates the problem of the representative firm, the representative household and the definition of equilibrium. We log-linearise the equations and apply a solution method for solving DSGE models. We analyse the effect of productivity shocks in this model and compare its effectiveness in replicating empirical facts of the business cycle. In the second part, we analyse empirical business cycle patterns of climate variables. We then extend the formal model for analysing climate policy. We add an emissions externality as well as a climate policy instrument. We use the model to analyse optimal climate policy strategies in a business cycle context. We critically discuss the model’s policy recommendations as well as its ability to replicate empirical patterns. Last, there will be an outlook on neighbouring fields of research and model extensions.
1. Introduction: climate change and the macroeconomy and the use of models
Part I: Real Business Cycle Theory
2. Stating a standard RBC model
3. The problem of the representative firm
4. The problem of the representative household
5. Log-linearizing the equations characterizing equilibrium
6. Applying a solution method for linear rational expectations models
7. The equilibrium responses to an aggregate technology shock
8.
Part II: Climate Change in an RBC Model
9. Empirical evidence: climate change and the business cycle
10. The setup of the model: the pollution externality
11. Calibration and the model’s empirical predictions
12. Optimal climate policy in the model and sensitivity analysis
13. Discussion: model results: strength/weaknesses
14. Overview: other models

Formale Voraussetzungen für die Teilnahme:

none

Empfohlene Voraussetzungen:

Mathematik für Wirtschaftswissenschaftler
Mikroökonomie
Makroökonomie

Lehr- und Lernformen/Lehrveranstaltungstypen:

Lecture (2 SWS) Tutorial (1 SWS)

Voraussetzungen für die Vergabe von ECTS-Punkten:

performance record assessed with at least "sufficient": exam (90 min)

Zeitaufwand/Verteilung der ECTS-Punkte innerhalb des Moduls:

50 h = Time of attendance lecture
25 h = Time of attendance tutorial
75 h = Preparation and post-processing lecture and tutorial
40 h = Exam preparation
150 h = Total workload
Equivalent to 5 ECTS

Modulnote:

exam

Lehr- und Lernmethode:

Polyvalenz mit anderen Studiengängen/Hinweise zur Zugänglichkeit:

Bachelor’s Program in Business Administration
BWL Vertiefung "Economics and Finance"
SBE Wahlpflichtbereich “Economics and Finance for a Sustainable Economy”

Turnus des Angebots:

Beteiligte Fachgebiete:

Bemerkung: