Module 1: Introduction to Macroeconomics & Economic Modelling
Course overview
The purpose of this module is to provide a non-technical overview of (a) key concepts in macroeconomics, (b) important contributions to macroeconomic theory, and (c) debates in macroeconomic policy.
Course details
About the Course
Content
Following is a brief description of the course content:
- Intermediate Macroeconomic Concepts, Debates and Policies
- Intermediate Economic Modelling Techniques and Model Based Planning
- Review of Methods, Data Requirements, and Experiences with Macroeconomic Modelling
- Review of the ADRS Macroeconomic Model of South Africa
- Design and Simulate Macroeconomic and Industrial Policy Scenarios Using ADRS Web Platform
- Translating Future Scenarios into Policies
- Managing Policy Implementation, Monitoring and Evaluation
Outcomes
After completion of this SLP, learners will be able to:
- Compare and contrast major debates in macroeconomic theory and policy.
- Elucidate the macroeconomic linkages and interactions within the economy and how they affect economic
performance. - Explain the purpose and process of building macroeconomic models.
- Critique different macroeconomic modelling techniques, and the context in which they are used.
- Use ADRS macroeconomic and industry models to design policies, conduct impact analyses, and predict likely
future paths of the economy. - Formulate implementation strategies and programme plans for policy implementation to achieve chosen scenario
outcomes. - Participate in and/or effectively manage economic modelling projects.
Requirements
- A Bachelor’s degree at NQF level 7 or equivalent; and
- A minimum of three year’s work experience in the economic policy-making or economic management area.
Course Structure
Module 1: Introduction to Macroeconomics and Economic Modelling
What is the overview of this module?
What topics does this module cover?
- Introduction to macroeconomics;
- Basic macroeconomic concepts (e.g., output and income, unemployment, and inflation);
- Different schools of thought in economics;
- Views on macroeconomic policy;
- Important macroeconomic topics and issues (e.g., unemployment, role of central bank, rise of finance, economic crisis, globalization).
What are the Lessons under this module?
The list of five lessons (lectures) that makes up this module will be released two weeks before the start date of the first lesson.
Who are the instructors for this module?
Information about the instructors for the five lessons under this module will be released two weeks before the start of the first lesson.
How will the module topics be presented?
The lessons of this module will be presented virtually by assigned instructors through live sessions.
What are the expected outcomes of this module?
You will learn:
- What defines capitalism and distinguishes it from other economic systems?
- What are tenets of mainstream economic views of capitalism?
- What are tents of heterodox economic views of capitalism?
- What is the role of state in mainstream and heterodox economic views?
- What are important current macroeconomic issues and topics
What is the structure of this module?
This module will be delivered through a number of lessons whose details are provided under ‘What are the lessons under this module?’
What are the requirements of this module?
Same as the requirements for the course.
Will I receive a completion Certificate?
If you register this module as a stand-alone module, you will receive a Certificate of completion after successful completion of the module.
Is this module also a stand-alone module?
Yes, this module is offered both as part of the overall course and as a stand also module.
Lesson 1:
- Overview:
- Instructor:
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Lesson 4:
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Lesson 5:
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Module 2: Design and Construction of Macroeconomic Models
What is the overview of this module?
This module introduces learners to fundamentals of economic modelling. It will cover technical topics and practical issues related to the design and construction of macroeconomic models. The module then uses an existing multi-sector macroeconomic model to explain how it is built and used to design policies and simulate their impacts. Topics include: (a) the purpose and the structure of the model; (b) the extent and role of data in the construction and regular updating of the model; (c) role of economic and statistical analyses in the specification and estimation of the model; (d) the model’s building blocks; (e) designing policy scenarios with the model; and (f) simulation and interpretation of results.
What topics does this module cover?
- What is a model?
- Why do we build and use economic models?
- What are the general steps to building a model?
- What are the basic pre-requisites for building an economic model?
- Approaches to macroeconomic modelling
- Macroeconomic models and their building blocks
- Data requirements of macroeconomic models
- Use of regressions and other statistical techniques in economic models
- Use of computer programming in the construction of macroeconomic models
- A prototype macroeconomic model
- Review of available multi-sector macroeconomic models
What are the Lessons under this module?
The list of five lessons (lectures) that makes up this module will be released two weeks before the start date of the first lesson.
Who are the instructors for this module?
Information about the instructors for the five lessons under this module will be released two weeks before the start of the first lesson.
How will the module topics be presented?
The lessons of this module will be presented virtually by assigned instructors through live sessions.
What are the expected outcomes of this module?
You will learn:
- What are economic models and why do we build them
- What roles do economic theories play in building empirical economic modelling
- What are the data types used in macroeconomic models?
- What are the contributions of statistical analysis to macroeconomic models?
- What are the building blocks of a macroeconomic model?
- What is the role of computer programming in building economic models?
- How are macroeconomic models used for policy design, impact analysis and projections?
What is the structure of this module?
This module will be delivered through a number of lessons whose details are provided under ‘What are the lessons under this module?’
What are the requirements of this module?
Same as the requirements for the course.
Will I receive a completion Certificate?
This module is an integral part of the course. It builds on the first module. You will receive a Certificate for the completion of the entire course.
Is this module also a stand-alone module?
No, this module is not an stand-alone module. It is an integral part of the Course. Only learners that have completed Modules 1 allowed to continue with this module.
Lesson 1:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 2:
- Overview:
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- Duration:
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Lesson 3:
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Lesson 4:
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Lesson 5:
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Module 3: Hands-on Practice 1: Design and Simulate Macroeconomic and Industrial Policy Scenarios
What is the overview of this module?
Through hands-on practical exercises, this workshop will provide basic training on how to use MEMSA’s user-friendly web-platform for planning and policy analyses. In addition, students will practice with ADRS’ web-based macroeconomic models for more than 60 countries. The module will especially focus on training students to effectively use ADRS’ large multi-sector macroeconomic model of South Africa. The module will examine issues related to developing a clear integrated economic policy framework that is in line with broad future scenarios for South Africa’s growth and economic development. To achieve this, the module uses a process of scenario-based strategic thinking and scenario formulation regarding the future. The combination of scenario design and economic modelling is intended to highlight the relationship between policy choices and alternative outlooks for the economy. This module heavily utilises students learning from the earlier modules of the course.
What topics does this module cover?
Topics include how to use macroeconomic models to design:
- macroeconomic policy scenarios
- industry policy scenarios
- external shocks scenarios
- public sector investment scenarios
- labour market scenarios
- financial sector scenarios
- Aggregate and sector investment scenarios
- International trade scenarios
What are the Lessons under this module?
The list of five lessons (lectures) that makes up this module will be released two weeks before the start date of the first lesson.
Who are the instructors for this module?
Information about the instructors for the five lessons under this module will be released two weeks before the start of the first lesson.
How will the module topics be presented?
The lessons of this module will be presented virtually by assigned instructors through live sessions.
What are the expected outcomes of this module?
- You have learned and practiced how to work with economic models
- What are the data used in macroeconomic models?
- What is the role of state in mainstream and heterodox economic views?
- What are economic models and why do we build them?
What is the structure of this module?
This module will be delivered through a number of lessons whose details are provided under ‘What are the lessons under this module?’
What are the requirements of this module?
At least a bachelor
Will I receive a completion Certificate?
This module is an integral part of the course. It builds on the first two modules.
Is this module also a stand-alone module?
No, this module is not an stand-alone module. It is an integral part of the Course. Only learners that have completed Modules 1 and 2 are allowed to continue with this module.
Lesson 1:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 2:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 3:
- Overview:
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Lesson 4:
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Lesson 5:
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Module 4: Hands-on Practice 2: Design and Simulate Macroeconomic and Industrial Policy Scenarios
What is the overview of this module?
This module will continue on building the skills of students on how to design complex, multi-layered macroeconomic and industry policy scenarios for South Africa, simulate their likely future impacts, and analyse the model results. Through practical exercises, the module teaches students how to design policy frameworks that place the economy on alternative future macroeconomic paths. This module heavily utilises students learning from the earlier modules of the course.
What topics does this module cover?
Topics include how to use macroeconomic models to design:
- macroeconomic policy scenarios
- industry policy scenarios
- external shocks scenarios
- public sector investment scenarios
- labour market scenarios
- financial sector scenarios
- Aggregate and sector investment scenarios
- International trade scenarios
What are the Lessons under this module?
The list of five lessons (lectures) that makes up this module will be released two weeks before the start date of the first lesson.
Who are the instructors for this module?
Information about the instructors for the five lessons under this module will be released two weeks before the start of the first lesson.
How will the module topics be presented?
The lessons of this module will be presented virtually by assigned instructors through live sessions.
What are the expected outcomes of this module?
- You have learned and practiced how to work with economic models
- What are the data used in macroeconomic models?
- What is the role of state in mainstream and heterodox economic views?
- What are economic models and why do we build them?
What is the structure of this module?
This module will be delivered through a number of lessons whose details are provided under ‘What are the lessons under this module?’
What are the requirements of this module?
At least a bachelor
Will I receive a completion Certificate?
This module is an integral part of the course. It builds on the first two modules.
Is this module also a stand-alone module?
No, this module is not an stand-alone module. It is an integral part of the Course. Only learners that have completed Modules 1 and 2 are allowed to continue with this module.
Lesson 1:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 2:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 3:
- Overview:
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Lesson 4:
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Lesson 5:
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Module 5: Translating Future Scenarios into Policies
What is the overview of this module?
This module is designed to teach students how to translate model scenarios and results to policy proposals; how to effectively communicate key findings of model exercises to executives; and how to use access to economic models to provide timely responses to emerging issues and requests from the executives.
What topics does this module cover?
- Approaches to macroeconomic modelling
- Macroeconomic models and their building blocks
- Data requirements of macroeconomic models
- Use of regressions and other statistical techniques in economic models
- Use of computer programming in the construction of macroeconomic models.
- A prototype macroeconomic model
- Review of available multi-sector macroeconomic models
What are the Lessons under this module?
The list of five lessons (lectures) that makes up this module will be released two weeks before the start date of the first lesson.
Who are the instructors for this module?
Information about the instructors for the five lessons under this module will be released two weeks before the start of the first lesson.
How will the module topics be presented?
The lessons of this module will be presented virtually by assigned instructors through live sessions.
What are the expected outcomes of this module?
- What are economic models build for?
- What are the data used in macroeconomic models?
- What is the role of state in mainstream and heterodox economic views?
- What are economic models and why do we build them?
What is the structure of this module?
This module will be delivered through a number of lessons whose details are provided under ‘What are the lessons under this module?’
What are the requirements of this module?
At least a bachelor
Will I receive a completion Certificate?
If you register this module as a stand-alone module, you will receive a Certificate of completion after successful completion of the module.
Is this module also a stand-alone module?
Yes, this module is offered both as part of the overall course and as a stand also module.
Lesson 1:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 2:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 3:
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- Duration:
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Lesson 4:
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Lesson 5:
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- Duration:
- Date:
Module 6: Managing Policy Implementation, Monitoring and Evaluation
What is the overview of this module?
This module examines how model based macroeconomic policy scenarios for the future can inform and help the design, implementation, and fine-tuning of medium and long term macroeconomic policies. It examines how model scenarios and forecasts can help develop consensus on possible future paths of the economy, propose specific measures to place the economy on a desirable path, and to regularly monitor the actual evolution of the economy against the expected path. The module looks at the articulation between strategy, policy, programme and project management in context of delivering successful macroeconomic policies.
What topics does this module cover?
Topics include how to use macroeconomic models to design:
- macroeconomic policy scenarios
- industry policy scenarios
- external shocks scenarios
- public sector investment scenarios
- labour market scenarios
- financial sector scenarios
- Aggregate and sector investment scenarios
- International trade scenarios
What are the Lessons under this module?
The list of five lessons (lectures) that makes up this module will be released two weeks before the start date of the first lesson.
Who are the instructors for this module?
Information about the instructors for the five lessons under this module will be released two weeks before the start of the first lesson.
How will the module topics be presented?
The lessons of this module will be presented virtually by assigned instructors through live sessions.
What are the expected outcomes of this module?
- You have learned and practiced how to work with economic models
- What are the data used in macroeconomic models?
- What is the role of state in mainstream and heterodox economic views?
- What are economic models and why do we build them?
What is the structure of this module?
This module will be delivered through a number of lessons whose details are provided under ‘What are the lessons under this module?’
What are the requirements of this module?
At least a bachelor
Will I receive a completion Certificate?
This module is an integral part of the course. It builds on the first two modules.
Is this module also a stand-alone module?
No, this module is not an stand-alone module. It is an integral part of the Course. Only learners that have completed Modules 1 and 2 are allowed to continue with this module.
Lesson 1:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 2:
- Overview:
- Instructor:
- Lecture Type:
- Teaching Method:
- Requirements:
- Duration:
- Date:
Lesson 3:
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Lesson 4:
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Lesson 5:
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- Date:
