Dynamic TERM CGE Modelling Course (Vienna)

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Arsenal, Objekt 20, A-1030, Vienna, Austria,
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From €960

The Centre of Policy Studies (CoPS) offers an intensive one-week course introducing participants to the equations and data structure of Dynamic TERM (a multiregional CGE model of a single country) and providing them with extensive hands-on experience with the GEMPACK software used to solve CGE models.

It will be hosted by the Austrian Institute of Economic Research (WIFO) in Vienna.

Course dates: 7-11 October 2024. Take note that start and end times vary from day to day, see Course Outline below.

The course should appeal to people needing the following skills and knowledge:

the ability to work with, or understand results from, a regional CGE model like TERM
the ability to use the theory of TERM and the TERM database construction methodology for a chosen country
an understanding of current policy issues in the context of a formal economy-wide system.

The TERM model

TERM (The Enormous Regional Model) is a multiregional CGE model of a single country, which is "bottom-up" – it treats each region as a separate economy. Two key features of TERM are: (a) its ability to solve quickly with a large number of regions or sectors, and (b) its database construction methodology, which allows a multiregional database to be constructed quickly, even with quite limited regional data. Dynamic TERM is a recursive-dynamic version that allows the effects of economic shocks to be tracked over time.

The first, Australian, version of TERM distinguished 144 sectors and 57 regions. More recently, its master database has been extended to represent 216 sectors in 334 statistical area level 3 regions (SA3s), so that urban areas, water catchment areas and tourism regions may all be distinguished accurately. The high degree of regional detail makes TERM a useful tool for examining the regional impacts of shocks (especially supply-side shocks) that may be region-specific. Finally, TERM has a particularly detailed treatment of transport costs and is naturally suited to simulating the effects of improving particular road or rail links.

Versions of TERM have been prepared for Brazil, China, Finland, Indonesia, Italy, Japan, Korea, New Zealand, Poland, South Africa, Sri Lanka, Sweden and USA.

Course outline

The course runs from Monday to Friday. The start and end times vary from day to day as follows.

Monday 8.30am—6.30pm
Tuesday 9am—6.30pm
Wednesday 9am—6pm
Thursday 9am—6pm
Friday 9am—6pm

During the first 3.5 days, about equal time is spent on lectures, explaining CGE theory as applied to TERM, and on lab sessions designed to teach how to compute and explain simulation results. Then, participants form into groups, each focused on running and analysing different simulations. On Friday afternoon the groups present and explain their simulation results.

The course should appeal to those needing background in CGE modelling in order to work with, or understand results from a typical multi-regional CGE model, and to those wishing to learn dynamic CGE modelling using GEMPACK and RunDynam.