Program Background

The Foresight and Metrics program aims to enhance the modeling capacity of not simply the participants who undertake the courses, but of the institutions from which they come. From an institutional perspective, it is important to build a solid institutional modeling framework. By training all three types of model users (senior policy managers, policy analysts, modeling specialists) in an institution, you create a solid capacity for understanding model results; analysts that can run and interpret models; and model specialists that can develop and adapt models. A cohesive training program, like the one we have developed, sets a framework for good institutional modeling practices. It leads to consistency in model use across the institution with the hope to sustain the institutions capacity over time.

The Foresight Initiative invested into the development of an Online training course of economic models. This led to the design of a 7 module training course covering introduction to models and economic modeling, and two separate tracks for multi-market modeling and CGE modeling. The course is designed for ministry workers and policy analysts, networks and research institutes, and university students at the master’s and doctorate levels.

Here are some examples of where economic models have been used.

Target audience

The course acknowledges three types of model users: (1) Senior policy managers, (2) Regular policy analysts, and (3) Modeling specialists.

Here is an overview of the different model users.

What others are saying about the course:

“I found the video to be informative and it set the scene rather well by way of not only giving the facts but blending it with some relevant examples presented by different researchers too. I also appreciate the points made on what models can and cannot do and the importance of nailing the economic narratives beyond purely the numbers alone.” -Module 0

“I really enjoyed the introduction video, it was easy to follow and a good explanation of why we model and the narratives behind modeling”-Module 0

“I believe the exercise is very well designed. It’s ideal for becoming familiar with the basic structure of a Social Accounting Matrix (SAM). Furthermore, the exercises involving the modification of values and the subsequent justification serve as a good introduction to encourage thinking more in a modeling and general equilibrium approach.” -Module 1

“The lecture materials are very organized and clear. The documents of the exercises provided hands-on guidance on how to perform the CGE analysis step by step.” -Module 1

Requirements

Students will need to take all modules (noting that they will choose only 1 track; a or b) and lectures to pass each module before moving forward in the course. During Module 3, students will produce a Capstone Project which will be an application using knowledge and skills they’ve learned. These projects will be presented to their track cohorts and select, or shortened presentations will be presented in the Virtual Conference. 

Software Requirements

• Excel (version 2016 or newer)– need basic knowledge
• GAMS – free license for duration of course provided; do not need previous knowledge of this software

Hardware Requirements

• Available PC
• Good internet connection

Time commitment requirement

• Module 0 – 50 min presentation
• Modules 1, 2a, 2b, 3a, 3b are all 8 week courses
• 6-8 hours estimated per week for each 8 week course
• It is important to have time available each week for the course material to stay on track – it is a requirement to be on track in order to join webinars where the material is discussed.

Additionally recommended:

• Teaming up with colleagues to have a peer study partner for discussions and interactions on practical application.
• Opportunity to join economic modeling communities for exchange and professional growth. One way to connect with the community is through conferences. Below lists a few options:
• Global Trade Analysis Project (GTAP), www.gtap.agecon.purdue.edu; annual conference in June.
• EcoMod, Modeling with Impact (www.economd.net), annual conference in July.
• European Trade Study Group (ETSG, www.etsg.org), annual conference in September.
• American Economic Association Meetings (AEA/ASSA, www.awaweb.org), annual conference in January.
• Agriculture and Applied Economics Association (AAEA, www.aaea.org), annual conference in July
• We also recommend signing of for our Community of Practice Discussion forum where we post upcoming seminars and conferences of interest as well as support each other with modeling questions and ideas.

Course description

MODULE 0: Introduction Lecture and Course Overview

This overview video consists of an overview lecture on economic modeling and an overview of the online economic modeling course. It includes discussions on why we need models, how they work, different types of models and model users. This module is available below for anyone interested.

The remaining modules are offered as moderated courses. You can sign up HERE to express your interest in learning more about the courses.

Module 1: Module Basics

This module explores micro and macro economic relationships in the Partial Equilibrium/Multi Market Models and the General Equilibrium Models through the exploration of a Social Accounting Matrix (SAM), the 123 Model and CGE Models.