Department of Economics Hosts DSGE Modelling Workshop for Graduate Students

The Department of Economics at the University of Ghana organised a five-week Dynamic Stochastic General Equilibrium (DSGE) Modelling Workshop for graduate students from March to April 2026. The workshop was held at the Ghana-Korea Information Access Center (IAC), Balme Library, University of Ghana, Legon.

The training was facilitated by Prof. Nana Quaicoe of Wartburg College. It was designed to strengthen graduate students’ research capacity in quantitative macroeconomics by equipping them with practical skills in DSGE modelling, a widely used framework for macroeconomic policy analysis, forecasting, and research.

Over the five weeks, participants were introduced to the theoretical foundations and computational tools required to build, solve, and interpret macroeconomic models. The sessions covered the Real Business Cycle model, monetary extensions to the RBC framework, a two-agent RBC model with fiscal policy applications, and the New Keynesian model.

A distinctive feature of the workshop was its strong emphasis on hands-on learning. Each session combined theoretical derivations with live coding using Dynare and GNU Octave. Students traced model equations to their economic foundations before implementing them computationally, allowing them to connect theory directly to practical modelling and policy analysis.

Participants also engaged with problem sets, coding exercises, impulse response analysis, and model simulations. These activities helped students interpret macroeconomic dynamics in relation to policy-relevant questions, including the transmission of monetary policy decisions to real economic activity.

The workshop produced several important outcomes. Students gained practical proficiency in Dynare and GNU Octave, deepened their understanding of macroeconomic modelling from microfoundations, and were introduced to analytical tools used by central banks, international financial institutions, and academic researchers. The training also strengthened the Department’s commitment to rigorous graduate instruction and capacity-building in quantitative economics.

Participant reflected positively on the value of the training, noting its significance for both their research and career aspirations.

The Department of Economics is grateful to Dr. Nana Quaicoe for facilitating the workshop, to Professor Nkechi Owoo for coordinating the activity, and to Professor Edward Nketiah-Amponsah and the Department for their support in organising the programme.