Courses offered in English Language
| Course name | Predicting the future: Forecasting in innovation economics, financial economics, and development economics | |
| Lecturer, Professorship | Prof. Dr. Torsten Heinrich, Chair of Microeconomics |
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| Term | Winter | |
| Course level | Graduate (Master) | |
| CP (ECTS) | 5 | |
| Course description | The economy is notoriously hard to predict. Nevertheless, or even because of that, large amounts of resources are devoted to making and improving these predictions. This is most evident for the prediction of macroeconomic variables, in particular the growth of GDP, but also unemployment, inflation, or tax revenue. These forecasts are covered in news reports, underlie policy making of fiscal and monetary authorities, and can themselves influence investment and consumption decisions by businesses and consumers. Given the important role that predictions play, this raises a number of questions: How has the age of machine learning and an abundance of big data changed the landscape of prediction in economics? Are there inherent limits to how well we can predict certain phenomena? What is the relation between economic theories, theoretical models, and predictions? What about causality? What is the role of prediction in economic policy making? |
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| Further information on the course | You can find further information on the chairs website |
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| Sign-up procedure | You will find more information as well as the link for the registration on OPAL. |
