The Master in Applied Macroeconomics has an average duration of 4 semesters.

Every student entering the Master must take 150 credits, as follows:

 
(*)The validated credits for the Master must be different from those used in obtaining the undergraduate degree in economics.

The typical amount of courses that the Master students  take is 4 per semester, equivalent to 40-48 credits. Each course may have 6, 10 or 12 credits.

If students did not follow a curriculum of similar level to the Economics career of the Pontifical Catholic University of Chile, they will normally take a preparatory cycle to level and ensure a solid knowledge in the following subjects: Algebra and Calculus, Probability and Statistical Inference, Microeconomics and Macroeconomics. These students may use for this purpose the 30 credits of elective courses available for preparatory cycle.

You may click here to download the 2 types of curriculum. The first one corresponds to those students coming from areas that are not related to the economics science, and would have to do the large preparatory cycle. The second one corresponds to those students who have undergraduate studies in economics, and could make the regular cycle.
 
The specialty elective courses must be in the area of Macroeconomics or Econometrics and Quantitative Models. The courses offered by the Institute of Economics in these subjects  are:

Macroeconomic Theory of International Economics
Macroeconomic Theory II
Seminar of Economic Policy
Theory of Economic Growth
Public Finance
Economic Development in Latin America
Pension Economics
Labour Economics
Econometric Theory III
Econometric Theory II
Financial Econometrics
Contract and Financial Institutions
Financial Economics
Macroeconomics and Finance
Other elective courses in similar areas previously approved by the Director of the MAM.

Seminar of Applied Macroeconomics

The graduate’s formative work will be done through the Seminar of Applied Macroeconomics, which is the graduation requirement of the students.

The seminar aims to complete the understanding of macroeconomic phenomena in a conceptual level and to develop skills to make quantified diagnoses consistent with the macroeconomic outlook. The goal is to improve the ability of designing and implementing economic policies.

The seminar lasts one semester with a dedication of 30 hours per week and is structured in modules taught by different teachers, all specialists in each of their subjects.

Module activities include classes (71 in total) and empirical research work, both individual and in groups, orientated towards the understanding of empirical methods and to the deep knowledge of each one of the parts of a macroeconomic system (real sector, balance of payments, fiscal sector, monetary sector, prices, wages, exchange rates and interest rates) for a country in the region.

In each of the individual work, the student must specify and estimate with econometric methods a behavioural function of the selected country to build the macroeconomic model. Each report must emphasize the relevant theoretical and empirical aspects, and to highlight the limitations of their work.

In the last module and in the final report, all the empirical tasks, individual and collective, done throughout the main modules, are well revised and integrated into a general equilibrium macroeconomic model of the selected country, which is used to forecast the macroeconomic variables and to construct various macroeconomic scenarios.

Seminar’s Modules

Applied Econometrics and the Use of Advanced Econometric Software (Prof. Rodrigo Cerda). 

• Review of time series, distributed lags, unit roots, cointegration and error correction models.
• Review of different methods of identification and estimation of simultaneous equations.
• Use of econometric software.

National Accounts and Constant Variables (Prof. Aristides Torche).

• Elements of the national accounting and statistical techniques for the construction of time series with quarterly and monthly frequency.
• Temporal disaggregation techniques of time series by related series and seasonal adjustment.

Growth and Aggregate Supply (Prof. Juan Eduardo Coeymans).

• Theoretical elements of growth theory.
• Market factors in the short and long term in a context of growth.
•Growth in labor supply, employment, investment and endogenous technical progress.
• Cycles and growth.
•Empirical elements for analysis of growth possibilities and building a growth model for the Chilean economy.

Aggregate Demand (Prof. Rodrigo Cerda).

• Theoretical and empirical models of consumption, investment, exports and imports to developed and developing countries.
• Interaction between the real sector and the rest of the economic system.

Public Finance (Prof. Tomás Flores)
 
•Relevant theories to the application of behavioural rules for fiscal policy.
• Concepts, methods of measurement and definitions of common use in the field of  Public Finance.
• Building a model for forecasting the financial position of the Central Government.

Balance of Payments (Prof. Rodrigo Vergara and Luis Salomó).

• Theoretical and empirical elements needed for the analysis and forecasting of the balance of payments.
•Relevance of the evolution of the Balance of Payments in the global macroeconomic equilibrium.
• Review the meaning and content of the main items of the Balance of Payments.
• Options available to forecast the Balance of Payments.
• Adjustment mechanisms to deal with imbalances in external accounts.

Monetary Theory and Programming (Prof. Fernando Ossa, Patricio Rojas and Luís Salomó).

• Monetary Theory: demand for money, money supply, inflation, interest rate and exchange rate.
• Strategies of monetary and exchange policy.
• Monetary programming, including the estimated demand for various monetary aggregates, the forecasting of the inflation rate and the real exchange rate.

Analysis and Forecasting of Current Macroeconomics and Asset Price Outlook (Prof. Aldo Lema).

• Analysis of current macroeconomic phenomena in monthly frequency in order to complement the quarterly forecasting models that has been built in other modules (IMACEC, expenses, etc.).
• Models of asset prices in a monthly frequency (interest rates, country risk premium, shares, nominal exchange rate and inflation).

Workshop of Macroeconomic Programming (Prof. Luís Salomó).

• Macroeconomic and Financial Programming.
• Integration of models of the real sector, fiscal sector, Balance of Payments and Central Bank estimated in earlier modules.
• Construction of macroeconomic scenarios that present constant and current values of the different endogenous variables of the macroeconomic model, under different assumptions or distributions of uncontrollable variables