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Monetary Policy (MP)

Monetary Policy

This course, presented by the Institute for Capacity Development, gives a comprehensive overview of monetary policy regimes, monetary transmission mechanisms, and the role of monetary policy in macroeconomic stabilization. The course bridges the gap between theory, empirical evidence, and operational experience by illustrating the optimization problems and tradeoffs involved in monetary policy decisions. The learning process moves from lectures introducing the basic concepts to hands-on workshops. Case studies are used to reinforce participant understanding and to help them compare and assess a variety of experiences. The course recognizes the evolving nature of monetary frameworks and central bank mandates with attention to environmental, social and governance principles and recent crises that have dramatically changed the landscape in which central banks operate (beyond simple interest rate policies, with due consideration to Unconventional Monetary Policy). Recent evolution of FinTech and digital currencies and implications to monetary policy are also discussed.

Read More Topic : Monetary Exchange Rate and Capital Account Policies

    Target Audience

    Junior to mid-level officials from emerging markets and low-income countries interested in understanding and analyzing the conduct of monetary policy and its interaction with the rest of the economy.

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    Qualifications

    Participants are expected to have an advanced degree in economics or equivalent experience and be comfortable using Microsoft Excel and Excel-based applications. This is an overview course. It is strongly recommended that applicants have completed a few general macroeconomic courses, such as Financial Programming and Policies (FPP) and Macroeconomic Diagnostic (MDS), face-to-face or online.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Analyze how monetary policy decisions are made under various regimes to deliver price stability and meeting other objectives. 
    • Identify how these decisions are transmitted to the real economy. 
    • Evaluate how the economy and monetary policy respond to macroeconomic shocks under various monetary policy frameworks, demonstrated through a group presentation to their peers. 

    Central bank practitioners should also be able to:

    • Design a sound monetary policy framework. 
    • Prescribe policies consistent with the framework chosen. 
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    Syllabus

    This is an overview two-week policy course focusing on monetary policy frameworks, monetary transmission mechanism and the role of monetary policy in macroeconomic stabilization. The course bridges the gap between theory, empirical evidence, and operational experience, by conveying monetary policy decisions in light of existing tradeoffs. The learning progresses from lectures introducing the underlying concepts to hands-on workshops, and relevant case studies used to reinforce participants’ understanding. By the end of the course participants will be able to (i) analyze how monetary policy decisions are taken under various regimes to deliver price stability, (ii) identify how these decisions are transmitted to the real economy, and (iii) evaluate how the economy and monetary policy respond to macroeconomic shocks under various monetary policy frameworks.
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    Upcoming Offering

    Start date End date Location Session No. Primary & (Interpretation) language Apply
    January 30, 2023 February 10, 2023 Vienna, Austria JV 23.03 English Deadline passed
    March 27, 2023 April 7, 2023 Bangkok, Thailand OT 23.104 English Invitation
    September 25, 2023 October 6, 2023 Singapore, Singapore ST 23.26 English Apply online by May 22, 2023
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