Training Program

Upon completion of this course, participants should be able to: Customize a simple model of an economy that embodies the monetary policy transmission mechanism, and the shocks this economy may face.  Acquire and apply tools used in modern central banks to conduct monetary policy analysis and forecasting using the small semi-structural model.  Conduct nowcasting and near-term forecasting using estimation-based econometric techniques supported by expert judgment. Use the small semi-structural model to develop consistent medium-term quarterly projections of key macro variables e.g., output, inflation, interest rate, and exchange rate.  Identify risks in the baseline forecast and draw up medium-term projections for alternative scenarios that assume that the risks materialize.  Start building a simple model for monetary policy analysis and forecasting using their own national data when they return home.