Training Program

This course is designed for central bank professionals, economists and policymakers involved in monetary policy implementation, risk management, or central bank operations. Participants should be currently engaged in or preparing for roles that require expertise in liquidity forecasting, foreign exchange intervention, or central bank balance sheet management.

Participants should possess:

• Familiarity with central banking operations.
• Basic knowledge of financial markets, macroeconomics, and foreign exchange mechanisms.
• Familiarity with software tools such as R is preferred but not mandatory (the course will cover the fundamentals in using R)

This course combines theoretical insights, practical applications, and access to open-source software tools, equipping participants to effectively apply learned techniques in their professional contexts. It begins with an overview of central bank operations within key monetary policy frameworks. Building on this foundation, the course provides actionable knowledge and methodologies to enhance the efficiency and effectiveness of central bank operations, including an introduction to R software and its practical applications.

This in-person course provides a comprehensive exploration of cutting-edge tools and methodologies for monetary policy implementation, focusing on three core areas:

1. Liquidity Forecasting: Learn advanced forecasting techniques to analyze domestic liquidity and other autonomous factors impacting the central bank balance sheet, using internationally recognized models and open-source tools.
2. FX Risk-Based Interventions: Gain the skills to estimate and implement foreign exchange intervention rules grounded in a risk-optimization framework, tailored for both flexible and transitioning exchange rate regimes.
3. Central Bank Balance Sheet Stress Testing: Understand the fundamentals of stress testing central bank balance sheets under varying monetary policy regimes, complemented by scenario analysis and real-world case studies.