Monetary and Fiscal Policy Analysis with DSGE Models
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Bibliographic details
- Session: CT 23.09
- Location: Beijing, China
- Dates: August 21, 2023 - September 1, 2023 (2 weeks)
- Delivery method: In-person Training
- Primary language: English
Target Audience and Qualifications
- Target Audience:
- Mid-level to senior officials who use Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic analysis of monetary and fiscal policy issues.
- Qualifications:
- Expected to have an advanced degree in economics or equivalent experience.
- Solid quantitative skills.
- Basic knowledge of MATLAB/Octave and Dynare/Iris.
- It is strongly recommended that applicants have completed the online Macroeconometric Forecasting (MFx) course.
Course Description
- Presented by the Institute for Capacity Development.
- Focus on building, using, and interpreting DSGE models.
- Introduces models and techniques that policy makers commonly use in analyzing monetary and fiscal issues.
- Devotes a large number of lectures to model design and implementation issues.
- Uses case studies relevant to the region to illustrate application of models to policymaking.
- Discusses the advantages and limitations of DSGE models when used for policy analysis and advice.
Course Objectives
Upon completion of the course, participants should be able to:
- Describe the models and techniques (computation and estimation) that policy makers use in analyzing monetary, fiscal, and structural issues.
- Build a basic DSGE model from first principles using data for a country case in the region.
- Augment or modify the model structure to address an economic policy question.
- Apply the DSGE models developed in the course to various policy questions and interpret their results.
- Identify the advantages and limitations of the models when used for policy analysis and advice.
- Start building a model based on their own country’s data.