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Internal Economics Training

CANCELED: Exchange Rate Economics (Self-Financed)


Session No.: IT 20.02

Location: Washington, D.C., United States

Date: March 23-27, 2020 (5 days)

Primary Language: English

    Target Audience

    Officials, primarily in ministries of finance, economy, and planning, or in central banks.

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    It is required that candidates have an advanced degree in economics, strong analytical skills, and a very good knowledge of English. Courses will be conducted in English with no interpretation.

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    Course Description

    This course is part of the External Sector Assessment series, offered under the Internal Economics Training’s Structured Curriculum.

    This five-day course provides an overview of selected topics in exchange rate economics, including (i) interest rate parity conditions and the foreign exchange risk premium; (ii) the behavior of the real exchange rate and deviations from purchasing power parity; (iii) the modeling of equilibrium real exchange rates, and exchange rate management through official intervention; (iv) the relationship between exchange rates and economic fundamentals, with reference to both in-sample modeling and out-of-sample forecasting of exchange rates; and (v) models of the term structure of forward premia, and microstructural exchange rate models based on order flow.

    For each topic, the aim is to critically review the relevant literature and to present the current state of knowledge. To this end, the lectures will largely consist of overviews of the relevant literature, with a more detailed examination of some of the most recent research papers in the area. Although both theory and empirical work are covered, the course has a distinct empirical flavor, focusing primarily on testing theories and hypotheses about exchange rate behavior, and on modeling and forecasting exchange rates.

    Target audience: Economists interested in modeling actual and equilibrium exchange rates.  Familiarity with graduate level monetary and international economics would be helpful but not required.

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    Important Note for Internal Economics Training Courses

    Internal Economics Training (IT) courses are self-financed. The IMF will not charge officials for attending courses. However, all travel, insurance, hotel, and living costs will need to be covered by the agency sponsoring the participants.

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