Connect with IMF Institute
Model-Based Monetary Policy Analysis and Forecasting

Model-Based Monetary Policy Analysis and Forecasting (MPAF)

Apply online by September 6, 2020 Deadline extended

Session No.: JV 20.38

Location: Vienna, Austria

Date: November 30, 2020 - December 11, 2020 (2 weeks)

Primary Language: English

Apply Now

    Target Audience

    Mid-level to senior officials responsible for monetary policy decision making and staff doing macroeconomic analysis and forecasting or operating macroeconomic models.

    Back to top

    Qualifications

    Participants are expected to have an advanced degree in economics or equivalent experience. It is strongly recommended that applicants have completed the Monetary Policy (MP) course or the online Model-Based Monetary Policy Analysis and Forecasting (MPAFx) course. Participants are expected to be comfortable using quantitative software such as EViews and Matlab/Octave, although specific knowledge of these is not required.

    Back to top

    Course Description

    This course, presented by the Institute for Capacity Development, provides rigorous training on the use of simple Dynamic New Keynesian (DNK) models to conduct monetary analysis and forecasting. It emphasizes analysis of monetary policy responses to macroeconomic imbalances and shocks. Participants are provided with the tools necessary to develop or extend the model to fit their own monetary policy framework. Country case studies are used to reinforce participant understanding and to help them compare and assess a variety of possible experiences.

    Back to top

    Course Objectives

    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 using their own national data when they return home.  

    Back to top

    Apply Now - Application deadline approaching:

    IMF offers online training to government officials and public. Click Learn more to find our current offerings.

    Financial Development and Financial Inclusion (FDFI)

    English, November 2-13, 2020, Singapore, Singapore

    Apply online by June 5, 2020

    Financial Programming and Policies (FPP)

    English (Portuguese), August 3-14, 2020, Ebene, Mauritius

    Apply online by June 5, 2020

    Macroeconomic Diagnostics (MDS)

    English, October 5-16, 2020, Singapore, Singapore

    Apply online by June 8, 2020