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MPAFx

Model-Based Monetary Policy Analysis and Forecasting (MPAFx)

Apply online by November 19, 2020

Session No.: OL 20.123

Location: Course conducted online

Date: September 1, 2020 - December 31, 2020 (18 weeks)

Primary Language: English

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    Target Audience

    All government officials are welcome to register. The course is particularly well-suited for officials in central banks that are in the early stages of introducing Forecasting and Policy Analysis Systems (FPAS) with IMF assistance. The course is offered in English.

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    Qualifications

    Participants are expected to have a background in undergraduate macroeconomics, statistics, and econometrics. Participants are provided with guidance on how to access Matlab or Octave software.

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    Course Description

    This online course, presented by the Institute for Capacity Development, introduces participants to quarterly projection macroeconomic models developed as a core of FPAS (Forecasting and Policy Analysis Systems) and how to implement the key canonical quarterly projection model (QPM) equations in a macroeconomic modeling software. This course uses detailed country data highlighting an inflation targeting central bank, for hands-on filtration and calibration exercises.The course covers two main technical aspects: introduction to a canonical New Keynesian model structure and its key properties; and implementation of the QPM in Matlab/Octave and the application of IRIS toolbox for solving and maintaining the QPM.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Explain the key building blocks of a canonical semi-structural QPM. Interpret the key model equations from a macroeconomic point of view.
    • Implement a simple QPM using a specialized software for macroeconomic modelling.
    • Distinguish the key elements of a QPM in a state-space form (i.e. shocks, observable and unobservable variables, measurement and transition equations, steady-state parameters, equation coefficients).
    • Identify necessary codes for data transformation, filtration and evaluation of the QPM properties.
    • Apply the basic IRIS Toolbox functions for solving the model. Create output reports using model codes.
    • Develop a basic calibration of the QPM.
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    Important Note for Online Courses

    For Online Learning (OL) courses, which are delivered through the edX platform, you will need an additional piece of information to register: you will be prompted for your edX.org username. If you do not already have a username, please go to https://courses.edx.org/register and sign up for a free account. Once you have created an account, you may complete the IMF Institute application. If you already have an edX account, your username can be found on the top right of the screen after logging in.

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    Apply Now - Application deadline approaching:

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