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MPAFx

Model-Based Monetary Policy Analysis and Forecasting (MPAFx)

Deadline passed

Session No.: OL 20.13

Location: Course conducted online

Date: February 26, 2020 - April 30, 2020 (9 weeks) New dates

Primary Language: English

    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). It demonstrates how to implement in a macroeconomic modeling software the canonical quarterly projection model (QPM) suitable for inflation targeting central bank. The course covers the macroeconomic motivation of the QPM, its key properties, implementation of the model in Matlab/IRIS toolbox, model calibration and hands-on filtration exercises.

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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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