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Model-Based Monetary Policy Analysis and Forecasting

Virtual : Model-Based Monetary Policy Analysis and Forecasting (MPAF)

Deadline passed

Session No.: SA 21.48V

Location: New Delhi, India

Date: December 6-17, 2021 (2 weeks)

Primary Language: English

    Target Audience

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

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    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 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.

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    Course Description

    This virtual course, presented by the Institute for Capacity Development, provides rigorous training on the use of simple Dynamic New Keynesian ("gap") models to conduct monetary policy analysis and forecasting. It emphasizes analysis of monetary policy responses to macroeconomic imbalances and shocks. Participants are provided with the tools necessary to develop and/or extend the benchmark model to fit their own monetary policy framework and selected features of their country's economy.

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    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.
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