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Foundation Training for the Reserve Bank of India


Session No.: SA 24.06

Location: Mumbai, India

Date: January 8-19, 2024 (2 weeks)

Delivery Method: In-person Training

Primary Language: English

    Target Audience

    Junior officials recently joined the Reserve Bank of India, fresh graduates with adequate quantitative methods background and interested in understanding and analyzing the conduct of monetary policy and its interaction with the rest of the economy.

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    Participants are expected to have an advanced degree in economics or equivalent experience and be comfortable using Microsoft Excel and MATLAB.

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    Course Description

    This course is designed for the junior officers of the Reserve Bank of India. It gives a comprehensive overview of monetary policy regimes and transmission mechanisms, the role of monetary policy in macroeconomic stabilization, and the basic monetary policy models. The course bridges the gap between theory, empirical evidence, and operational experience by illustrating optimization problems and tradeoffs in monetary policy. The agenda guides the audience through the basic concepts, quantitative methods and the hands-on workshops with applications of the economic models. Case studies presenting various experiences will further help participants to understand the basic concepts of monetary policy.

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    Course Objectives

    Upon completing this course, participants should be able to:

    • Analyze how monetary policy decisions are made under various regimes to deliver price stability.
    • Identify and model how these decisions are transmitted to the real economy.
    • Evaluate and demonstrate with quantitative methods how the economy and monetary policy respond to macroeconomic shocks under various monetary policy frameworks, illustrated through a group presentation to their peers.
    • Central bank practitioners should be able to design a sound monetary policy framework.
    • Prescribe policies consistent with the framework chosen.
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