Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems

Departmental Papers, December 10, 2021

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Canonical URL: Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems

This paper takes stock of forecasting and policy analysis system capacity development (FPAS CD).
Draws extensively on the experience and lessons learned from developing FPAS capacity in the central banks.
Aims to facilitate the understanding of FPAS CD within the IMF and to inform future CD on building macroeconomic frameworks.
Offers a qualitative assessment of the experience with FPAS CD delivery and the use of FPAS in the decision-making process in central banks.
By sharing the insights gained during FPAS CD delivery and outlining the typical tools developed in the process, the paper targets improved FPAS CD design and implementation.

Focus on forecasting and policy analysis system capacity development (FPAS CD) in central banks.
Emphasis on:
- FPAS capacity building activities and delivery experience.
- Tools typically developed during FPAS CD.
- Use of FPAS in central bank decision-making processes.
Subject areas listed: Central bank policy rate; Central banks; Economic forecasting; Exchange rates; Financial services; Foreign exchange; Inflation; Market interest rates; Output gap; Prices; Production.