{
  "title": "Training Program Course: Model-Based Monetary Policy Analysis and Forecasting (MPAFx)",
  "sourceUrl": "https://www.imf.org/en/capacity-development/training/icdtc/courses/mpafx",
  "canonical": "https://www.imf.org/en/capacity-development/training/icdtc/courses/mpafx",
  "overlayPath": "/en/capacity-development/training/icdtc/courses/mpafx/index.md",
  "summary": "It also shows how to implement the key equations of a canonical quarterly projection model (QPM) in a macroeconomic modeling software.",
  "publishDate": "2025-07-24",
  "sections": [
    {
      "heading": "Course overview",
      "content": "- The course introduces participants to a semi-structural macroeconomic model often used as a core of FPAS (Forecasting and Policy Analysis Systems) at the central banks.\n- The course shows how to implement the key equations of a canonical quarterly projection model (QPM) in a macroeconomic modeling software.\n- The course uses detailed country data highlighting an inflation targeting central bank, for hands-on historical filtration, forecasting, and calibration exercises.\n- Topic: Monetary and External Sector Policies\n- Speaker: Andrew Berg"
    },
    {
      "heading": "Technical content and learning focus",
      "content": "- The course covers two main technical aspects:\n  - introduction to a canonical New Keynesian model structure and its key properties; and\n  - implementation of the QPM in Matlab/Octave and the application of IRIS toolbox for solving and maintaining the QPM, as well as forecasting with the QPM.\n- Emphasis on hands-on exercises: historical filtration, forecasting, and calibration using country data that highlights an inflation targeting central bank."
    },
    {
      "heading": "Target audience and qualifications",
      "content": "- Target Audience:\n  - All government officials are welcome to register.\n  - 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.\n- Qualifications:\n  - Participants are expected to have a background in undergraduate macroeconomics, statistics, and econometrics.\n  - Participants are provided with guidance on how to access Matlab or Octave software."
    },
    {
      "heading": "Course objectives",
      "content": "Upon completion of this course, participants should be able to:\n- Explain the building blocks and key model equations of a canonical semi-structural QPM.\n- Implement and calibrate a simple QPM using a specialized software for macroeconomic modelling.\n- Identify necessary codes for data transformation, filtration, forecasts, and evaluation of the QPM properties and model-based outputs.\n- Produce a baseline forecast and alternative scenarios using the QPM."
    },
    {
      "heading": "Video summary",
      "content": "- The course 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."
    }
  ],
  "bullets": [
    "The course introduces participants to a semi-structural macroeconomic model often used as a core of FPAS (Forecasting and Policy Analysis Systems) at the central banks.",
    "The course shows how to implement the key equations of a canonical quarterly projection model (QPM) in a macroeconomic modeling software.",
    "The course uses detailed country data highlighting an inflation targeting central bank, for hands-on historical filtration, forecasting, and calibration exercises.",
    "Topic: Monetary and External Sector Policies",
    "Speaker: Andrew Berg",
    "The course covers two main technical aspects:",
    "Emphasis on hands-on exercises: historical filtration, forecasting, and calibration using country data that highlights an inflation targeting central bank.",
    "Target Audience:",
    "Qualifications:",
    "Explain the building blocks and key model equations of a canonical semi-structural QPM.",
    "Implement and calibrate a simple QPM using a specialized software for macroeconomic modelling.",
    "Identify necessary codes for data transformation, filtration, forecasts, and evaluation of the QPM properties and model-based outputs.",
    "Produce a baseline forecast and alternative scenarios using the QPM.",
    "The course 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."
  ],
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  },
  "generatedAtUtc": "2026-09-29T16:39:16.128Z"
}