Training Program

Mid-level to senior officials responsible for monetary policy decision making and staff producing macroeconomic analysis and forecasting or operating macroeconomic models. The course targets primarily central bank officials from Monetary Policy Department and/or Research/Modeling Department, although representatives from other departments or other agencies (e.g., Ministry of Finance/Economy) are also encouraged to apply.

Participants are expected to have an advanced degree in economics or equivalent experience. Participants are expected to be comfortable using quantitative software such as Matlab, although specific knowledge of these is not required. It is recommended that applicants have completed the online Monetary Policy Analysis and Forecasting course on edX.org.

This course provides rigorous training on the use of Dynamic New Keynesian (DNK) models to conduct monetary policy analysis and forecasting. It emphasizes the analysis of monetary policy responses to macroeconomic imbalances and shocks. Participants are provided with the tools necessary to develop or extend the canonical model to fit their own monetary policy framework and selected features of their country's economy. Country case studies are used to reinforce participants' understanding and showcase the production of real-time baseline forecasts and alternative scenarios.