Training Program

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

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.

The course will run in a blended format, consisting of two compulsory parts. Selected participants will first complete on their own time three mandatory short online learning segments during October 2-13, 2023. In-person portion of the course will be held at JVI in Vienna during October 23 – November 3, 2023. Completing both the online and in-person parts of the course will be required for successful completion of the course in order to receive the course certificate.

This course, presented by the IMF’s Institute for Capacity Development, provides rigorous training on the use of simple Dynamic New Keynesian (DNK) 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 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 participant understanding and to help them compare and assess a variety of possible experiences.