Model-Based Monetary Policy Analysis and Forecasting

Training Program

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Model-Based Monetary Policy Analysis and Forecasting (MPAF)

Apply online by July 26, 2026 Deadline extended

Session No.: JV 26.35

Location: Vienna, Austria

Date: November 2-13, 2026 (2 weeks)

Delivery Method: Blended Training

Primary Language: English

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Target Audience

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

Qualifications

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/Octave, although specific knowledge of these is not required.

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Course Description

This course provides rigorous training on the use of simple 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 to help them compare and assess a variety of possible experiences.BLENDED COURSE REQUIREMENTS | 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 and consultation hours with lecturers during October 12 - 23, 2026. In-person portion of the course will be held at JVI in Vienna during November 2 - 13, 2026. 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.

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Course Objectives

Upon completion of this course, participants should be able to:¿ Customize a simple model of an economy that embodies the monetary policy transmission mechanism and the shocks this economy may face. ¿ Acquire and apply tools used in modern central banks to conduct monetary policy analysis and forecasting using small semi-structural models.¿ Use the small semi-structural model to develop consistent medium-term projections for key macro variables, e.g., output, inflation, interest rate, and exchange rate. ¿ Identify risks to the baseline forecast and build alternative scenarios that assume certain risks may materialize. ¿ Start building a simple model for monetary policy analysis and forecasting using their own country data when they return home.

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Training Program

Model-Based Monetary Policy Analysis and Forecasting (MPAF)

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Target Audience

Qualifications

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Course Description

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Course Objectives

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Apply Now - Application deadline approaching:

Online Courses

Module 1 Compiling Annual GDP Estimates in FCS Using Limited Source Data

Budgeting for Priorities

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Browse by course locations

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IMF’s Work

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

Model-Based Monetary Policy Analysis and Forecasting (MPAF)

Qualifications

Course Description

Course Objectives

Apply Now - Application deadline approaching:

Online Courses

Module 1 Compiling Annual GDP Estimates in FCS Using Limited Source Data

Budgeting for Priorities

Browse by course locations