Training Program

Junior to mid-level officials from emerging markets and low-income countries interested in understanding the conduct of monetary policy and its interaction with the rest of the economy. 

Participants are expected to have an advanced degree in economics or equivalent experience and be comfortable using Microsoft Excel.

This course provides a comprehensive overview of monetary policy regimes, monetary transmission mechanisms, and the role of monetary policy in macroeconomic stabilization. The course bridges the gap between theory, empirical evidence, and operational experience by illustrating tradeoffs involved in monetary policy decisions. The learning process moves from lectures introducing the basic policy concepts to hands-on workshops with a special focus on practical policy challenges in emerging markets and developing economies. Case studies are used to reinforce participants' understanding and to help them compare and assess policy responses to various shocks under different monetary policy regimes. The course recognizes the evolving nature of monetary frameworks and central bank mandates and recent crises that have dramatically changed the landscape in which central banks operate (beyond simple interest rate policies, with due consideration to Unconventional Monetary Policy and central bank communication). Recent evolution of central bank digital currencies and its implications for monetary policy transmission and operations are also discussed.