{
  "title": "Model-Based Monetary Policy Analysis and Forecasting",
  "sourceUrl": "https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2027/mpafjv27-34",
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  "summary": "Model-Based Monetary Policy Analysis and Forecasting Training Program Model-Based Monetary Policy Analysis and Forecasting (MPAF) Session No.",
  "publishDate": "2026-08-28",
  "sections": [
    {
      "heading": "Program logistics and format",
      "content": "- Session No.: JV 27.34\n- Location: Vienna, Austria\n- Date: November 1-12, 2027 (2 weeks)\n- Delivery Method: Blended Training\n- Primary Language: English\n- BLENDED COURSE REQUIREMENTS:\n  - Two compulsory parts.\n  - Three mandatory short online learning segments and consultation hours with lecturers during October 11 - 22, 2027 (to be completed on participants' own time).\n  - In-person portion at JVI in Vienna during November 1 - 12, 2027.\n  - Completing both the online and in-person parts is required to receive the course certificate.\n- Application note:\n  - Due to the transition to a new IMF course registration system, formal applications for this course cannot be submitted at this time.\n  - Interested candidates can submit their details to be notified when applications open."
    },
    {
      "heading": "Target audience and qualifications",
      "content": "- Target Audience:\n  - Mid-level to senior officials responsible for monetary policy decision making.\n  - Staff producing macroeconomic analysis and forecasting or operating macroeconomic models.\n  - Primarily central bank officials from Monetary Policy Department and/or Research/Modeling Department.\n  - Representatives from other departments or other agencies (e.g., Ministry of Finance/Economy) are also encouraged to apply.\n- Qualifications:\n  - Expected to have an advanced degree in economics or equivalent experience.\n  - Expected to be comfortable using quantitative software such as Matlab, although specific knowledge is not required.\n  - Recommended to complete the online Monetary Policy Analysis and Forecasting (MPAFx) course prior to participation."
    },
    {
      "heading": "Course description and instructional focus",
      "content": "- Emphasis:\n  - Rigorous training on the use of Dynamic New Keynesian (DNK) models to conduct monetary policy analysis and forecasting.\n  - Analysis of monetary policy responses to macroeconomic imbalances and shocks.\n- Practical orientation:\n  - Tools to develop or extend the canonical model to fit participants' monetary policy framework and selected features of their country's economy.\n  - Country case studies to reinforce understanding.\n  - Production of real-time baseline forecasts and alternative scenarios."
    },
    {
      "heading": "Learning objectives and participant outcomes",
      "content": "- Upon completion, participants should be able to:\n  - Customize a simple model of an economy that embodies the monetary policy transmission mechanism and the shocks this economy may face.\n  - Acquire and apply tools used in modern central banks to conduct monetary policy analysis and forecasting using small semi-structural models.\n  - 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.\n  - Identify risks to the baseline forecast and build alternative scenarios that assume certain risks may materialize.\n  - Start building a simple model for monetary policy analysis and forecasting using their own country data when they return home."
    },
    {
      "heading": "Key features and expectations for participants",
      "content": "- Hands-on model development and extension of the canonical DNK framework.\n- Use of small semi-structural models for medium-term projection exercises.\n- Scenario analysis focused on risks to the baseline forecast and policy responses.\n- Requirement to complete preparatory online modules and in-person workshops to obtain certification."
    }
  ],
  "bullets": [
    "Session No.: JV 27.34",
    "Location: Vienna, Austria",
    "Date: November 1-12, 2027 (2 weeks)",
    "Delivery Method: Blended Training",
    "Primary Language: English",
    "BLENDED COURSE REQUIREMENTS:",
    "Application note:",
    "Target Audience:",
    "Qualifications:",
    "Emphasis:",
    "Practical orientation:",
    "Upon completion, participants should be able to:",
    "Hands-on model development and extension of the canonical DNK framework.",
    "Use of small semi-structural models for medium-term projection exercises.",
    "Scenario analysis focused on risks to the baseline forecast and policy responses.",
    "Requirement to complete preparatory online modules and in-person workshops to obtain certification."
  ],
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  },
  "generatedAtUtc": "2026-09-29T17:28:23.354Z"
}