## Model-Based Monetary Policy Analysis and Forecasting

## Source details

**Canonical URL:** [Model-Based Monetary Policy Analysis and Forecasting](https://www.imf.org/en/capacity-development/training/icdtc/schedule/st/2024/mpafst24-14)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/st/2024/mpafst24-14/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/st/2024/mpafst24-14/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/st/2024/mpafst24-14/bundle-manifest.json)

## Bibliographic details
- Session: ST 24.14
- Location: Singapore, Singapore
- Dates: March 18-29, 2024 (2 weeks)
- Delivery method: Blended Training
- Primary language: English
- Status: Deadline passed

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### Training program and logistics
- Course title: Model-Based Monetary Policy Analysis and Forecasting (MPAF)
- Session No.: ST 24.14
- Location: Singapore, Singapore
- Date: March 18-29, 2024 (2 weeks)
- Delivery Method: Blended Training
- Primary Language: English
- Status: Deadline passed

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

### Qualifications and prerequisites
- 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 and 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.

### Course description
- The course was presented by the Institute for Capacity Development.
- Provides rigorous training on the use of simple Dynamic New Keynesian (DNK) models to conduct monetary policy analysis and forecasting.
- Emphasizes analysis of monetary policy responses to macroeconomic imbalances and shocks.
- Teaches tools necessary to develop or extend the canonical model to fit a country’s monetary policy framework and selected features of that country’s economy.
- In the in-person component, country case studies are used to reinforce understanding and to help participants compare and assess a variety of possible experiences.

### Course objectives and skills imparted
- 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 the small semi-structural model.
- Conduct nowcasting and near-term forecasting using estimation-based econometric techniques supported by expert judgment.
- Use the small semi-structural model to develop consistent medium-term quarterly projections of key macro variables, e.g., output, inflation, interest rate, and exchange rate.
- Identify risks in the baseline forecast and draw up medium-term projections for alternative scenarios that assume that the risks materialize.
- Start building a simple model for monetary policy analysis and forecasting using national data upon return to duty.

### Additional notes
- IMF offers online training to government officials and the public through its training programs.

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## References

- [Blended Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Financial Development and Financial Inclusion (FDFI)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/fdfiat26-24)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/st/2024/mpafst24-14_