Quantitative Integrated Policy Analysis Model, Estimation and Country Applications (QIPAM)

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Training Program targeted at central bank economists or advanced PhD students interested in quantitative models for the Integrated Policy Framework and applying them in policy or academic work.
Qualifications required: technically versatile PhD economists (or equivalent practical experience) with a strong interest in macroeconomic modelling.
Programming knowledge helpful: Matlab/Octave or similar computer programs.

Provides an overview of the Quantitative Model for the Integrated Policy Framework (QIPF) and its application to pressing policy questions.
Discusses the model's theoretical underpinnings and relates them to key principles of current Fund advice, focusing on:
- monetary policy tradeoffs;
- the design of policies mitigating macroeconomic and financial instability, including the application of macroprudential policy tools.
Emphasizes the interaction between:
- interest rate,
- FX interventions,
- capital flow measures,
- macroprudential policy tools.
Demonstrates how estimation can be used to account for country-specific characteristics and how estimation outputs can be used to help interpret economic developments.
Showcases applications using QIPF to build macroeconomic and financial crisis scenarios that provide quantitative answers to practical policy questions.

Upon completion of the course, participants should be able to:

Understand the basics of monetary, exchange rate, and macroprudential policies in the quantitative DSGE models.
Understand the transmission of various policy tools in the quantitative IPF model.
Understand how to specify and design various policy scenarios in the quantitative IPF model.
Be able to estimate and do scenario analysis with the quantitative IPF model in Dynare.