{
  "title": "Solving the Canonical Quarterly Projection Model Using EViews",
  "publication": "Technical Notes and Manuals, April 6, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/tnm/issues/2026/04/06/solving-the-canonical-quarterly-projection-model-using-eviews-573519",
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  "summary": "The Quarterly Projection Model (QPM) is one of the IMF’s standard frameworks for monetary policy analysis and forms a core component of a forward‑looking Forecasting and Policy Analysis System (FPAS). Traditionally, the QPM is solved using simulation tools available in MATLAB.",
  "sections": [
    {
      "heading": "Overview and Purpose",
      "content": "- The Quarterly Projection Model (QPM) is one of the IMF’s standard frameworks for monetary policy analysis and forms a core component of a forward‑looking Forecasting and Policy Analysis System (FPAS).\n- The technical note demonstrates how the canonical QPM can be implemented using the EViews econometric package, as an alternative to the traditional MATLAB simulation tools.\n- Aim: reduce technical barriers to applying the model in practice and enable policy analysts and economists to adapt the QPM to country‑specific settings without requiring advanced proficiency in EViews programming."
    },
    {
      "heading": "Target Audience",
      "content": "- Policy analysts and economists who wish to adapt the QPM to country‑specific settings.\n- Users with basic EViews familiarity who need to assemble data and make targeted modifications to existing EViews code."
    },
    {
      "heading": "Key Methodological Points",
      "content": "- The approach is illustrated using a notional “Country Z,” and the methodology is designed to be readily adapted to real‑world country applications.\n- Required user actions include:\n  - assembling the required data,\n  - selecting the appropriate exchange‑rate regime equations,\n  - calibrating key model constants,\n  - making targeted modifications to existing EViews code.\n- The note covers solving the QPM for its baseline projection and constructing and analyzing alternative scenarios."
    },
    {
      "heading": "Scenario Analysis Capabilities",
      "content": "- The technical note shows how to construct and analyze alternative scenarios that may involve:\n  - multiple exogenous shocks,\n  - constraints on selected endogenous variables.\n- Scenarios enable assessment of:\n  - the dynamic response of the economy,\n  - the speed and path of its return to the baseline."
    },
    {
      "heading": "Practical Implementation Benefits",
      "content": "- Implements canonical QPM using EViews to lower the technical entry threshold compared with MATLAB.\n- Enables country teams to adapt the canonical model with limited EViews programming changes.\n- Facilitates forward‑looking monetary policy analysis within FPAS using a widely available econometric package."
    },
    {
      "heading": "Subject Areas and Keywords",
      "content": "- Subject: Consumer price indexes, Exchange rates, Foreign exchange, Inflation, Output gap, Prices, Production, Real exchange rates\n- Keywords: Consumer price indexes, EViews QPM package, Exchange rates, forecasting, Inflation, monetary policy analysis, Output gap, Qpm baseline, quarterly projection model, real exchange rates, time series analysis\n\n---\n\n Content in this bundle\n\n- Solving the Canonical Quarterly Projection Model Using EViews; March 2026; TNM/2026/03\n  - Solving the Canonical Quarterly Projection Model Using EViews; March 2026; TNM/2026/03 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Solving the Canonical Quarterly Projection Model Using EViews; March 2026; TNM/2026/03 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/tnm/issues/2026/04/06/solving-the-canonical-quarterly-projection-model-using-eviews-573519"
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    "Authors: Sam Ouliaris, Celine Rochon",
    "Published: April 6, 2026",
    "Series: Technical Notes and Manuals",
    "DOI: https://doi.org/10.5089/9798229035439.005",
    "The Quarterly Projection Model (QPM) is one of the IMF’s standard frameworks for monetary policy analysis and forms a core component of a forward‑looking Forecasting and Policy Analysis System (FPAS).",
    "The technical note demonstrates how the canonical QPM can be implemented using the EViews econometric package, as an alternative to the traditional MATLAB simulation tools.",
    "Aim: reduce technical barriers to applying the model in practice and enable policy analysts and economists to adapt the QPM to country‑specific settings without requiring advanced proficiency in EViews programming.",
    "Policy analysts and economists who wish to adapt the QPM to country‑specific settings.",
    "Users with basic EViews familiarity who need to assemble data and make targeted modifications to existing EViews code.",
    "The approach is illustrated using a notional “Country Z,” and the methodology is designed to be readily adapted to real‑world country applications.",
    "Required user actions include:",
    "The note covers solving the QPM for its baseline projection and constructing and analyzing alternative scenarios.",
    "The technical note shows how to construct and analyze alternative scenarios that may involve:",
    "Scenarios enable assessment of:",
    "Implements canonical QPM using EViews to lower the technical entry threshold compared with MATLAB.",
    "Enables country teams to adapt the canonical model with limited EViews programming changes.",
    "Facilitates forward‑looking monetary policy analysis within FPAS using a widely available econometric package.",
    "Subject: Consumer price indexes, Exchange rates, Foreign exchange, Inflation, Output gap, Prices, Production, Real exchange rates",
    "Keywords: Consumer price indexes, EViews QPM package, Exchange rates, forecasting, Inflation, monetary policy analysis, Output gap, Qpm baseline, quarterly projection model, real exchange rates, time series analysis",
    "**Solving the Canonical Quarterly Projection Model Using EViews; March 2026; TNM/2026/03**"
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