## Topic 1: Modeling Policy Choices

## Source details

**Canonical URL:** [Topic 1: Modeling Policy Choices](https://www.imf.org/en/topics/low-income-countries/macro-research-for-development/modeling-policy-choices)

## Other formats

- [Markdown version](/en/topics/low-income-countries/macro-research-for-development/modeling-policy-choices/index.md)
- [Structured JSON version](/en/topics/low-income-countries/macro-research-for-development/modeling-policy-choices/index.json)
- [Bundle manifest](/en/topics/low-income-countries/macro-research-for-development/modeling-policy-choices/bundle-manifest.json)

---

### Overview and analytical framework
- The development of models for the analysis of economic policies in low-income countries (LICs) has been one of the key achievements of the FCDO-IMF research project.
- Workhorse models used:
  - Forecasting and Policy Analysis System (FPAS)
  - Debt, Investment and Growth (DIG) model
  - DIGNAR (extension of DIG to include natural resources)
- These models have been used extensively by policymakers and IMF country teams to illustrate likely consequences of policy choices, particularly monetary policy and various fiscal policies.
- The analytical models are positioned as useful in guiding policy making in unprecedented and uncertain situations such as the COVID-19 pandemic.

### Evolution across the four phases of the FCDO-IMF partnership
- Phase 1 (March 2012 to March 2015)
  - Focus: advance analytics of monetary and exchange rate policy in LICs; develop and pilot analytic tools for short-run macroeconomic policy issues.
  - Also developed model-based frameworks for:
    - public investment, growth, and debt sustainability
    - managing natural resources
  - Empirical and country case studies investigated the investment-growth nexus.
  - Achievements include:
    - Research papers: "The Monetary Transmission Mechanism in the Tropics: A Narrative Approach" and "Public Investment, Growth, and Debt Sustainability: Putting together the Pieces"
    - Policy papers: "Conditionality in Evolving Monetary Policy Regimes" and "Macroeconomic Policy Frameworks for Resource-Rich Developing Countries"

- Phase 2 (April 2015 to March 2017)
  - Focus: enrich understanding of special features of low-income economies in analysis and design of short-run macroeconomic policies; continue empirical studies and case studies to obtain stylized facts in LICs; facilitate continued application of tools including training.
  - Achievements include:
    - Research papers: "Current account norms in natural resource rich and capital scarce economies" and "Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: The DIGNAR Model"
    - Model applications: DIG model applied to Lesotho; DIGNAR model applied to Namibia
    - Policy paper: "Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries"

- Phase 3 (April 2017 to March 2020)
  - Focus: add features of the LIC environment missing from earlier models, notably a description of the labor market with extensive informality, unemployment, and wage-setting behavior observed in these economies; disseminate model results to policymakers through courses.
  - Achievements include:
    - Research paper: "Inflation targeting and exchange rate management in less developed countries"
    - Paper: "Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects"
    - Book: "Monetary Policy in Sub-Saharan Africa"

- Phase 4 (April 2020 to March 2025)
  - Focus: push frontier of research on public debt vulnerabilities in LICs; extend DIGNAR to capture impacts of COVID-19 on debt and growth; examine implications of shift in debt composition in LICs from traditional to non-traditional lenders; develop research on governance and policy frameworks for central banks in LICs with a focus on monetary policy.
  - Planned workstreams:
    - Extension of the DIGNAR model to capture COVID-19 effects on debt and growth
    - Analysis of shift in debt composition in LICs from traditional to non-traditional lenders
    - Cutting-edge research agenda on governance and policy frameworks for central banks in LICs, focusing on monetary policy

### Practical use and policy relevance
- The models have been extensively used by policymakers and IMF country teams, suggesting usefulness in illustrating consequences of policy choices, particularly for monetary policy and various fiscal policies.
- Dissemination efforts include courses designed for policymakers to improve uptake of model results.

---

## Content in this bundle

- **June 2019**
  - [June 2019 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2019.pdf.md){rel="alternate" type="text/markdown"}
  - [June 2019 (PDF)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2019.pdf){rel="external" type="application/pdf"}
- **June 2020**
  - [June 2020 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2020.pdf.md){rel="alternate" type="text/markdown"}
  - [June 2020 (PDF)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2020.pdf){rel="external" type="application/pdf"}
- **June 2021**
  - [June 2021 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2021.pdf.md){rel="alternate" type="text/markdown"}
  - [June 2021 (PDF)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2021.pdf){rel="external" type="application/pdf"}
- **June 2022**
  - [June 2022 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2022.pdf.md){rel="alternate" type="text/markdown"}
  - [June 2022 (PDF)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2022.pdf){rel="external" type="application/pdf"}
- **June 2023**
  - [June 2023 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2023.pdf.md){rel="alternate" type="text/markdown"}
  - [June 2023 (PDF)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2023.pdf){rel="external" type="application/pdf"}
- **June 2024**
  - [June 2024 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2024.pdf.md){rel="alternate" type="text/markdown"}
  - [June 2024 (PDF)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2024.pdf){rel="external" type="application/pdf"}
- **June 2025**
  - [June 2025 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2025.pdf.md){rel="alternate" type="text/markdown"}
  - [June 2025 (PDF)](/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2025.pdf){rel="external" type="application/pdf"}
- **Call to Donors to Strengthen IMF Research Capacity for Low-Income Countries**
  - [Call to Donors to Strengthen IMF Research Capacity for Low-Income Countries (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/call-to-donors-to-strengthen-imf-research-capacity-for-low-income-countries-nov-2025.pdf.md){rel="alternate" type="text/markdown"}
  - [Call to Donors to Strengthen IMF Research Capacity for Low-Income Countries (PDF)](/-/media/files/topics/lics/macro-research-for-development/call-to-donors-to-strengthen-imf-research-capacity-for-low-income-countries-nov-2025.pdf){rel="external" type="application/pdf"}
- **Macroeconomic Research in Low Income Countries — June 2013**
  - [Macroeconomic Research in Low Income Countries — June 2013 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/documents/june2013.pdf.md){rel="alternate" type="text/markdown"}
  - [Macroeconomic Research in Low Income Countries — June 2013 (PDF)](/-/media/files/topics/lics/macro-research-for-development/documents/june2013.pdf){rel="external" type="application/pdf"}
- **Macroeconomic Research in Low Income Countries — June 2014**
  - [Macroeconomic Research in Low Income Countries — June 2014 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/documents/june2014.pdf.md){rel="alternate" type="text/markdown"}
  - [Macroeconomic Research in Low Income Countries — June 2014 (PDF)](/-/media/files/topics/lics/macro-research-for-development/documents/june2014.pdf){rel="external" type="application/pdf"}
- **June2015**
  - [June2015 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/documents/june2015.pdf.md){rel="alternate" type="text/markdown"}
  - [June2015 (PDF)](/-/media/files/topics/lics/macro-research-for-development/documents/june2015.pdf){rel="external" type="application/pdf"}
- **Annual Review of the Macroeconomic Research in Low Income Countries project**
  - [Annual Review of the Macroeconomic Research in Low Income Countries project (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/documents/june2016.pdf.md){rel="alternate" type="text/markdown"}
  - [Annual Review of the Macroeconomic Research in Low Income Countries project (PDF)](/-/media/files/topics/lics/macro-research-for-development/documents/june2016.pdf){rel="external" type="application/pdf"}
- **June2017**
  - [June2017 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/documents/june2017.pdf.md){rel="alternate" type="text/markdown"}
  - [June2017 (PDF)](/-/media/files/topics/lics/macro-research-for-development/documents/june2017.pdf){rel="external" type="application/pdf"}
- **MRLIC programme review — By March 2018**
  - [MRLIC programme review — By March 2018 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/documents/june2018.pdf.md){rel="alternate" type="text/markdown"}
  - [MRLIC programme review — By March 2018 (PDF)](/-/media/files/topics/lics/macro-research-for-development/documents/june2018.pdf){rel="external" type="application/pdf"}
- [List of Outputs: Year 1 to 13 (XLSX)](/-/media/files/topics/lics/macro-research-for-development/listofoutputs.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"}
- **Dec 2018, Vol.6**
  - [Dec 2018, Vol.6 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2018.pdf.md){rel="alternate" type="text/markdown"}
  - [Dec 2018, Vol.6 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2018.pdf){rel="external" type="application/pdf"}
- **Dec 2019, Vol.7**
  - [Dec 2019, Vol.7 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2019.pdf.md){rel="alternate" type="text/markdown"}
  - [Dec 2019, Vol.7 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2019.pdf){rel="external" type="application/pdf"}
- **Dec 2020, Vol.8**
  - [Dec 2020, Vol.8 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2020.pdf.md){rel="alternate" type="text/markdown"}
  - [Dec 2020, Vol.8 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2020.pdf){rel="external" type="application/pdf"}
- **Dec 2021, Vol.9**
  - [Dec 2021, Vol.9 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2021.pdf.md){rel="alternate" type="text/markdown"}
  - [Dec 2021, Vol.9 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2021.pdf){rel="external" type="application/pdf"}
- **Dec 2022, Vol.10**
  - [Dec 2022, Vol.10 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2022.pdf.md){rel="alternate" type="text/markdown"}
  - [Dec 2022, Vol.10 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2022.pdf){rel="external" type="application/pdf"}
- **Dec 2023, Vol.11**
  - [Dec 2023, Vol.11 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2023.pdf.md){rel="alternate" type="text/markdown"}
  - [Dec 2023, Vol.11 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2023.pdf){rel="external" type="application/pdf"}
- **Dec 2024, Vol.12**
  - [Dec 2024, Vol.12 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2024.pdf.md){rel="alternate" type="text/markdown"}
  - [Dec 2024, Vol.12 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2024.pdf){rel="external" type="application/pdf"}
- **Dec 2025, Vol.13**
  - [Dec 2025, Vol.13 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2025.pdf.md){rel="alternate" type="text/markdown"}
  - [Dec 2025, Vol.13 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2025.pdf){rel="external" type="application/pdf"}
- **Jun 2018, Vol.6**
  - [Jun 2018, Vol.6 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2018.pdf.md){rel="alternate" type="text/markdown"}
  - [Jun 2018, Vol.6 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2018.pdf){rel="external" type="application/pdf"}
- **Jun 2019, Vol.7**
  - [Jun 2019, Vol.7 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2019.pdf.md){rel="alternate" type="text/markdown"}
  - [Jun 2019, Vol.7 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2019.pdf){rel="external" type="application/pdf"}
- **Jun 2020, Vol.8**
  - [Jun 2020, Vol.8 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2020.pdf.md){rel="alternate" type="text/markdown"}
  - [Jun 2020, Vol.8 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2020.pdf){rel="external" type="application/pdf"}
- **Jun 2021, Vol.9**
  - [Jun 2021, Vol.9 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2021.pdf.md){rel="alternate" type="text/markdown"}
  - [Jun 2021, Vol.9 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2021.pdf){rel="external" type="application/pdf"}
- **Jun 2022, Vol.10**
  - [Jun 2022, Vol.10 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2022.pdf.md){rel="alternate" type="text/markdown"}
  - [Jun 2022, Vol.10 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2022.pdf){rel="external" type="application/pdf"}
- **Jun 2023, Vol.11**
  - [Jun 2023, Vol.11 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2023.pdf.md){rel="alternate" type="text/markdown"}
  - [Jun 2023, Vol.11 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2023.pdf){rel="external" type="application/pdf"}
- **Jun 2024, Vol.12**
  - [Jun 2024, Vol.12 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2024.pdf.md){rel="alternate" type="text/markdown"}
  - [Jun 2024, Vol.12 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2024.pdf){rel="external" type="application/pdf"}
- [Jun 2025, Vol.13 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2025.pdf){rel="external" type="application/pdf"}
- **Mar 2018, Vol.6**
  - [Mar 2018, Vol.6 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2018.pdf.md){rel="alternate" type="text/markdown"}
  - [Mar 2018, Vol.6 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2018.pdf){rel="external" type="application/pdf"}
- **Mar 2019, Vol.7**
  - [Mar 2019, Vol.7 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2019.pdf.md){rel="alternate" type="text/markdown"}
  - [Mar 2019, Vol.7 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2019.pdf){rel="external" type="application/pdf"}
- **Mar 2020, Vol.8**
  - [Mar 2020, Vol.8 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2020.pdf.md){rel="alternate" type="text/markdown"}
  - [Mar 2020, Vol.8 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2020.pdf){rel="external" type="application/pdf"}
- **Mar 2021, Vol.9**
  - [Mar 2021, Vol.9 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2021.pdf.md){rel="alternate" type="text/markdown"}
  - [Mar 2021, Vol.9 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2021.pdf){rel="external" type="application/pdf"}
- **Mar 2022, Vol.10**
  - [Mar 2022, Vol.10 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2022.pdf.md){rel="alternate" type="text/markdown"}
  - [Mar 2022, Vol.10 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2022.pdf){rel="external" type="application/pdf"}
- **Mar 2023, Vol.11**
  - [Mar 2023, Vol.11 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2023.pdf.md){rel="alternate" type="text/markdown"}
  - [Mar 2023, Vol.11 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2023.pdf){rel="external" type="application/pdf"}
- [Mar 2024, Vol.12 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2024.pdf){rel="external" type="application/pdf"}
- **Mar 2025, Vol.13**
  - [Mar 2025, Vol.13 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2025.pdf.md){rel="alternate" type="text/markdown"}
  - [Mar 2025, Vol.13 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2025.pdf){rel="external" type="application/pdf"}
- **Mar 2026, Vol.14**
  - [Mar 2026, Vol.14 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2026.pdf.md){rel="alternate" type="text/markdown"}
  - [Mar 2026, Vol.14 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2026.pdf){rel="external" type="application/pdf"}
- **Sep 2018, Vol.6**
  - [Sep 2018, Vol.6 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2018.pdf.md){rel="alternate" type="text/markdown"}
  - [Sep 2018, Vol.6 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2018.pdf){rel="external" type="application/pdf"}
- **Sep 2019, Vol.7**
  - [Sep 2019, Vol.7 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2019.pdf.md){rel="alternate" type="text/markdown"}
  - [Sep 2019, Vol.7 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2019.pdf){rel="external" type="application/pdf"}
- **Sep 2020, Vol.8**
  - [Sep 2020, Vol.8 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2020.pdf.md){rel="alternate" type="text/markdown"}
  - [Sep 2020, Vol.8 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2020.pdf){rel="external" type="application/pdf"}
- **Sep 2021, Vol.9**
  - [Sep 2021, Vol.9 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2021.pdf.md){rel="alternate" type="text/markdown"}
  - [Sep 2021, Vol.9 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2021.pdf){rel="external" type="application/pdf"}
- **Sep 2022, Vol.10**
  - [Sep 2022, Vol.10 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2022.pdf.md){rel="alternate" type="text/markdown"}
  - [Sep 2022, Vol.10 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2022.pdf){rel="external" type="application/pdf"}
- **Sep 2023, Vol.11**
  - [Sep 2023, Vol.11 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2023.pdf.md){rel="alternate" type="text/markdown"}
  - [Sep 2023, Vol.11 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2023.pdf){rel="external" type="application/pdf"}
- **Sep 2024, Vol.12**
  - [Sep 2024, Vol.12 (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2024.pdf.md){rel="alternate" type="text/markdown"}
  - [Sep 2024, Vol.12 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2024.pdf){rel="external" type="application/pdf"}
- [Sep 2025, Vol.13 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2025.pdf){rel="external" type="application/pdf"}
- **Devarajan–O'Connell final report on the MRLIC project**
  - [Devarajan–O'Connell final report on the MRLIC project (Markdown version)](/-/media/files/topics/lics/macro-research-for-development/related-links/devarajan-oconnell-final-report-on-mrlic-project-final.pdf.md){rel="alternate" type="text/markdown"}
  - [Devarajan–O'Connell final report on the MRLIC project (PDF)](/-/media/files/topics/lics/macro-research-for-development/related-links/devarajan-oconnell-final-report-on-mrlic-project-final.pdf){rel="external" type="application/pdf"}
- [Macroeconomic Policy Frameworks for Resource-Rich Developing Countries (PDF)](/external/np/pp/eng/2012/082412.pdf){rel="external" type="application/pdf"}
- [Conditionality in Evolving Monetary Policy Regimes (PDF)](/external/np/pp/eng/2014/030514b.pdf){rel="external" type="application/pdf"}
- [Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries (PDF)](/external/np/pp/eng/2015/102315.pdf){rel="external" type="application/pdf"}
- [Public Investment, Growth, and Debt Sustainability: Putting together the Pieces (PDF)](/external/pubs/ft/wp/2012/wp12144.pdf){rel="external" type="application/pdf"}

---

## References

- [Understanding macro-financial linkages](https://www.imf.org/en/topics/low-income-countries/macro-research-for-development/understanding-macro-financial-linkages)
- [Building resilience](https://www.imf.org/en/topics/low-income-countries/macro-research-for-development/building-resilience)
- [Promoting structural change and institutional development](https://www.imf.org/en/topics/low-income-countries/macro-research-for-development/promoting-structural-change-institutional-development)
- [Enhancing inclusion](https://www.imf.org/en/topics/low-income-countries/macro-research-for-development/enhancing-inclusion)
- [Advances Made in Five Key Areas Through a FCDO-IMF Collaboration](https://www.imf.org/en/Publications/Departmental-Papers-Policy-Papers/Issues/2021/03/24/Macroeconomic-Research-in-Low-income-Countries-Advances-Made-in-Five-Key-Areas-Through-a-50010)
- [FPAS)](https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Forecasting-and-Monetary-Policy-Analysis-in-Low-Income-Countries-Food-and-non-Food-Inflation-40369)
- [DIGNAR).](https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Debt-Sustainability-Public-Investment-and-Natural-Resources-in-Developing-Countries-the-41455)

_Source: https://www.imf.org/en/topics/low-income-countries/macro-research-for-development/modeling-policy-choices_