Monetary and Fiscal Policy Analysis with DSGE Models (DSGE)

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Apply online by June 03, 2019
Course No.: JV 19.29
Location: Vienna, Austria
Date: September 30, 2019-October 11, 2019 (2 Weeks)
Language: English

Target Audience:

Mid-level to senior officials who use Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic analysis of monetary and fiscal policy issues.


Participants should have an advanced degree in economics or equivalent experience, solid quantitative skills, and a basic knowledge of MATLAB/Octave and Dynare/Iris. It is recommended that they have previously taken the online Macroeconometric Forecasting (MFx) course.

Course Description:

This course, presented by the IMF Institute, deals with building, using, and interpreting DSGE models. It introduces participants to the models and techniques that policy makers commonly use in analyzing monetary and fiscal issues. The course devotes a large number of lectures to model design and implementation issues and uses case studies relevant to the region to illustrate how these models are applied and how they can contribute to the policymaking process. The course discusses the advantages and limitations of the models when they are used for policy analysis and advice.

Course Objectives:

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

  • Describe the models and techniques (computation and estimation) policy makers use in analyzing monetary, fiscal, and structural issues.
  • Build a basic DSGE model from first principles using data for a country case in the region.
  • Augment or modify the model structure to address an economic policy question, using stylized evidence.
  • Apply the DSGE models developed in the course to various policy questions and interpret their results.
  • Identify the advantages and limitations of the models when used for policy analysis and advice.
  • Start building a model based on their own country's data.

Important Note for Online Courses:

For Online Learning (OL) courses, which are delivered through the edX platform, you will need an additional piece of information to register: you will be prompted for your edX.org username. If you do not already have a username, please go to https://courses.edx.org/register and sign up for a free account. Once you have created an account, you may complete the IMF Institute application. If you already have an edX account, your username can be found on the top right of the screen after logging in.

Important Note for Internal Economics Training Courses:

Internal Economics Training (IT) courses are self-financed. The IMF will not charge officials for attending courses. However, all travel, insurance, hotel, and living costs will need to be covered by the agency sponsoring the participants.