The course is targeted to staff economists involved in developing macro-econometric models and forecasting for the analysis, design and implementation of macroeconomic policy.
Participants should have an advanced degree in economics or equivalent experience and background in econometrics. They should be comfortable using EViews for econometric applications. The online Macroeconomic Forecasting (MF.x) course is stronglyrecommended as a prerequisite, completing it will be considered an advantage in the selection process. Participants are expected to complete the EViews component of MF.x prior to the start of the course in case they are not already experienced EViews us
This course, presented by the IMF's Institute for Capacity Development, focuses on building, using and interpreting dynamic stochastic general equilibrium (DSGE) models. The course aims to familiarize participants with the models and techniques commonly used by policy-makers for analyzing monetary and fiscal issues. The course devotes a large number of lectures to the model design and implementation issues. The course relies on case studies relevant for the region to illustrate the application of these models, and to show how they can be used as an input in the policymaking process. We discuss the advantages and limitations of these models when used for policy analysis and advice.Topics1. Introduction to Dynamic Stochastic General Equilibrium Models (DSGE)2. The Basic New Keynesian (NK) Model for the Closed Economy 3. The Standard NK Model 4. Bringing DSGE Models to the Data: Estimation and Model Evaluation 5. The NK Model in an Open Economy6. A NK Model with Financial Frictions 7. Fiscal Policy in the NK Model8. DSGE Model-Based Forecasting9. Policy Applications with DSGE Models10. Course Summary and Key Takeaways11. Labor Market Rigidities in the Standard NK model (auxiliary unit) Course Objectives:
By the end of the course the participants should be able to: - Describe the models and techniques (computation/estimation) used by policy-makers for analyzing monetary, fiscal and structural issues. - Build a basic DSGE model from first principles using data for a regional country case- Augment or modify the model structure to address an economic policy question, using stylized evidence in the data- Able to apply the DSGE models developed in the course to various policy questions and interpret their results.- Identify the advantages and limitations of these models when used for policy analysis and advice.- Start building a model 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.