Model-Based Monetary Policy Analysis and Forecasting (MPAF)

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Deadline for the application has passed.
Course No.: JV 17.28
Location: Vienna, Austria
Date: October 9, 2017-October 20, 2017 (2 Weeks)
Language: English

Target Audience:

Mid- to senior-level officials involved in monetary policy decision making and staff involved in macroeconomic analysis and forecasting, or operating macroeconomic models.


Participants should have an advanced degree in economics or equivalent experience, and be comfortable using quantitative software such as EViews and Matlab. It is strongly recommended to complete the online Macroeconometric Forecasting (MFx) course andto attend the Monetary Policy (MP) course before applying for the MPAF. Participants should be comfortable using quantitative software such as EViews and Matlab/Octave although specific knowledge of these is not required.

Course Description:

This course, presented by the IMF's Institute for Capacity Development, provides rigorous training on the use of simple Dynamic New Keynesian (DNK) models to conduct monetary analysis and forecasting with an emphasis on analyzing monetary policy responses to macroeconomic imbalances and shocks. Participants are provided with the tools needed to develop and/or extend the model to fit their own monetary policy-exchange rate regime. Country case studies are used to reinforce participants' understanding and to help them compare, contrast, and assess various experiences.

Course Objectives:
Upon completion of this course, participants should be able to:- Customize a simple model of an economy in the region that embodies the monetary policy transmission mechanism and the shocks it may face. - Acquire and apply tools used in modern central banks to conduct "model-based" monetary policy analysis and forecasting utilizing a hands-on Matlab-based framework. - Conduct nowcasting and near-term forecasting for that economy using various estimation-based econometric techniques and expert judgment.- Use the model to develop consistent medium-term quarterly projections of key macro variables such as output, inflation, interest rate, and the exchange rate. - Identify risks in the baseline forecast and develop contingency plans and policy measures to deal with those risks. - Start building a simple model for monetary policy analysis using their own country data, when they return home (if relevant for their work).

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.