Monetary and Fiscal Policy Analysis with DSGE Models (DSGE)

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Course No.: ST 17.25
Location: Singapore, Singapore
Date: November 20, 2017-December 1, 2017 (2 Weeks)
Language: English

Target Audience:

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


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

Course Description:

This course, presented by the IMF's Institute for Capacity Development, focuses on building, using, and interpreting DSGE models. The course will introduce participants to 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 and 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. The course discusses the advantages and limitations of these models when used for policy analysis and advice.

Course Objectives:
Upon completion of this course, 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.
  • 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 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.