Course Components

Prior to the Vienna segment (February-May 2024)

Selected segments of the MDSx and MPAFx courses of the IMF.
The self-paced MDSx is designed to strengthen participants’ ability to assess comprehensively a country’s macroeconomic situation, including the current state of the economy; the stance of fiscal and monetary policy; financial stability; vulnerabilities in the different sectors; and the medium-term outlook, especially the sustainability of public and external debt. The MPAFx focuses on a canonical New Keynesian model structure and its key properties, therefore it enhances the understanding of some important policy issues. The study of these course materials typically requires 6-8 hours a week if taken over a 6-week period. Taking the selected segments of these courses will be a requirement for participating in the Vienna segment of the AEP course. 

Virtual sessions with JVI faculty
A first virtual session with JVI faculty will be held after participants have been selected to give them an overview of the AEP program and timeline. The focus will then be on the activities related to the Macroeconomic Management Issues segment (see below). Office consultation with JVI faculty will be offered from mid-March to support participants as needed with the MDSx and MPAFx courses. Participants will also be expected to prepare short presentations in small groups on selected macroeconomic issues facing their countries, which they will deliver in Vienna to their peers. Assignments will be provided by JVI faculty, which will offer additional office consultation to provide guidance on presentations from mid-April. The time spent in these interactions with JVI faculty and the preparation of presentations is expected to require 2-3 hours a week over a 2-month period taking place before the Vienna segment.

Vienna Segment (June 17 – July 12, 2024)

Presentation and Communication Skills
Communication Coaches/JVI (2 DAYS)

This segment helps participants hone their presentation skills and public communication proficiency, fosters teamwork, and provides tips and tricks for effective negotiating and influencing. Some of these tips can be applied in the following weeks, particularly in the highly interactive Macroeconomic Management Issues segment. An international team of professional communication coaches delivers this segment. 

Austrian and European Political and Economic Issues
Austrian Authorities (1 DAY)

Participants are introduced to the JVI’s host country, Austria. They learn about the economic issues it faces and the policies that are designed and implemented to respond to those challenges. European integration issues figure prominently, given that Austria is a member of the European Monetary Union. During this segment, participants get to interact with Austrian policymakers and researchers from the Vienna Institute for International Economic Studies (wiiw).

Macroeconomic Management Issues 

This segment introduces participants to the economic analysis underlying the design of macroeconomic policies, with special attention devoted to fluctuations during the business cycle. It also explores the key economic relationships relevant for forecasting and focuses on interlinkages between the different sectors of an economy. Key topics that are covered include macroeconomic stabilization, structural policies and economic growth, public debt sustainability, fiscal rules, monetary policy stance and external sector assessment. In workshops, participants analyze macroeconomic developments on illustrative country cases, make baseline projections, assess alternative scenarios and debate policy issues relevant for the country.

Financial Sector Issues 

With contributions from the Austrian National Bank, a range of topics from banking regulation to macroprudential analysis and crisis management will be presented. Practitioners from the private sector will also intervene to discuss the role of international banking groups in the wide region.

Trade Policy and International Trade Regimes 

This course segment discusses international trade theory, trade policy, and the international trading system. The first part combines insights from the economics of trade and trade policy with practical applications that focus on specific conditions of transition countries. The second part deals with the multilateral trading system and WTO Agreements and negotiations. 

The course gives participants the basic framework to understand the determinants of trade, the linkages between trade and macroeconomic policy, the welfare and distributional implications of different trade policy instruments, and the role of openness and international trade agreements in economic performance and development. It provides a deeper understanding of the institutions, rules and processes shaping trade policy, with special emphasis on the role of WTO Agreements and their disciplines, and on the negotiations under the Doha Development Agenda.

Structural Issues 
World Bank (1 DAY)

This short segment introduces topics at the top of the international policy agenda, such as improving economic governance and ensuring inclusiveness.

After the Vienna segment
A few short virtual sessions are expected in the months following the Vienna segment, to cover additional content and foster networking and peer-learning among participants.

Participants will evaluate and provide feedback for each course segment and for the course overall. They are also asked to comment on how they will apply the knowledge they have obtained to their jobs when they return to their home countries. Each participant receives a certificate after successfully completing the course.

Participants are evaluated throughout the course based on their comprehension of the material, their contributions to the discussions, and their teamwork skills. The most engaged participants are awarded a letter of excellence.

Administrative Arrangements
Selection is on a competitive basis, including educational background, relevant work experience, and personal essays. Applicants must submit proof of their English language proficiency.

There are no fees for attending the AEP course, but participants must cover their own transportation costs.[1]

Participants are accommodated at the JVI Residence free of charge and receive a daily living allowance.

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