Courses that will be delivered from May to December 2023 by the IMF’s Institute for Capacity Development (ICD) will be published in a few weeks.
JVI is gradually resuming classroom delivery. Courses not labelled as virtual are scheduled to take place at JVI, but may have to be delivered virtually in case safe travel to and in-person training in Vienna will not be possible. The decision to offer virtual instead of onsite training will be made within 5 weeks of the course start date.
TARGET GROUP | Junior to mid-level officials from emerging markets and low-income countries interested in understanding and analyzing the conduct of monetary policy and its interaction with the rest of the economy. Participants are expected to have an advanced degree in economics or equivalent experience and be comfortable using Microsoft Excel and Excel-based applications. This is an overview course. It is strongly recommended that applicants have completed a few general macroeconomic courses, such as Financial Programming and Policies (FPP) and Macroeconomic Diagnostic (MDS), face-to-face or online.
DESCRIPTION | This course, presented by the Institute for Capacity Development, gives a comprehensive overview of monetary policy regimes, monetary transmission mechanisms, and the role of monetary policy in macroeconomic stabilization. The course bridges the gap between theory, empirical evidence, and operational experience by illustrating the optimization problems and tradeoffs involved in monetary policy decisions. The learning process moves from lectures introducing the basic concepts to hands-on workshops. Case studies are used to reinforce participant understanding and to help them compare and assess a variety of experiences. The course recognizes the evolving nature of monetary frameworks and central bank mandates with attention to environmental, social and governance principles and recent crises that have dramatically changed the landscape in which central banks operate (beyond simple interest rate policies, with due consideration to Unconventional Monetary Policy). Recent evolution of FinTech and digital currencies and implications to monetary policy are also discussed.
OBJECTIVES | Upon completion of this course, participants should be able to:
• Analyze how monetary policy decisions are made under various regimes to deliver price stability and meeting other objectives.
• Identify how these decisions are transmitted to the real economy.
• Evaluate how the economy and monetary policy respond to macroeconomic shocks under various monetary policy frameworks, demonstrated through a group presentation to their peers.
Central bank practitioners should also be able to:
• Design a sound monetary policy framework.
• Prescribe policies consistent with the framework chosen.