Monetary Policy


TARGET GROUP | Junior to mid-level officials interested in understanding and analyzing the conduct of monetary policy and its interaction with the rest of the economy.


QUALIFICATIONS | Participants are expected to have an advanced degree in economics or equivalent experience and be comfortable using Microsoft Excel and Excel-based applications. 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.


COURSE DESCRIPTION | This course, presented by the Institute for Capacity Development, provides 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 policy concepts to hands-on workshops with a special focus on practical policy challenges in emerging market and developing economies. Case studies are used to reinforce participants’ understanding and to help them compare and assess policy responses to various shocks under different monetary policy regimes. 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 and central bank communication). Recent evolution of central bank digital currencies and its implications for monetary policy transmission and operations are also discussed.


COURSE 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.

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Course Details

Start: 20240408Apr 08
End: 20240419Apr 19

Language: English

Sponsoring Organization: IMF

Admin Arrangements

Application Deadline: January 21, 2024

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