Model-Based Monetary Policy Analysis and Forecasting - Blended

Due to the transition to a new IMF course registration system, formal applications for this course cannot be submitted at this time. However, if you are interested in the course, please click on the “Apply here” button below and submit your details so we can notify you when applications open. We look forward to seeing you soon in Vienna.

TARGET GROUP | Mid-level to senior officials responsible for monetary policy decision making and staff producing macroeconomic analysis and forecasting or operating macroeconomic models. The course targets primarily central bank officials from Monetary Policy Department and/or Research/Modeling Department, although representatives from other departments or other agencies (e.g., Ministry of Finance/Economy) are also encouraged to apply.

QUALIFICATIONS | Participants are expected to have an advanced degree in economics or equivalent experience. Participants are expected to be comfortable using quantitative software such as Matlab, although specific knowledge of these is not required. It is recommended that applicants complete the online Monetary Policy Analysis and Forecasting (MPAFx) course.

COURSE DESCRIPTION | This course provides rigorous training on the use of Dynamic New Keynesian (DNK) models to conduct monetary policy analysis and forecasting. It emphasizes the analysis of monetary policy responses to macroeconomic imbalances and shocks. Participants are provided with the tools necessary to develop or extend the canonical model to fit their own monetary policy framework and selected features of their country's economy. Country case studies are used to reinforce participants' understanding and showcase the production of real-time baseline forecasts and alternative scenarios.

BLENDED COURSE REQUIREMENTS | The course will run in a blended format, consisting of two compulsory parts. Selected participants will first complete on their own time three mandatory short online learning segments and consultation hours with lecturers during October 11 - 22, 2027. In-person portion of the course will be held at JVI in Vienna during November 1 – 12, 2027. Completing both the online and in-person parts of the course will be required for successful completion of the course in order to receive the course certificate.

COURSE OBJECTIVES | Upon completion of this course, participants should be able to:

• Customize a simple model of an economy that embodies the monetary policy transmission mechanism and the shocks this economy may face.

• Acquire and apply tools used in modern central banks to conduct monetary policy analysis and forecasting using small semi-structural models.

• Use the small semi-structural model to develop consistent medium-term projections for key macro variables, e.g., output, inflation, interest rate, and exchange rate.

• Identify risks to the baseline forecast and build alternative scenarios that assume certain risks may materialize.

• Start building a simple model for monetary policy analysis and forecasting using their own country data when they return home.

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Course Details

Start: 20271101Nov 01
End: 20271112Nov 12

Language: English

Sponsoring Organization: IMF

Admin Arrangements


Application Deadline: July 25, 2027

Apply here