TARGET GROUP | Junior- to mid-level senior officials from emerging markets and low income countries interested in understanding and analyzing the implementation of monetary policy and its interaction with the rest of the economy. Participants should have an advanced degree in economics or equivalent experience, and be comfortable using Excel and Excel-based applications. This is an overview policy course. It is recommended that participants attend this course after a few general macroeconomic courses, e.g., Financial Programming and Policies (FPP) and Macroeconomic Diagnostic (MDS), or after using existing online modules for these courses, where available.
DESCRIPTION | This two-week course, presented by the IMF’s Institute for Capacity Development, is an overview policy course focused on monetary policy regimes, monetary transmission mechanism, and the role of monetary policy in macroeconomic stabilization. The course bridges the gap between theory, empirical evidence, and operational experience, by conveying the optimization problems and tradeoffs involved in monetary policy decisions. The learning progresses from lectures introducing the underlying concepts to hands-on workshops. Relevant case studies are used to reinforce participants’ understanding and to help them compare, contrast, and assess various experiences.
Upon completion of this course, participants should be able to:
• Analyze how monetary policy decisions are taken under various regimes to deliver price stability
• 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 appropriate policies consistent with the chosen framework