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 should have an advanced degree in economics or equivalent experience and be comfortable using Excel and Excel-based applications. This is an overview course. It is recommended that before applying for this course those interested first take a few general macroeconomic courses, such as Financial Programming and Policies (FPP) and Macroeconomic Diagnostic (MDS), or work with online modules of these courses where available.
DESCRIPTION | This two-week course, presented by the IMF’s 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.
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
• 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