IMF | SARTTAC

Target Audience

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.

Qualifications

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 fewgeneral macroeconomic courses, such as Financial Programming and Policies (FPP) and the classroom or online Macroeconomic Diagnostics (MDS/MDSx) course.

Course 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.

Course Objectives

Upon completion of this workshop, 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.