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Monetary Policy Analysis and Forecasting
Want to learn about the macroeconomic motivation of QPM, model calibration, data filtration etc.? Then join the Monetary Policy Analysis and Forecasting course.
Expert
Online
6 Weeks
Free
Quick facts
particular | details | ||
---|---|---|---|
Medium of instructions
English
|
Mode of learning
Self study
|
Mode of Delivery
Video and Text Based
|
Learning efforts
4-5 Hours Per Week
|
Course overview
Monetary Policy Analysis and Forecasting by edX is an advanced-level online programme in Economics and Finance. The International Monetary Fund’s Institute for Capacity Development presents this course via edX. Although this is an advanced course, there are no prerequisites to enrol. Moreover, you will have access to MATLAB after joining the training for its entire duration.
The curriculum will familiarise you with quarterly projection macroeconomic models (QPMs) and the implementation of critical QPM equations in macroeconomic modelling software. The Monetary Policy Analysis and Forecasting online course uses calibration exercises and hands-on filtration to better understand the concepts.
The Monetary Policy Analysis and Forecasting certification programme will run for six weeks and require a time commitment of 4-5 hours a week. You can enrol in the self-paced course free of cost and audit it for a limited duration of time. Since this is not an instructor-led programme, you can set your schedule and course goals to learn comfortably. You can also opt for the verified certificate track and enjoy all the additional features and content.
The highlights
- Economics & Finance
- Advanced study level
- Professional instructors
- Free audit
- Self-paced course
- English transcripts
- Flexible schedule
- Graded assessments
- Zero prerequisites
- Access to MATLAB
- Six-week curriculum
- IMF's Institute for Capacity Development
Program offerings
- Advanced-level programme
- Flexible learning
- Economics & finance course
- Audit track
- No prerequisites
- Edx support
- Verified certificate track
- Imfx mooc
- Access to matlab
Course and certificate fees
Type of course
Edx’s Monetary Policy Analysis and Forecasting course offers free learning through the audit track. You only need to upgrade to the certificate track to receive the additional features by paying Rs.2,077 .
Fee structure
Course Name | Fees in INR |
(Audit mode) | NA |
(Certificate track) | Rs.2,077 |
certificate availability
certificate providing authority
certificate fees
What you will learn
On completing the Monetary Policy Analysis and Forecasting certification syllabus, you will be fluent in:
- Explaining a canonical semi-structural QPM’s critical building blocks.
- Interpreting the vital model equations from a macroeconomic viewpoint.
- Using specialized software for the implementation of a simple QPM in macroeconomic modelling.
- Identifying the differences in the vital QPM elements in a state-space form.
- Identifying the necessary codes for data filtration, transformation, and evaluation of QPM properties.
- Canonical New Keynesian model structures and their essential properties
- Implementing QPM in Octave/MATLAB and the IRIS toolbox’s applications for maintaining and solving the QPM
- Developing a basic calibration of a quarterly projection model.
- Application of basic IRIS Toolbox functions to solve the model.
- Creating output reports with the use of model codes.
Admission details
Step 1: Follow this link to visit the Monetary Policy Analysis and Forecasting course official page.
Step 2: Check when the course starts, and if available, click on the ‘Enroll now’ button.
Step 3: Now, you only have to register on the website or log in through an existing edX ID. Use the ‘Create Now’ button to start your learning account.
Step 4: Start learning the course for free, or you can upgrade to the paid option and get the additional benefits.
Filling the form
Since there is no application or registration form for Monetary Policy Analysis and Forecasting certification, you must create an online profile on the edX website. Provide the required details, such as full name, username, password, email address, and country name to create a new profile. Another method is to sign up/sign in using your Microsoft/Google/Facebook account. You can also log in for the course via your edX-verified password and mail.
The syllabus
Course Overview
Entry Survey and Pre-Course Test
- Entry Survey
- Pre-Course Test (24 Questions)
Module 1.1: Canonical Quarterly Projection Model for Monetary Policy Analysis and Forecasting, Part 1
- Module Overview
- Introduction to the QPM
- Stylized Transmission Mechanism in the QPM
- Elements of the QPM
- Steady-State and Modelling Long-Term Trends
- Behavioral Equations in the QPM
- Concluding Module 1.1 (13 Questions)
Module 1.2: Canonical Quarterly Projection Model for Monetary Policy Analysis and Forecasting, Part 2
- Uncovered Interest Rate Parity (UIP)
- Monetary Policy Reaction Function (Policy Rule)
- Foreign Block in the Model
- Purchasing Power Parity and Real Exchange Rate
- Implications for Monetary Policy Objectives
- Real Exchange Rate and Interest Rate in the Long-Run
- Concluding Module 1 (12 Questions)
Module 2: Coding the Canonical Quarterly Projection Model
- Module Overview
- Understanding the Mnemonics
- Implementing Building Blocks of the QPM in Matlab/IRIS
- Solving the Constructed Model in MATLAB/IRIS
- Debugging Common Error Messages
- Concluding Module 2 (19 Questions)
Module 3: Checking Model Properties in Matlab
- Module Overview
- Generating Impulse Response Functions in Matlab
- Analyzing the Transmission Mechanism through IRFs
- Concluding Module 3 (13 Questions)
Module 4: Data Management and Report Generation in Matlab
- Module Overview
- Preparing a Simple Data File
- Importing Data in MATLAB
- Data Transformation Commands in MATLAB
- Output Reports and Data Visualization
- Implementing a02_makedata.m
- Concluding Module 4 (16 Questions)
Module 5: Kalman Filtration in Matlab
- Module Overview
- Basics of Multivariate Filtration
- Kalman Filter Algorithm (Optional)
- Intuition of Kalman Filter Application
- Implementation of Kalman Filtration in MATLAB
- Interpretation of the Initial Macroeconomic Conditions
- Concluding Module 5 (19 Questions)
Module 6: Principles of Model Calibration
- Module Overview
- Calibration Tools and Strategy
- Preparing the Initial Calibration
- Reviewing and Refining Initial Calibration
- Concluding Module 6 (18 Questions)
Module 7: Forecasting with the QPM Model
- Module Overview
- Baseline Forecast
- Alternatives
- Expectations: News Versus Surprise
- Concluding Module 7 (15 Questions)
Post-Course Test and Survey
- Post-Course Test (24 Questions)
- Course Survey
Conclusion
- Parting Advice
How it helps
The Monetary Policy Analysis and Forecasting certification benefits those who wish to enter the field of Economics and Finance or are currently working and wish to upskill themselves. Along with the valuable knowledge, you can avail of an official edX certificate that carries the institute’s logo, your course achievements, and a trainer’s sign. This will boost your career prospects as you can share it via LinkedIn/your CV.
Instructors
Mr Mikhail Pranovich
Economist
International Moneta...
Ph.D
FAQs
You must upgrade before the audit mode expires for this course.
The Monetary Policy Analysis and Forecasting programme belongs to the broad category of Economics and Finance.
To access extra features such as feedback and graded content, you must upgrade your study plan to the paid track.
Yes, you will have access to MATLAB during the course tenure.
There is no eligibility to join the programme for this course.
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