Monetary Policy Analysis and Forecasting by International Monetary Fund via Edx: Fee, Duration, How to Apply

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.

Course and certificate fees

Type of course

Free

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.2,087

Fee structure

Course Name	Fees in INR
(Audit mode)	NA
(Certificate track)	Rs.2,087

certificate availability

Yes

certificate providing authority

International Monetary Fund

certificate fees

₹2,087

What you will learn

Knowledge of economics

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.

The syllabus

Course Overview

Welcome to MPAFx
Course Software Guide
Introduce Yourself
For Government Officials

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

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.

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.