Master Monetary and Fiscal Policy Analysis using DSGE Models
Focuses on theoretical foundations, modelling techniques, computational tools, and policy-analysis applications of Dynamic Stochastic General Equilibrium (DSGE) models in the context of monetary and fiscal policy.
Monetary and Fiscal Policy Analysis with DSGE Models (DSGE)
Focuses on theoretical foundations, modelling techniques, computational tools, and policy-analysis applications of Dynamic Stochastic General Equilibrium (DSGE) models in the context of monetary and fiscal policy.
Course Overview
This course equips participants with the theoretical foundations, modelling techniques, computational tools and policy-analysis applications of Dynamic Stochastic General Equilibrium (DSGE) models in the context of monetary and fiscal policy. It is aimed at analysts, economists and policymakers who wish to design, simulate and interpret DSGE models for policy-analysis purposes (particularly in central banks, ministries of finance/treasury). The focus includes model structure (real/business cycle, New Keynesian frameworks, open economy, fiscal sector), estimation/calibration, simulation, policy experiments (monetary/fiscal shocks) and interpretation for decision making.
By the end of this course, participants will be able to:
- Describe the structure, assumptions and workings of DSGE models commonly used for monetary & fiscal policy analysis.
- Build or modify a basic DSGE model (or a module of one) from first principles, calibrate or estimate it for a country case and perform policy simulation.
- Simulate the effects of monetary policy (interest-rate rules, inflation targeting) and fiscal policy (tax/spend shocks, debt dynamics) and interpret impulse-response functions, scenario outcomes and fan charts.
- Understand the strengths, limitations and appropriate uses of DSGE modelling in policymaking – including caveats, structural breaks, non-linearities, heterogeneity, open economy linkages.
- Communicate results of DSGE-based policy analysis in a policy-relevant manner – including implications for monetary/fiscal coordination, external shocks, debt sustainability and macro-frameworks.
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