- February 16, 2024
- Posted by: admin
- Categories: Current News, macroeconomic management
MEFMI conducted a 5-day capacity building regional workshop on advanced macroeconomic modelling and forecasting in Mbabane, Eswatini. This workshop is part of MEFMI’s effort to build capacity in modelling and forecasting.
Macroeconomic modelling and forecasting have over the years become an important tool for policymakers in government and other relevant institutions in quantifying the impact of policy, and the future direction of the same. Central Banks and Ministries of Finance in the MEFMI region require skills in macroeconomic modelling and forecasting to be able to conduct evidence-based economic policies. To support this agenda, there is a need for comprehensive operational macroeconomic models in the various member states.
The main objective of the course was to enhance participants’ applied macroeconomic modelling skills. The workshop took participants through various techniques in macroeconomic modelling and forecasting to strengthen the participants’ knowledge, understanding and application of advanced econometric techniques, ranging from structural vector autoregression models (SVAR), generalized method of moments (GMM), dynamic factor models, Bayesian models, panel data modelling and dynamic stochastic general equilibrium (DSGE) modelling. The workshop used macroeconomic data from the region and E-Views, as well as MATLAB software to conduct practical exercises. Upon completion, MEFMI anticipates that participants have gained the requisite skills needed to build advanced macroeconomic models and a better understanding of policy analysis.
A total of 39 officials from 11 MEFMI member countries attended the workshop. Of the 39 participants, 11 (28%) were female while 28 (72%) were male. The workshop was facilitated by Dr. Austin Chiumia from the Reserve Bank of Malawi, Dr. Patrick Ndzinisa from the Central Bank of Eswatini, Dr. Sayed Timuno from the Ministry of Finance of Botswana and Dr. Frank Chansa from MEFMI.