BACKGROUND

The continuously evolving policy landscape provides a challenge for macroeconomic management and stability in developing and emerging market countries. This makes it difficult for the countries to effectively conduct sound monetary policy. Consequently, there is need for enhanced skills to make informed choices of monetary policy frameworks and instruments that address emerging issues and support macroeconomic stability among the key officials. Policymakers in the region also need to be capacitated to enable them to conduct better analysis to avoid implementing policies that may have unintended consequences. In light of this, monetary policy analysis continues to be an area that requires substantial capacity development in the region. It is in this regard that MEFMI will offer an e-learning course on Introduction to Monetary Policy Analysis to assist policymakers in ensuring that policy conduct remains consistent with the changes in the policy environment. The e-learning course will also include weekly discussions, which will bring linkages of the course content to topical and emerging areas and their impact on monetary policy conduct.

OBJECTIVES

To equip participants with the ability to:

1. Understand the main concepts and measurements used in monetary policy analysis;

2. Identify monetary policy frameworks; 3. Understand monetary policy and evolving regimes; and

4. Analyse the Forecasting and Policy Analysis System (FPAS). This course will also be used as a pre-requisite for the more advanced Joint MEFMI/IMF Course on Monetary Policy Analysis in the second quarter of 2024.

CONTENT

The course will amongst others, cover the following:

1. The main concepts and measurements used in monetary policy analysis;

2. Monetary policy transmission mechanisms and transitioning frameworks;

3. A quantitative framework for monetary policy analysis;

4. The role of FPAS; and

5. Monetary policy in a digital era.

TARGET GROUP

This course targets junior to mid-level officials from ministries of finance and central banks who are responsible for monetary policy analysis.