Advanced Macroeconomic Analysis for Policy Design: A Comprehensive Training Course

Introduction

Modern macroeconomic policy requires a sophisticated understanding of complex economic models and their real-world applications. This training course is designed to provide policymakers and analysts with a deep dive into advanced macroeconomic analysis, equipping them with the tools to design, evaluate, and implement effective policy. Participants will explore the theoretical foundations of business cycles, economic growth, and monetary and fiscal policy, moving beyond simplified models to engage with the latest research and methodologies used by central banks and international institutions.

The program emphasizes a practical, policy-oriented approach. We will examine how different shocks propagate through the economy, the challenges of forecasting in an uncertain world, and the use of empirical evidence to inform policy choices. By bridging the gap between academic theory and practical policymaking, this course will enable participants to critically assess policy options, understand their potential impacts, and contribute to a more robust and evidence-based approach to economic governance.

Target Audience

  • Central bank research and policy staff
  • Government finance and planning officials
  • PhD students and academics in macroeconomics
  • Financial market analysts and economists
  • International financial institution staff
  • Regulatory and supervisory authorities
  • Public sector debt managers
  • Economic advisors

Duration

5 days

Course Objectives

Upon successful completion of this training, participants will be able to:

  • Explain the core concepts of modern dynamic macroeconomic models.
  • Analyze the impact of monetary and fiscal policy using advanced frameworks.
  • Describe the tools for business cycle and economic growth analysis.
  • Evaluate the challenges of macroeconomic forecasting.
  • Discuss the role of financial frictions in macroeconomic models.
  • Apply empirical techniques to test and validate macroeconomic theories.

Modules Course Content

Module 1: The Foundations of Modern Macroeconomics

  • Dynamic stochastic general equilibrium (DSGE) models
  • The role of rational expectations
  • Microfoundations of macroeconomic behavior
  • The key equations of the New Keynesian model
  • The role of agents and their decisions

Module 2: Monetary Policy Analysis

  • The New Keynesian Phillips Curve and IS Curve
  • Optimal monetary policy in a New Keynesian model
  • The role of central bank credibility
  • Unconventional monetary policies (QE, forward guidance)
  • The impact of monetary policy on the financial sector

Module 3: Fiscal Policy and Public Debt

  • The role of government in a macroeconomic model
  • The Ricardian equivalence debate
  • Fiscal policy multipliers
  • The dynamics of public debt
  • The sustainability of fiscal policy

Module 4: Economic Growth and Productivity

  • The Solow growth model
  • Endogenous growth theories
  • The role of human capital and technology
  • Measuring total factor productivity (TFP)
  • The challenges of long-term forecasting

Module 5: Financial Frictions and Crises

  • The role of financial intermediaries
  • Models of financial crises
  • The impact of financial frictions on the business cycle
  • The use of macroprudential policy
  • The relationship between credit and the economy

Module 6: Open Economy Macroeconomics

  • The Mundell-Fleming model with rational expectations
  • The role of the exchange rate
  • The policy trilemma and its implications
  • The impact of global financial cycles
  • The analysis of capital flows

Module 7: Empirical Macroeconomics

  • Vector autoregression (VAR) models
  • Bayesian methods in macroeconomics
  • The use of structural VARs for policy analysis
  • Time-series analysis and forecasting
  • The challenges of identifying economic shocks

Module 8: Macroeconomic Forecasting

  • The role of models in forecasting
  • The use of judgmental forecasting
  • The challenges of forecasting in real-time
  • The evaluation of forecasts
  • The role of survey data and expectations

Module 9: Policy Design and Evaluation

  • The use of welfare analysis
  • The debate over rules vs. discretion
  • The challenges of model uncertainty
  • The role of cost-benefit analysis
  • The importance of robust policy design

Module 10: Case Studies and Current Debates

  • The policy response to the 2008 financial crisis
  • The debate over inflation targeting
  • The impact of demographic changes
  • The role of climate change in macroeconomics
  • The future of macroeconomic policymaking

CERTIFICATION

  • Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

  • Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

  • Airport Pick Up is provided by the institute. Accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com

For More Details call: +254-114-087-180

 

Advanced Macroeconomic Analysis For Policy Design: A Comprehensive Training Course in Kenya
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