Monetary And Exchange Rate Policy (MERP)

Course details

Mid-to senior-level officials involved in monetary and exchange rate policy issues.

Qualification:
Participants should have an advanced degree in economics or equivalent experience.

Language:
The course is conducted in English only. Due to the technical nature of the course, English proficiency is a prerequisite.

Course Description:
This course, presented by the IMF-CEF and the IMF’s Institute for Capacity Development (ICD) staff, introduces participants to the different types of monetary policy strategies and exchange rate arrangements that countries may choose, emphasizing that the two choices must be mutually consistent. It addresses the factors relevant for the choices and the consequences of these choices. Other topics covered include: determinants and diagnosis of inflation, the foreign exchange market, financial globalization and capital flows, assessment of the equilibrium real exchange rates, and the pros and cons of capital controls. The course also covers the monetary policy transmission mechanism and forward-looking strategies for setting policy interest rates, including inflation-targeting strategies. Considerable attention is paid to the implementation of monetary policy, including the use of forecasting models and the design of a structured system for monetary policy analysis.

Participants are expected to engage in discussions throughout the course and are divided into small groups, under the direction of counselors, to conduct practical workshop exercises aimed at solidifying their understanding of the lecture material.