Hard to believe it has been 25 years since the first central bank modeling workshop. The title of the first workshop was “Monetary Policy Under Uncertainty”. It was the time of the inflation-targeting pioneers. In addition, at the beginning of 1990s, the Bank of Canada developed solution methods for solving a class of useful nonlinear models with plausible representations of the monetary policy transmission mechanism. The methods were incorporated in the Bank’s Quarterly Projection Model (QPM). The Reserve Bank of New Zealand (RBNZ), with help from the Canadians, then implemented this approach to support its novel Inflation Targeting regime, launching what it is known today as the Forecasting and Policy Analysis System (FPAS). Publicly-disclosed forecasts used to inform and explain decisions taken in pursuit of clear policy targets, became the gold standard for monetary policy.
This year, the keynotes and panels at the workshop will review the history of macroeconomic modeling as a tool for monetary policymaking. The focus will be on extracting lessons from that history. One line of enquiry will concern adaptations of FPAS-style analytical frameworks that may be needed given what The Economist has recently described as the essence of the new normal: persistent large uncertainty.
Is it time for FPAS Mark II? Another line of enquiry will concern whether FPAS-style analytical frameworks can usefully be deployed within the fields of macroprudential and fiscal policymaking. Conference panels will discuss both these questions.
This year we have an amazing group of scholars and policymakers participating in the workshop’s conferences
and policy panels! You can download the full agenda here.
Register here: http://www.mmwbanrep.com/.
Online registration will be open until Tuesday, November 8, 2022.
The confirmation of your registration and details on how to connect will be sent by the organizers previous to
Amund Holmsen (Director General, Economic Policy Department Ministry of Finance)
Asya Kostanyan (Senior Economist of the Better Policy Project)
Don Coletti (Advisor to the Governor on financial stability and monetary policy, Bank of Canada)
Douglas Laxton (Founder of the Better Policy Project)
Jérôme Henry (Principal Adviser - DG Macroprudential Policy and Financial Stability, ECB)
Jesper Linde (Advisor and Chief of Monetary and Modeling Unit, IMF)
Marco del Negro (Research Advisor and Director, Applied Macroeconomics and Econometrics Center, NY FED)
Mariami Tchanturia (Researcher, National Bank of Georgia)
Martin Galstyan (Governor at Central Bank of Armenia)
Pablo Garcia (Board Member of the Central Bank of Chile)
Tomáš Holub (Board Member of the Czech National Bank)
William White (Senior Fellow at the C.D. Howe Institute, former chairman of the Economic and Development Review Committee at the OECD)
The Better Policy Project and Banco de la República - Colombia (Central Bank of Colombia).