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Introducing FPAS Mark II Modeling Using DynareJulia!

Course Overview:
Amidst evolving global economic dynamics, the need for agile, informed, and innovative monetary policy frameworks is paramount. Explore FPAS Mark II – the next generation of policy framework, designed to emphasize uncertainty while avoiding harmful policy traps. Join our intensive course and delve into the nuances of this advanced model using the powerful tool, DynareJulia.

Why FPAS Mark II?
As monetary policies around the world grapple with unforeseen high- and low-inflation environments, traditional frameworks have shown vulnerability to current macroeconomic uncertainties. The onset of FPAS (Framework for Policy Analysis) marked a shift from largely discretionary monetary policy to a more directed, forecasted approach. However, its iterative improvement, FPAS Mark II, seeks to:

  • Elevate the Emphasis on Uncertainty: Through the application of Monetary Policy as Risk Management (MPRM), FPAS Mark II underlines the importance of evading 'Dark Corners' in policy formation.

  • Promote Policy Agility: Instead of merely focusing on likely futures, FPAS Mark II stresses the necessity of swift, adaptive policy changes to counter unforeseen challenges.

  • Encourage Essential Policy Adjustments: Dispelling the reservations about abrupt policy shifts, FPAS Mark II champions necessary stance modifications to avert the risk of entering the 'Dark Corners'.

Why Choose This Course?

  • Tailored for the Times: With giants in the field like Bullard, Weidmann, Poloz, Powell, and more contributing to the conversation around MPRM, this course offers timely insights into an operational strategy that addresses the present-day complexities of monetary policy.

  • Hands-on Approach: Utilize DynareJulia, a robust platform tailored for econometric modeling, to gain practical experience and understand the intricacies of FPAS Mark II.

  • Rooted in Real Challenges: Grasp the real-world complications of policy formation that arise from knowledge gaps and unforeseen shocks, and learn the tools to mitigate them.


Further Insights:
For those keen on deeper dives, we've conducted several insightful seminars elucidating various facets of FPAS Mark II. Watch these discussions led by eminent personalities in the field:

Charles Goodhart - Abandoning Single Point Forecasts

https://www.youtube.com/watch?v=N80nE3EVTDQ


FPAS MARK II For Monetary Policy - Abandoning Single Point Forecasts

https://www.youtube.com/watch?v=u3ibqU_cbzw


Douglas Laxton -- What is FPAS Mark II?

https://www.youtube.com/watch?v=pHawt3EURw4


Ideal for: Central bankers, policy strategists, economists, researchers, and students aiming to stay at the forefront of modern monetary policy methodologies.

Reading Material: FPAS Mark II Research Page on our Website:

https://www.thebetterpolicyproject.org/research-papers

Course Structure:

Day 1: Foundations and Introduction

  • Introduction to FPAS Mark II: Background and Significance

  • An Overview of DynareJulia: Features, Importance, and Integration

  • Critical Thinking in Macroeconomic Modeling

Day 2: Deeper Dive into FPAS Mark II

  • Understanding the Building Blocks of FPAS Mark II

  • Introduction to Monetary Policy Models with Endogenous Policy Credibility

  • Hands-on: Implementing a Basic FPAS Mark II Model in DynareJulia

Day 3: Advanced Monetary Policy Modeling

  • The Role and Relevance of Policy Credibility in Monetary Policy Models

  • Suit of Models for Monetary Policy: Overview and Significance

  • Hands-on Workshop: Building Monetary Policy Models with Endogenous Policy Credibility in DynareJulia

Day 4: Scenarios-Based Forward Guidance in DYNARE/JULIA

  • Scenarios-Based Approach: Benefits and Methodology

  • Practical Session: Implementing Scenarios-Based Forward Guidance in DynareJulia

Day 5: Consolidation, Applications, and Future Trends

  • Case Studies: Real-world Applications of FPAS Mark II Macroeconomic Modeling

  • Group Work: Design and Implement a Model based on Learnings from the Course.

Dates:

📆 Course Date: April 22 - 26, 2024

⏰ Times: 14:00 - 17:00 Lisbon Time

⏳ Application Deadline: April 8, 2024

Price for 1 Participant -- €1000

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