Instructors: Sopio Mkervalidze and Lukasi Kalandia
Format: 5-Day Intensive One-on-One Course
Schedule: 2 Hours per Day (Flexible Scheduling Available)
Platform: Dynare/MATLAB
Offered by: The Better Policy Project

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Course Overview

This specialized training course provides central bank economists, fiscal policy advisors, and macroeconomic modelers with a deep dive into GIMF—the Global Integrated Monetary and Fiscal Model—an advanced dynamic stochastic general equilibrium (DSGE) framework developed by the International Monetary Fund. GIMF is a flagship model used to assess the joint interactions between monetary and fiscal policies, allowing for a consistent analysis of long-run sustainability, policy credibility, and short-run demand management in both advanced and emerging open economies.

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The structure and core mechanisms of GIMF are described in the foundational IMF Working Paper “The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure” by Kumhof, Laxton, Muir, and Mursula (IMF WP/10/34). This paper provides the theoretical underpinnings of the model’s household behavior, fiscal-monetary interactions, and international trade linkages.

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GIMF is distinctive among policy models for integrating:

• Non-Ricardian households and liquidity-constrained consumers

• Endogenous government debt valuation and intertemporal solvency

• Nominal rigidities via sticky prices and wages

• Multi-region trade, capital, and exchange rate spillovers

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Originally designed for global simulations at the IMF, GIMF has since been adopted by ministries of finance and central banks for medium-term fiscal frameworks, r-star estimation, and joint policy scenario design.

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What You'll Learn

• The theoretical architecture and practical implementation of the GIMF model

• Key modeling innovations for fiscal-monetary coordination:

  • Finite-horizon optimizing agents with liquidity constraints

  • Overlapping generations and government debt valuation

  • Sticky price and wage adjustment in multiple sectors

  • Inflation-targeting central banks vs. fiscal rules and feedback

  • Trade and capital flow linkages across regions

• Simulation and calibration strategies:

  • Calibrating fiscal multipliers and debt anchors

  • Policy scenario design under credible vs. non-credible regimes

  • Evaluating tax, transfer, and government investment rules

  • Estimating the fiscal-natural interest rate (fiscal r-star)

• Application of GIMF to current macro-fiscal challenges:

  • Demand vs. supply-driven inflation in the post-pandemic era

  • Evaluating fiscal consolidation paths and debt sustainability

  • Coordinated policy response in multi-region environments

  • Medium-term frameworks for credible disinflation

• Hands-on modeling and policy simulations using Dynare/MATLAB

 

 

Who Should Attend

This course is designed for:

• Central bank staff in modeling, research, and monetary policy divisions

• Economists and researchers involved in policy modeling or risk management

• Ministry of Finance officials working on fiscal strategy or medium-term frameworks

• Modeling experts seeking to upgrade to fully specified DSGE models

• Policy advisors interested in credible coordination across fiscal and monetary domains

• Academics and consultants working on applied policy research

 

 

Course Format and Customization

Delivered one-on-one by Sopio Mkervalidze and Lukasi Kalandia, this course is adaptable to your institution’s needs. Whether you want to implement GIMF for a single-region simulation or multi-region global modeling, the course can be tailored using your country’s data or benchmark IMF templates.

 

 

Daily Format:

• 2 hours of live, interactive instruction

• Follow-up exercises and feedback

• Hands-on coding in Dynare/MATLAB

• Optional readings and modeling assignments

Cost per participant: 1,000 Euros.

 

Contact Us to register and to tailor the course to your institution’s needs!