​Next Generation of Policy Frameworks and Modeling

The Next Generation of Policy Frameworks and Modeling is an in-person training program designed for economists, central bankers, researchers, and policy professionals working on macroeconomic analysis, forecasting, and decision-making under uncertainty.

Organized by The Better Policy Project, the program builds on years of collaboration with central banks and policy institutions worldwide. It focuses on modern forecasting and policy analysis frameworks, open-source modeling, and AI-supported analytical workflows, with a strong emphasis on translating economic analysis into clear, policy-ready insights.

A central theme of the 2026 program is risk management in monetary and fiscal policy. Participants work with advanced approaches—including Mixed Complementarity Problems (MCPs) and ENDOCRED (Endogenous Policy Credibility)—to address uncertainty, nonlinear dynamics, and policy challenges such as the effective lower bound. The curriculum draws on recent and forthcoming research, including Adapting Monetary Policy Frameworks for Risk Management.

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Courses Offered

Course 1: FPAS Mark II and DynareJulia: Forecasting, Scenarios, and Risk Analysis

This course introduces modern Forecasting and Policy Analysis Systems (FPAS Mark II) used by central banks. Participants learn how to translate data, judgment, and economic narratives into internally consistent forecasts and policy scenarios.

Key topics include:

• FPAS Mark II institutional workflows

• Scenario design and risk narratives

• Quarterly Projection Models (QPMs)

• Endogenous credibility and policy trade-offs

• Policy communication under uncertainty

Participants build and calibrate a working model using DynareJulia and produce policy-relevant scenarios and reports.

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Course 2: Structural Policy Analysis

DSGE Models for Monetary and Fiscal Policy

This course focuses on scenario-based structural analysis using DSGE, OLG, and GIMF-style models commonly employed in central banks and international institutions.

Key topics include:

• Monetary and fiscal DSGE models

• Structural shocks and transmission mechanisms

• Monetary–fiscal interactions

• Risk-based scenario comparison

• Communicating uncertainty and trade-offs

The emphasis is on policy interpretation, not technical abstraction, with a capstone exercise that mirrors real institutional practice.

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AI-Powered Learning (Integrated Across Courses)

Across both weeks, participants are introduced to responsible uses of AI in economic analysis, including:

• Automating repetitive analytical tasks

• Supporting forecasting and scenario comparison

• Streamlining reporting and documentation.

AI tools are used within transparent, institution-ready workflows that preserve professional judgment and accountability.

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Meet Our Experts

Participants learn from leading economists and practitioners with extensive central bank and policy experience:

• Douglas Laxton — The Better Policy Project

• Asya Kostanyan — The Better Policy Project

• Jared Laxton — The Better Policy Project

• Sopio Mkervalidze — The Better Policy Project

• Tinatin Andghuladze — The Better Policy Project

Guest contributions from senior academics and policymakers may be announced closer to the event.

 

Venue

Chulalongkorn University, Bangkok, Thailand

One of Asia’s leading universities, Chulalongkorn University provides an ideal setting for intensive learning, collaboration, and exchange in the heart of Bangkok.

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Pricing

Fee: €1,000 per participant, per course.

The fee does not include travel or accommodation. Participants are responsible for their own arrangements.

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Why Attend?

• Hands-On Training: Work with real policy scenarios and institutional workflows

• Policy-Focused: Emphasis on judgment, uncertainty, and decision-making

• Open-Source Tools: Python, R, DynareJulia—fully transparent and reproducible

• AI-Enhanced Productivity: Learn how to use AI responsibly in policy analysis

• Global Network: Join an international community of economists and policymakers

 

Apply & Contact

Don’t miss the opportunity to transform your career in economics.

📧 Contact Email: asyakostanyan@thebetterpolicyproject.org

Social Media:

• YouTube

• Twitter

• LinkedIn

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Key References

• Laxton, D., H. Igityan, and S. Mkhatrishvili. (2024). Adapting Monetary Policy Frameworks for Risk Management. Oxford Review of Economic Policy. 

• Kumhof, M., D. Laxton, D. Muir, and S. Mursula. (2010). The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure. IMF Working Paper. 

• Anderson, D., Hunt, B., Kortelainen, M., Kumhof, M., Laxton, D., Muir, D., and Mursula, S. (2013). Getting to Know GIMF: The Simulation Properties of the Global Integrated Monetary and Fiscal Model. IMF Working Paper. 

• Laxton, D., and P. Pesenti. (2003). Monetary Rules for Small, Open, Emerging Economies. Journal of Monetary Economics. 

• Kumhof, M., and D. Laxton. (2007). A Party without a Hangover? On the Effects of U.S. Government Deficits. Journal of Economic Dynamics and Control. 

• Kamenik, O., H. Kiem, V. Klyuev, and D. Laxton. (2013). Why Is Canada’s Price Level So Predictable? Journal of Money, Credit and Banking. 

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