The Better Policy Project
Werner Roeger
DIW Berlin,
Research Fellow
Evelyn Truong
Reserve Bank of New Zealand,
Advisor
Junior Maih
Norges Bank,
Senior Adviser
Armen Nurbekyan
Central Bank of Armenia,
Deputy Governor
Vahe Avagyan
Central Bank of Armenia,
Macroeconomist
The Central Bank Macroeconomic Modeling (CBMM) Workshops were established in 1998 by the Reserve Bank of New Zealand (RBNZ) after developing a model-based Forecasting and Policy Analysis System (FPAS) to support their flexible-inflation-targeting regime. Since then, the workshops have been hosted annually by different central banks to better connect central bank modeling efforts with academic research.
The first workshop on "Monetary Policy Under Uncertainty" was held during the very early days of the inflation-targeting pioneers. In the early 1990s, the Bank of Canada had developed solution methods for solving a class of nonlinear models with plausible representations of the monetary policy transmission mechanism, which were incorporated into the Bank's Quarterly Projection Model (QPM). RBNZ implemented this approach with Canadian help, launching the first FPAS quickly became and stayed the gold standard for monetary policy.
Learn more about the history of CBMMW over the last 25 years here.
To commemorate the 26th anniversary of CBMMW and the development of FPAS Mark II, we have revised the format of the conferences. From 2023, the CBMMW will be held quarterly, alternating between Dilijan, Armenia and Vila Sol, Portugal, at the end of the second week of the first month of each quarter. The COVID19 pandemic has demonstrated that hosting hybrid or online workshops is extremely efficient, and therefore, the workshops will continue to be conducted in a hybrid or online format.
The quarterly workshops (October, January, and April) allow for greater focus on a few selected papers (max. 9) chosen from the July flagship workshops. We plan to select the invited papers from the pool of papers submitted at the annual flagship workshop (60-100 presentations). To ensure the scientific committee has a more effective selection process, we will continuously refine our approach including polling the researchers that have submitted presentations. Another advantage of the quarterly workshops is that researchers will have more opportunity to present their work in greater detail, as their research progresses towards final publication. This will enable a more in-depth analysis of their research findings, providing valuable feedback from experts in the field. We believe that this approach will foster greater collaboration, innovation, and knowledge sharing among participants, promoting a more efficient advancement of the state of the art in policy-making institutions.
The inaugural quarterly conference took place in January at the Dilijan Training and Research Center of the Central Bank of Armenia (CBA).
The flagship annual conference will be hosted by Central Bank of Armenia on July 12-14, 2023. It will feature both submitted papers and invited/keynote presentations. We are pleased to announce that we are putting together an exciting program for our upcoming July flagship workshop, featuring a lineup of engaging keynote speakers and panel discussions.
Following the workshop, we will be offering several weeks of advanced courses in macroeconomic modeling. The keynote speakers are leading experts in the field of macroeconomics, and their talks will cover a range of relevant topics, from forecasting and policy analysis to monetary theory, financial stability, and fiscal policy. The sessions will provide a unique opportunity for participants to gain insights into the latest research and developments in macroeconomics, and to engage with fellow researchers and practitioners.
After the workshop, our advanced courses will focus on cutting-edge techniques and methods in macroeconomic modeling, providing central bank economists with the skills and knowledge they need to support state-of-the-art policy analysis. Taught by experienced instructors, the courses will feature hands-on exercises, case studies, and group discussions, and will be designed to address the specific challenges faced by economists in today's rapidly changing economic landscape. Syllabuses for the courses will be available soon.
Michel Juillard
"Macroeconomic Modeling in Dynare/Julia"
July 17-21, 2023
Junior Maih
"Introduction to RISE"
July 24-28, 2023
Hamid Faruqee
"Introduction to DSGE Economics"
July 17-21, 2023
Werner Roeger
"Fiscal Policy Modeling"
July 24-28, 2023
Lawrence Schembri
"Advanced Transparency & Communications"
July 24-28, 2023
We also hope to foster much better collaboration in the field of macroeconomic modeling. The objective of the workshop is to encourage researchers that can produce state-of-the-art policy analysis that is easily up to the standards to publish in referee journals.
We also hope to foster much better collaboration in the field of macroeconomic modeling. The objective of the workshop is to encourage researchers that can produce state-of-the-art policy analysis that is easily up to the standards to publish in referee journals.
This year the 26th Central bank Macroeconomic Modeling Workshop focuses on the following main areas:
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New Generation of Forecasting and Policy Analysis Systems (FPAS Mark II)
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Role of Unconventional Monetary Policy
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Central Bank Transparency and Communications
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Incorporating Financial Conditions into Forecasting and Policy Analysis
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Fiscal Policy Modeling
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Implications of Uncertainty in the Stars and Bars
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Macroeconomic Implications of COVID19-Related Shocks
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Open-Source Software for Macro Modeling (Dynare/Julia, RISE, Python, R, etc.)
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Climate Change
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Heterogeneous Agent New Keynesian Models
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-Other Hot Topics in Macro-Policy Modelling
The final papers should be submitted to CBMMW@cba.am by May 15, 2023.
All the papers will be reviewed by the Organizing Committee and the authors will be informed whether their
papers are accepted by June 1, 2023.
Please fill the registration form if you intent to attend the workshop (in-person or online).
