TCCP | The Better Policy Project

Training Coaching and Collaboration Program (TCCP)

The core philosophy of TCCP is to make training a collaborative effort that incorporates dealing with active issues for the institution. You can think of The Better Policy Project as a support structure for staff to learn while carrying out their existing tasks. This way training, coaching and collaboration can occur in any order and is flexible to the changing needs of the institution. The program is designed on-the-go for busy people without losing sight of the underlying goals of the institution. We do it this way because we are trying to minimize the perceived time cost associated with traditional training programs.

Training: The BPP will provide training material and services on specific topics that are interesting to the staff and relevant for the institution. Can be both formal and informal style lectures. Introductory to advanced courses concerning monetary policy and central bank activities depending on the level of staff.

Coaching: Staff will have access to the BPP on a continual basis to ask and deal with issues they are facing over the course of the program. The BPP will help support staff to carry out their duties that are consistent with the objective of the institution.

Collaboration: The BPP and staff will work together on specific topics with the aim of producing working papers as a form of output of the program.

All 3 Together: We have to stress the flexibility of the program. We understand the obligations of the staff and try to tailor the program so that it weaves seamlessly within their existing work. This also means that all three elements stated above can happen at different times and in a different order.

Forecasting and Policy Analysis Systems (FPAS) – Efficient Processes for Organizing Policy Analysis and Decision-Making

Forward looking policy, as desirably practiced by Flexible Inflation Targeting (FIT) central banks, requires an organizing framework for understanding the implications of alternative policy choices and choosing between them. FPAS provides such a framework. FPAS is now evolving to meet the needs of policy making in a world where uncertainty is once again the normal state. Mark II versions of FPAS are in development, moving the focus from increasing the granularity of the forward view to handling multiple possible outlooks through structured scenario analysis.

Six TCCP Principles:

Need both learning by doing and learning from others.
Organic Learning is learning that occurs in a natural state. It is learning that develops from within the student. The student develops a curiosity about a topic, concept, problem, or idea, then seeks out methods to satisfy this curiosity.
Good coaching gets people excited in organic learning. Good coaches inspire confidence in their students and simply help them out when they are asked.
Good collaborators get the job done when others are too busy with pressing issues. They keep the ball rolling so that more and more knowledge is accumulated every day.
Successful people combine their talent into teams and implement divide-and-conquer strategies to solve problems faster. They also understand the learning styles of other team members and know how they can contribute the most to the team.
Great managers and team leaders know that they need to help develop work environments that unleash organic-learning processes. Good students become good coaches and the institutions end up standing out from other institutions.

12 Topics of Basic FPAS Mark II TCCP

Modern Monetary and Macroprudential Policy frameworks: 6 Principles and Their Application to the FPAS Mark II

Research Methodology, Critical Thinking and Preparing for Presentations, Questions and Job Interviews

Best and Worst Practices: Central Bank Efficiency, Monetary Policy Transparency and Central Bank Communications

Closed-Economy and Open-Economy Semi-Structural Models in DYNARE and their Application to FPAS Mark II

Unconventional Monetary Policies and Exit Strategies

DSGE Economics and a Collection of Some Useful and Not-So-Useful DSGE Models

Monetary-Policy-Relevant Output Gaps in IRIS

Endogenous Money Creation, Models with Macro-Financial Linkages and Financial-Cycle-Relevant Output Gaps

Bayesian Basics in DYNARE

Stock-Flow Relationships (Debt, Deficits, Housing, Capital, etc.) in Excel, Julia, R and Python

Modeling the Effects of Fiscal Policy in DSGE Models

Application of Uncertainty Science to Policy Practice: Macroeconomics and Uncertainty in R and Python

Other Important Components and Procedures of FPAS MARK II

Research: Training on how to become a successful professional researcher:

Choose a Hot Topic.
Design a Research Plan.
Monthly Presentations on the Research.
Write a paper within 6 months.
Write another paper within 6 months.

Deliverables:

Training about how to become a successful professional researcher that can execute projects.
12 presentations and 2 working papers on hot topic(s).

FPAS Mark II Training: Training for both development and implementation:

Develop a Plan with Quarterly Milestones.
Bi-Weekly presentations to FPAS Coordinators.
Quarterly Presentations of Milestones.
Project Documentation.

Deliverables:

Development or Enhancement of FPAS Mark II.
Implementation or Enhancement of FPAS Mark II.
20 bi-weekly presentations.
4 quarterly presentations.
Documentation.