Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems

Author: Mr. Nils O Maehle, Tibor Hlédik, Mikhail Pranovich, and Carina Selander

3. This paper takes stock of FPAS CD, drawing extensively on the experience and lessons learned from developing FPAS capacity in the central banks.

Volume/Issue: Volume 2021 Issue 026

Publication date: December 2021

ISBN: 9781557753274

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Topics covered in this book

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Banks and Banking , Finance , Inflation , Money and Monetary Policy , Forecasting and Policy Analysis System , FPAS , Central Banks , policy analysis system , monetary policy forecasting , IMF Library , capital markets department , FPAS capacity , Central bank policy rate , Exchange rates , Market interest rates , Output gap , Inflation , Sub-Saharan Africa , Europe , Africa

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Summary

This paper takes stock of forecasting and policy analysis system capacity development (FPAS CD), drawing extensively on the experience and lessons learned from developing FPAS capacity in the central banks. By sharing the insights gained during FPAS CD delivery and outlining the typical tools developed in the process, the paper aims to facilitate the understanding of FPAS CD within the IMF and to inform future CD on building macroeconomic frameworks. As such, the paper offers a qualitative assessment of the experience with FPAS CD delivery and the use of FPAS in the decision-making process in central banks.