Course on Monetary and Financial Information for Macroeconomic Analysis

Content

The main topics covered in the course are as follows: i) monetary and financial information relevant to the assessment of monetary policy, macroeconomics, and banking supervision; ii) management of monetary and exchange rate policy: objectives, instruments, inflation and monetary aggregate targets, models, and examples; iii) intervention in the foreign exchange market: objectives, methods, financial costs and benefits; iv) optimal/adequate level of international reserves: calculations based on models and criteria; v) CB capital-to-GDP ratio: target level and its dynamics; vi) level of central bank capital compatible with an inflation target; vii) financial vulnerability of a bank and the banking system: calculation of macro risks (credit, interest rate, and exchange rate risks), contagion risks, and liquidity risks using financial soundness indicator models and stress tests; and  viii) challenges for economic policy arising from large capital inflows and outflows.