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5 - FNB - Finance and Banking

FNB 230 - Macroeconomic and Monetary Policy Forecasting

Code Start Date Duration Venue
FNB 230 27 February 2023 10 Days Istanbul Registration Form Link
FNB 230 24 April 2023 10 Days Istanbul Registration Form Link
FNB 230 12 June 2023 10 Days Istanbul Registration Form Link
FNB 230 14 August 2023 10 Days Istanbul Registration Form Link
FNB 230 09 October 2023 10 Days Istanbul Registration Form Link
FNB 230 04 December 2023 10 Days Istanbul Registration Form Link
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Course Description

Economics is composed of parts: microeconomics and macroeconomics. The focus of this course is macroeconomics. It introduces participants to the principles of macroeconomics and other related topics such as monetary policy, inflation, and economic fluctuations. By the end of this course, participants will have explored the key questions in macroeconomics and learn about the most successful economies experience.

Course Objectives

  • Understanding savings, investment, and the financial system
  • Learning about the monetary and the banking system
  • Discussing central banks, monetary policies, and inflation
  • Learning economic fluctuations
  • Exploring fiscal and monetary policies

Who Should Attend?

  • Managers
  • Financial officers
  • Financial planners
  • Auditors  

Course Details/Schedule

Day 1

  • Introduction and gross domestic product
  • Macroeconomic aggregates
  • The components of GDP
  • Real and nominal GDP
  • GDP deflator

Day 2

  • Savings and Investment in a closed economy
  • The market for loanable funds
  • Labor market
  • The natural rate and the cyclical unemployment
  • Consumer price index

Day 3

  • Price indices and relative prices 
  • Trends in relative prices 
  • Output and real interest rates 
  • Philips curves
  • Exchange rate (UIP)

Day 4

  • Monetary policy rule
  • Foreign block
  • Money, monetary system and inflation
  • Fiscal and monetary policies
  • The money demand

Day 5

  • The theory of liquidity preference
  • The impact of monetary policies on the aggregate demand
  • Fiscal policies and the multiplier effect
  • Fiscal policies and the crowding-out effect
  • The argument for and against the use of fiscal and monetary policy

Day 6

  • Applying the model for policy analysis
  • Calibration and data
  • Applying the model for macro forecasting
  • In–sample forecasting properties
  • Out–of-sample forecasting

Day 7

  • Vector autocorrelations
  • Impulse response functions and analysis
  • Forecast error variance decompositions
  • Historical decompositions

Day 8

  • Open economies and trade balances
  • Capital flows
  • The relationship between savings, investment, and capital flows in open economies
  • Nominal and real exchange rate

Day 9

  • Economics fluctuation 
  • Aggregate demand
  • The forces affecting growth, inflation, and unemployment
  • National study of demand and supply
  • Short and long run aggregate supply curve

Day 10

  • Forecasting procedure
  • Forecasting results
  • Time series forecasting
  • Additive model
  • Multiplicative models