The main objective of this training is to equip Regional Member Country (RMC) economists with various macroeconomic models which they can apply in their policy environments and to enable them acquire the necessary modelling skills to be used to develop macroeconomic models for their countries. This will help these countries in formulating policies based on evidence derived from the models and their estimation results.
Emphasis in this training will thus be placed on Dynamic Stochastic General Equilibrium (DSGE) models as they allow a clear understanding and modelling of the interaction of many macroeconomic decisions in dynamic and equilibrium settings. These models will allow participants to test economic responses to various shocks and policies, and to conduct policy experiments and assess the economic impacts of their medium-term and long-term transformational plans. Furthermore, these models capture the key peculiarities of African economies, such as resource abundance, infrastructure investment-financing-growth linkages, frictions in international capital market access and many others.