An autonomous research institute under the Ministry of Finance


RCBC Pilot Programme on Advance Macroeconomic Modelling, 15-16th March, 2017


Dr. Rudrani Bhattacharya, Assistant Professor, NIPFP was invited to give lectures on Advanced Macroeconomic Modelling (Dynamic Stochastic General Equilibrium Modelling and Forecasting and Policy Analysis System Models) at the Reserve Bank Staff College, Chennai. The lectures were scheduled on 15-16th March, 2017. The topics covered were the following:

1. Monetary Policy Design in DSGE models: Concept of Optimal Monetary Policy
2. Optimal Monetary Policy: Practical Shortcomings and an Alternative Approach based on Welfare Criteria
3. Application using dynare software
4. Monetary policy: Discretion versus Commitment
5. An Introduction to Forecasting and Policy Analysis System (FPAS) Models: Concepts and Application in Central Banking
6. Application of FPAS Models: India as an example
The RBSC is a premier training establishment of the Reserve Bank of India, which offers training programmes on various functional areas to the Officers of the Bank. The College organized a Pilot Programme on Advance Macroeconomic Modelling  (FPAS/ DSGE Models), which is scheduled from March 13-17, 2017.
The objective of the programme was to introduce macroeconomic models with a focus on FPAS and DSGE models and their use in policy decisions. The aim was also to enable the participants to become a proficient user of data sources and econometric techniques for better analyses and understanding the impacts and reach of economic decisions.