Program Overview

The Macroeconomist Training Program (MTP) is an outreach initiative to young scholars and professionals to help them gain an understanding of how the IMF uses financial programming and other tools to analyze macroeconomic issues and provide policy recommendations.

Under this program, selected applicants are invited for a residential workshop* to join lectures by former IMF economists and undertake group work on a mock IMF-style country surveillance exercise.

Launched in August 2017, twenty-first MTP sessions have been held for a total of 411 youths from 52 countries (as of August 2024). These courses have served as a launching pad to the full online courses offered by the IMF Institute for Capacity Development.

* During the COVID-19 pandemic, the courses were offered virtually.

Content

The lectures will provide an overview of IMF economic surveillance, including the use of its financial programming tool. Students will discuss real country cases of bilateral surveillance and lending programs, and undertake their own analysis of a country case as a group, using the tools introduced in the course.

Target Participants

For the English course: Students studying in Japan on Master’s/ PhD degree programs in macroeconomics, international finance, development economics, and other related fields. Young professionals and undergraduate students can also apply.

For the Japanese course: Undergraduate students studying in Japan in macroeconomics, international finance, development economics, and other related fields. Students pursuing a master’s degree and young professionals may also apply.

A Certificate of Participation will be granted to participants who complete this workshop.

Main Lecturers

English course

Jerry Schiff (PhD)
Dr. Schiff currently teaches at George Washington University. Previously, he was Deputy Director of the Asia and Pacific Department of the IMF. He held a number of senior positions at the IMF. He is also a visiting professor at the University of Tokyo Graduate School of Public Policy.

Japanese course

Shogo Ishii (PhD)
Dr. Ishii currently serves as an IMF Consultant. Previously, he was the Director of the IMF Regional Office for Asia and the Pacific. He has also held a variety of senior positions at the IMF including mission chief for Malaysia, Singapore, and Vietnam and Senior Resident Representative in Thailand.

18th course (Tokyo, English)

Day 1
13:00-
Registration
13:30-14:00 Icebreaking Session
This session provides the opportunity for the students to get to know each other before the lectures start.
14:00-14:05  Welcome and Opening Remarks 
14:05-14:45

A. Role of the IMF
This session explains the role of the IMF in the international financial system. In addition, the lecturer will describe how an IMF economist works at Headquarters and in the field.

14:45-16:15 B. Financial Programming I: The IMF’s macroeconomic framework
This session presents an overview of how the IMF analyzes macroeconomic issues. The lecture will present the IMF’s financial programming tool, and illustrate how it is used to understand linkages between macroeconomic variables and make sensible projections and policy recommendations.
16:15-16:30  Break 

16:30-18:00

C. Financial Programing II: Fiscal policy
This session will explore the role of financial programming and other tools in identifying macroeconomic risks and vulnerabilities and developing policy recommendations in the area of fiscal policy. 

Day 2
9:00-11:00

D. Financial Programming III: Monetary and financial sector policies. 
This session will describe how financial programming is used to analyze the monetary sector. Simple tools for evaluating monetary and exchange rate policies and macro-financial linkages and risks will also be introduced. 

11:00-11:15
Break
11:15-12:45

E. IMF Surveillance: The case of Turkey
This session will utilize the case of Turkey to explain the role of IMF surveillance and illustrate how financial programming is used to analyze a country’s economy. In particular, the class will explore how to use economic data to identify risks and vulnerabilities and to develop policy recommendations. This session will serve as a basis for student presentations.

12:45-13:45 Break
13:45-14:45 F. Presentation by JICA
14:45-15:15  G. Explanation of Group Assignments
In this brief session, the group assignment will be explained. There will also be an opportunity for participants to ask questions based on the written material provided ahead of time.
15:15-18:00  H. Office hours: Preparation of group presentations 
Day 3

9:00-10:30

I. IMF-Supported Programs: The case of Sri Lanka
This session will discuss the role of, and process behind, an IMF-supported adjustment program. The case study of Sri Lanka will be utilized to provide concrete examples of key concepts of an IMF-supported adjustment program and to explore key trade-offs faced in program design.

10:30-10:45 Break
10:45-11:45 J. Office hours: Preparation of group presentations
11:45-12:45 Lunch
12:45-16:00

H. Group Presentations

16:00-16:30 Photo Session and Closing Remarks / End of Course Survey
16:30- Reception

Please note that the schedule is subject to change. During the COVID-19 pandemic, the course was offered virtually through online lessons.

17th course (Tokyo, Japanese)

Day 1
13:00-
Registration
13:30-14:00 Icebreaking Session 
This session will be held in order to provide the opportunity for the students to get to know each other before the lectures start.
14:00-14:05 Welcome and Opening Remarks
14:05-14:45

A. The Role of the IMF
This session will first explain the role of the IMF in the international financial system. In addition, the lecturer will describe how an IMF economist works at Headquarters and in the field.

14:45-16:15
B. Macroeconomic Framework and Linkages
This session will present an overview of the ways in which member countries’ macroeconomic developments and policies are analyzed in the IMF. It will focus on key macroeconomic accounts and their linkages
16:15-16:30 Break
16:30-18:00 C. Financial Programing: Baseline Scenario
This session will discuss how the financial programing is used to make baseline projections that are consistent among sectors and sensible. 
Day 2
9:00-10:30 D. Assessing Baseline Scenario
This session will explain how a baseline scenario will be used to identify macroeconomic imbalances and risks.
10:30-10:45 Break
10:45-12:15 E. Macroeconomic Policies
This session will discuss various macroeconomic policies and their main objectives. The anticipated impact of policy measures and their constraints will be also discussed.
12:15-13:15
Lunch
13:15-14:45 F. IMF-Supported Adjustment Program
This session will discuss the role of, and process behind, an IMF-supported program. A case study of Egypt will be utilized to provide concrete examples of key concepts introduced during the day, and to explore trade-offs faced in program design.
14:45-15:00 Break
15:00-16:00  G. Explanation on Group Assignments
An instruction and a set of macroeconomic data of Lao PDR and Sri Lanka will be provided.
16:00-18:00 H. Office Hour _ Preparation for Group Presentation
Day 3
9:00-10:30 I. Case Study: Egypt
This session reviews Egypt’s recent economic developments and the 46-month Extended Fund Facility program approved in January 2023. The program aims at preserving macroeconomic stability and paving the way for sustainable private-sector-led growth.
10:30-10:45 Break
10:45-11:45 J. Presentation by JICA
11:45-12:45 Lunch
12:45-14:15
K. Group Presentation I
14:15-14:30 Break
14:30-16:00 L. Group Presentation II
16:00-16:30
Photo Session and Closing remarks / End of Course Survey
16:30-18:00 Reception