Macroeconomic Diagnostics from edX

In this online course on Macroeconomic Diagnostics (MDSx), you will learn some applied tools that will allow you to assess the economic situation in a country. These analytical tools are the ones most used by applied macroeconomists—including those at the IMF. You will learn both how to technically implement these tools and to interpret their results.

The course will guide you through the different sectors of an economy. It will present tools to assess the relevant sector and its vulnerabilities. These applied tools will be simple to apply and they will bring out the critical information that an economist needs to make an assessment.

Beyond the tools themselves, we’ll also be showing how to refine and interpret their output. We will be doing more than just plugging numbers into a spreadsheet formula. We will want to use the results of these tools – filtered through our judgement – to develop a narrative of a country’s economic situation.

To help you make this course more hands-on, you will be examining a case study country called “Diagnostica.” We will run through a series of sector-by-sector assessments. Along the way, we will be demonstrating how to apply the diagnostic by using different country examples. Then, you will be asked to perform that same exercise and interpret it for “Diagnostica.” Finally, we’ll be integrating our sectoral assessments into a comprehensive analysis known as a ‘risk assessment matrix’ or RAM. This will give us a sense of where the major risks and weaknesses lie in Diagnostica’s macroeconomic picture.

Macroeconomic Diagnostics is offered by the IMF with financial support from the Government of Japan.

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What's inside

Learning objectives

How to analyze potential output and calculate output gaps, identify expenditure composition of growth, measure inflation, and assess sources of inflation
How to assess the stance of monetary and fiscal policy and interpret financial sector soundness and risk indicators

How to analyze public and external debt sustainability, analyze the external position, and evaluate possible exchange rate misalignment
How to assess the medium–term prospects of the economy including the sustainability of public and external debt, and identify impediments to long–term growth

How to analyze potential output and calculate output gaps, identify expenditure composition of growth, measure inflation, and assess sources of inflation
How to assess the stance of monetary and fiscal policy and interpret financial sector soundness and risk indicators
How to analyze public and external debt sustainability, analyze the external position, and evaluate possible exchange rate misalignment
How to assess the medium–term prospects of the economy including the sustainability of public and external debt, and identify impediments to long–term growth

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches a comprehensive framework to diagnose economic situations and make assessments in different sectors

Makes advanced analytical tools used by applied macroeconomists accessible to learners

Provides hands-on practice through a case study country to reinforce learning

Explores tools to assess macroeconomic sectors and vulnerabilities

Focuses on the most widely used tools by macroeconomists

Guides learners in developing a narrative of an economic situation from data

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Macroeconomic Diagnostics with these activities:

Read 'Macroeconomics: A European Text 2nd Edition' by Blanchard & Amighini

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Review the fundamental concepts of macroeconomics in preparation for the course.

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Read the book's introduction and first three chapters.
Summarize the key concepts covered in each chapter.
Complete the end-of-chapter exercises.

Solve IMF's practice problems on output gaps

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Practice calculating output gaps, a key concept in macroeconomic analysis.

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Access the IMF's website and locate the practice problems on output gaps.
Attempt to solve the problems independently.
Check your answers against the provided solutions.

Simulate inflation scenarios using the IMF's Inflation Calculator

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Gain hands-on experience in measuring and analyzing inflation.

Browse courses on Inflation

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Access the IMF's Inflation Calculator tool.
Input different scenarios and observe the impact on inflation.
Analyze the results and identify the factors that influence inflation.

Five other activities

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Practice assessing monetary and fiscal policy using the OECD's Economic Outlook tool

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Develop practical skills in evaluating the stance of monetary and fiscal policies.

Browse courses on Monetary Policy

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Access the OECD's Economic Outlook tool.
Select a country and analyze its monetary and fiscal policy settings.
Interpret the data and draw conclusions about the policy stance.

Use the IMF's Debt Sustainability Analysis Tool to assess sovereign debt

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Gain proficiency in analyzing sovereign debt sustainability, a crucial aspect of macroeconomic stability.

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Access the IMF's Debt Sustainability Analysis Tool.
Input country-specific data and run the analysis.
Interpret the results and assess the risk of debt distress.

Evaluate exchange rate misalignment using the IMF's REER Calculator

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Develop skills in assessing exchange rate misalignment, a key factor in macroeconomic stability.

Browse courses on Exchange Rate

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Access the IMF's REER Calculator.
Select a country and calculate its real effective exchange rate.
Interpret the results and identify potential misalignments.

Follow tutorials on using STATA for macroeconomic analysis

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Enhance your analytical skills by learning to use STATA, a powerful statistical software for macroeconomic analysis.

Browse courses on Stata

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Identify online tutorials or training resources for STATA.
Follow the tutorials and complete the exercises.
Apply the acquired knowledge to analyze macroeconomic data.

Create a visual presentation summarizing key macroeconomic concepts

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Reinforce your understanding of macroeconomic concepts by creating a visual representation that can serve as a valuable study tool.

Browse courses on Macroeconomics

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Review the key concepts covered in the course.
Choose a visual format, such as a mind map, infographic, or slide presentation.
Design and create your visual representation.

Career center

Learners who complete Macroeconomic Diagnostics will develop knowledge and skills that may be useful to these careers:

Economist

Economists study how societies utilize scarce resources to produce various commodities and services and distribute them for consumption among various people. They apply economic theory and data analysis to economic problems, often using econometrics to analyze economic data from surveys, censuses, and other sources. The Macroeconomic Diagnostics course offered by the IMF can provide you with the tools to conduct these duties.

See salaries and explore the career path for Economist

Financial Analyst

Financial analysts research, analyze, and interpret financial data for clients. They utilize this information to provide recommendations, forecasts, and portfolio management guidance. The Macroeconomic Diagnostics course offered by the IMF can supply you with the necessary knowledge to perform financial analysis, interpret data, and make sound judgments.

See salaries and explore the career path for Financial Analyst

Investment Banker

Investment bankers provide advisory services to governments and corporations, assisting them in raising capital and executing mergers and acquisitions. They analyze market conditions, assess risk, and develop financial strategies. The Macroeconomic Diagnostics course offered by the IMF can equip you with the skills to conduct financial analysis, evaluate investments, and make sound financial judgments.

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Risk Manager

Risk managers identify, assess, and mitigate risks for organizations. They analyze economic data and trends to evaluate potential risks and develop strategies to minimize their impact. The Macroeconomic Diagnostics course offered by the IMF can furnish you with the tools to conduct risk analysis, evaluate economic data, and make informed decisions.

See salaries and explore the career path for Risk Manager

Quantitative Analyst

Quantitative analysts use mathematical and statistical models to analyze data and solve complex problems in finance and risk management. They develop and implement trading strategies, analyze market trends, and manage risk. The Macroeconomic Diagnostics course offered by the IMF can help you build a foundation in quantitative analysis, data interpretation, and risk assessment.

See salaries and explore the career path for Quantitative Analyst

Actuary

Actuaries analyze the financial implications of risk and uncertainty. They use mathematical and statistical techniques to assess the likelihood and potential impact of future events, such as death, disability, and retirement. The Macroeconomic Diagnostics course offered by the IMF can provide you with a deep understanding of risk assessment, data analysis, and financial modeling.

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Consultant

Consultants provide expert advice and guidance to organizations on a wide range of issues, including strategy, operations, and finance. They analyze data, identify problems, and develop solutions to help businesses improve their performance. The Macroeconomic Diagnostics course offered by the IMF can equip you with the analytical and problem-solving skills necessary to succeed in this field.

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Data Analyst

Data analysts collect, clean, and analyze data to identify trends and patterns. They use statistical and programming tools to extract insights from data and communicate their findings to stakeholders. The Macroeconomic Diagnostics course offered by the IMF can provide you with the skills to handle and analyze large datasets, identify trends, and draw meaningful conclusions.

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Market Researcher

Market researchers conduct surveys, analyze data, and interpret consumer behavior to understand market trends and customer needs. They provide insights that help businesses develop and market their products and services effectively. The Macroeconomic Diagnostics course offered by the IMF can equip you with the analytical and research skills necessary to excel in this role.

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Policy Analyst

Policy analysts research, analyze, and develop policies to address public issues. They evaluate the impact of policies and make recommendations to policymakers. The Macroeconomic Diagnostics course offered by the IMF can provide you with the analytical and research skills necessary to understand and evaluate public policies.

See salaries and explore the career path for Policy Analyst

Statistician

Statisticians collect, analyze, interpret, and present data to provide insights into various fields. They use statistical methods to design studies, analyze data, and draw conclusions. The Macroeconomic Diagnostics course offered by the IMF can provide you with a solid foundation in statistical analysis, data interpretation, and research methods.

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Budget Analyst

Budget analysts examine, analyze, and make recommendations on government budgets. They evaluate the effectiveness of government programs and policies, and make recommendations for improvements. The Macroeconomic Diagnostics course offered by the IMF can equip you with the analytical skills to understand and evaluate government budgets.

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Financial Planner

Financial planners help individuals and families plan and manage their financial resources. They analyze financial situations, identify goals, and develop strategies to achieve financial well-being. The Macroeconomic Diagnostics course offered by the IMF can provide you with a comprehensive understanding of financial planning, risk management, and investment strategies.

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Teacher

Teachers instruct students at all levels, from elementary school to university. They develop lesson plans, deliver instruction, and assess student learning. The Macroeconomic Diagnostics course offered by the IMF can provide you with a deep understanding of macroeconomic principles and their implications for public policy, making you a well-informed educator.

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Journalist

Journalists research, write, and report on news and current events. They inform the public about important issues and hold those in power accountable. The Macroeconomic Diagnostics course offered by the IMF can provide you with a solid foundation in economic analysis and policy evaluation, equipping you to report on complex economic issues.

See salaries and explore the career path for Journalist