Objective

The implementation of monetary policy requires both well-defined goals and a consistent set of policy instruments in order to achieve them. This course will begin by placing the central bank’s monetary policy operations in the context of the broader monetary policy strategy, emphasising the link between policy formulation and implementation. A focus will be on the practicalities of implementing monetary policy, including liquidity management, refinancing operations, monitoring of monetary policy counterparties, the collateral framework, and monetary policy asset purchases. The course will also provide an introduction to market intelligence at the Deutsche Bundesbank. While our specialists will primarily report on practices within the Eurosystem, participants in this course will also be encouraged to actively engage with each other and, where appropriate, prepare presentations in workshops and exercises to provide insights into the respective frameworks of their own countries.

Contents

• Monetary policy mandate, strategy and operational framework 
• Monetary policy refinancing operations in practice
• Monitoring of monetary policy counterparties and Eurosystem's ELA‑Framework
• Collateral framework
• Monetary policy purchase programmes in practice and current challenges
• Market intelligence

Target group

Junior to mid-level central bank officials working in monetary policy operations whose responsibilities require a thorough understanding of monetary policy implementation, or where there is a strong interest in acquiring such knowledge. Participants are required to actively contribute to the course and when appropriate to prepare a presentation to give insight in monetary policy operational frameworks of their own respective countries.