Monetary policy implementation Course level I

In cooperation with the Oesterreichische Nationalbank (OeNB) and the Joint Vienna Institute (JVI)

Application deadline

27 November 2022


The implementation of monetary policy requires both well-defined goals and a consistent set of policy instruments to achieve them. This one-week course will place central banks’ monetary policy operations in the context of the broader monetary policy strategy. It will emphasise the link between policy formulation and implementation, discuss monetary policy objectives and instruments, and explain the functioning of the monetary policy transmission mechanisms. The course will then focus on the operational details of implementing monetary policy, including the interest rate steering approach and the role of a central bank’s balance sheet. The course will also cover specific aspects of monetary policy implementation: liquidity analysis, the operational design of conventional and unconventional monetary policy instruments, the role of foreign exchange interventions, and the consistency of operational frameworks. Finally, the course will address current challenges in monetary policy implementation, including the environmental, social and governance (ESG) aspects.


Upon completion of this course, participants should be able to do the following.

  • Formulate principles for monetary policy and the implications for monetary operations
  • Describe monetary policy implementation using an interest rate steering approach, as well as the role of the central bank’s balance sheet
  • Conduct liquidity analyses
  • Understand the operational design of monetary policy instruments
  • Analyse foreign exchange interventions
  • Assess the consistency of operational frameworks
  • Understand monetary policy implementation in the Eurosystem
  • Understand ESG-related challenges

Target group

Junior to mid-level central bank officials working in monetary policy operations and officials from central banks or ministries of finance or economics whose responsibilities require, or who have a strong interest in acquiring, a thorough understanding of monetary policy implementation.

Registration at JVI

Registration deadline expired.