Analytical tools for monetary policy Online course


Monetary policy decision-making calls for thorough analysis of economic, monetary and financial developments. Central banks assess these developments using a variety of analytical tools. The results of their analysis play a key role in the well-informed monetary policy decision-making that allows the central bank to fulfil its monetary policy mandate.

This online course provides an overview of a range of analytical tools used by Bundesbank staff in the context of the monetary policy decision-making process in the euro area. The focus of the course is on the analysis of monetary and financial developments, which represents an important part of the analytical approach adopted by the Eurosystem under the prevailing monetary policy strategy. Bundesbank experts will present key aspects of their regular analytical work. In particular, the course will illustrate specific analytical approaches to monitoring and assessing developments in the area of money and credit as well as in relation to the monetary transmission process.


Session 1 (2 November): Analysing the role of banks in monetary transmission – selected issues surrounding monetary policy transmission

Session 2 (3 November): Sectoral financial investment and financing behaviour – monetary policy implications through the lens of financial accounts

Session 3 (4 November): The macroeconomic impact of quantitative easing (in DSGE models)

Session 4 (5 November): Monetary analysis – analysing monetary policy transmission and the effects of financial shocks

Target Group

Mid-level central bank officials working in the area of monetary analysis and/or financial market analysis. Potential candidates who wish to apply for the course should have a sound understanding of macroeconomic theory and are expected to have a sound understanding of basic econometrics as well as experience in the use of commonly used modelling techniques.

This course is organised as a series of sessions and only a limited number of places is available. We therefore expect the applicants to take an active part in the whole course. Participants who attend all the sessions will receive a certificate.

Further reading/references

Deutsche Bundesbank (2015), Recent developments in loans to euro-area non-financial corporations, Monthly Report, September 2015, pp. 15-39.

Deutsche Bundesbank (2016), The macroeconomic impact of quantitative easing in the euro area, Monthly Report, June 2016, pp. 29-53.

Deutsche Bundesbank (2020), The upswing in loans to enterprises in Germany between 2014 and 2019, Monthly Report, January 2020, pp. 13-44.

Session 2 (see Downloads):

Deutsche Bundesbank (2015), German households’ saving and investment behaviour in light of the low-interest-rate environment, Monthly Report, October 2015, pp. 13-31.

Deutsche Bundesbank (2017), Recent developments in the indebtedness of the private non- financial sector in selected euro- area countries, Monthly Report, January 2017, pp. 41-58.

Deutsche Bundesbank (2018), Developments in corporate financing in the euro area since the financial and economic crisis, Monthly Report, January 2018, pp. 53-71.

Deutsche Bundesbank (2019), The impact of an interest rate normalisation on the private non-financial sector in the euro area from a balance sheet perspective, Monthly Report, January 2019, pp. 13-30.

Technical requirements

Computer with microphone, camera, speakers or headphones; a current internet browser.

Deadline for application

28 October 2020