Duration

5 days

Deadline for application

21 February 2025

Objective

Monetary policy decision-making calls for a thorough analysis of economic, monetary and financial developments. Central banks assess these developments using a variety of analytical tools. The outcome of their analyses provides key input for well-informed monetary policy decisions, which are a prerequisite to the central bank fulfilling its monetary policy mandate. This course provides an overview of various analytical tools which Bundesbank staff use in the context of the monetary policy decision-making process in the monetary union. The focus is on the analysis of economic, monetary and financial developments: an important element 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 used to monitor and assess developments in the areas of money and credit, capital markets, exchange rates and price competitiveness, as well as in relation to the monetary transmission process. Whilst our specialists will primarily report on practices within the Deutsche Bundesbank, participants of 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.

Content

• Monetary policy transmission and the effects of financial shocks
• Analysis of financial accounts
• Capital markets analysis
• Exchange rate and price competitiveness analysis
• Role of banks in monetary policy transmission
• Policy advice with quantitative (DSGE) models
• Current research projects related to monetary policy analysis

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 be familiar with basic econometrics as well as commonly used modelling techniques. Knowledge of matlab is preferred. Whilst our specialists will primarily report on practices within the Deutsche Bundesbank, participants of 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.

Please note

The course does not cover topics related to broader macroeconomic analysis and forecasting. Moreover, it does not provide an introduction to econometrics or specific modelling techniques. A nominating person is mandatory for the participation in our in-person courses.