Deadline for application

22 March 2024

Objective

Monetary policy decision-making calls for a thorough anlysis 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 five-day courseprovides an overviewof 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, 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 used to monitor and assess developments in the area of money and credit, in capital markets, in exchange rates and price competitiveness as well as in relation to the monetarytransmission process.

Contents

• 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 researchprojects 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.

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.