Course Schedule 2018

Monetary Policy Implementation


TARGET GROUP | (i) Junior to mid-level central bank officials working in monetary policy opera-tions; and (ii) officials from central banks or ministries of finance/economy whose responsibilities re-quire, or who have a strong interest in acquiring, a thorough understanding of monetary policy im-plementation.


DESCRIPTION | The implementation of monetary policy requires both a well-defined system of mone-tary policy goals and a developed set of policy instruments. This one-week course will begin by placing the central bank’s monetary operations in the context of its broader monetary policy strategy, touch-ing on the choice of the monetary policy/exchange rate regime, monetary policy objectives and in-struments, operational goals, and the functioning of the monetary policy transmission mechanism. The course will then focus on the practicalities of implementing monetary policy, including its effects on the central bank’s balance sheet. It will discuss monetary policy instruments, factors affecting short-term money market liquidity, forecasting liquidity, the conduct of open market operations, the role of required reserves, standing facilities, and foreign exchange interventions.


Topics include:

• Monetary policy principles, strategies and their implications for monetary operations

• Monetary policy implementation and impact on the central bank’s balance sheet

• Open market operations, auction mechanisms, repos and reverse repos, foreign exchange in-terventions

• Operational frameworks for steering short-term interest rates

• Case studies


Course Program
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Course Details

Start: 20180312Mar 12
End: 20180316Mar 16

Language: English

Sponsoring Organization: JVI/BBk/OeNB

Admin Arrangements

Application Deadline: January 14, 2018

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