JVI/DBB/OeNB Course on Monetary Policy Implementation

The collaborative course on Monetary Policy Implementation was delivered by the JVI, the Deutsche Bundesbank (DBB) and the Oesterreichische Nationalbank (OeNB) between March 7-11 in Vienna. It was attended by 24 participants from 19 central banks and two ministries of finance. Most central bank participants came from the markets and the economic analysis or policy departments. 

The course week started with an overview of the broader monetary policy framework. It then delved into interest rate steering and the role of balance sheets and liquidity analysis. Specific aspects of monetary policy implementation were covered in depth, such as the design of separate monetary policy instruments, FX interventions, and the collateral framework. Principles of operational frameworks and weaknesses in the transmission mechanism were also discussed, and participants had a chance to apply them in reviewing their own country cases. The course concluded with a presentation on the current challenges of monetary policy implementation in the euro area, including the normalization of monetary policy. The course included several workshops aimed at developing the participants’ skills related to the design and liquidity effects of various monetary policy instruments, liquidity forecasting and analyzing foreign exchange interventions. 

The course was well received and very highly rated, and participants were engaged and motivated. They were highly satisfied with the course content, noting that the knowledge and skills gained during the course would be helpful for their job and professional development. As usual with this course, the diversity of participants in terms of geographical and professional backgrounds enriched the discussions and facilitated peer learning. 

Following the now well-established successful cooperation between the JVI, the DBB and the OeNB on this course, it will again be delivered in the spring of 2026. Besides the now standard content, it will also cover newly emerging issues regarding the operational side of monetary policy. 

Rilind Kabashi, Senior Economist, Joint Vienna Institute