Monetary Operations: Tools and Techniques for Policy Implementation
This page contains the course materials for the Central Banking Training Course “Monetary Operations: tools and techniques for policy implementation”. This is made up of two hours of self-paced learning, including articles and reports, which participants are strongly recommended to review prior to the Live Content on June 5-8. In addition, presentations from the course’s Live Content will be held here subject to speaker approval. If you have any questions, please contact francesca.jolly@infopro-digital.com
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Bank of Canada officials explain monetary policy transition
Central bank publishes first record of monetary policy meeting discussions
Paper explores development and monetary policy transmission
Financial development only improves transmission to some rates, Colombian researchers find
Bailey raises possibility of setting bigger liquidity buffers
BoE governor says “we can’t assume” current buffers are still appropriate
Central banks need non-bank liquidity ‘toolbox’, says IMF
Fund says central banks should act as lender of last resort to systemically important non-banks
Fed creates new liquidity backstop amid contagion fears
Valuing collateral at par marks significant break with rules on standard liquidity facilities
Some new monetary frictions
Negative net interest is set to hit Fed earnings with monetary and fiscal policy implications
ECB will not consider QT until rates back to normal – Lagarde
Central bank holds close to €5 trillion in eurozone securities, over €4.2 trillion in public assets
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Four African central banks take policy decisions
Morocco and BEAC increase rates and Tanzania reduces liquidity while Angola cuts policy rate
Podcast: Waking up to net zero
BNP’s Jane Ambachtsheer says central banks should not be held solely responsible for achieving net zero, but they have a significant role to play