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Registration deadline: 23 October 2020

  • Course description

    The course focuses on the interplay between monetary policy and developments in credit dynamics and intermediaries (banks and nonbanks) from both a microeconomic and a macroeconomic perspective. In particular, it analyses the impact of monetary policy on financial markets segments, the bank lending channel – with a focus on loans, lending rates and funding conditions – and more broadly the transmission of monetary policy via banks, including the interaction with microprudential and macroprudential policies.

    During this course, you will take part in lectures and exercises that use both macroeconometric techniques and also microeconometric techniques.

  • Objectives

    After having completed this course, you will be able to:

    • Illustrate substitution across intermediaries such as investment funds, fintech, shadow banks, and security issuing;
    • Evaluate monetary policy (shocks, surprises, policy shifts), negative monetary policy rates, QE and other non-conventional policies;
    • Explain the mechanisms of bank credit supply;
    • Interpret the role of nonbanks, including shadow banks and fintech;
    • Define the interaction between monetary policy and prudential policies;
    • Assess some international spillovers of monetary policies.
  • Topics covered

    • Macro and micro identification
    • The impact of monetary policy actions on financial markets
    • The transmission channels of both standard and non-standard monetary policy to lending conditions
    • Real effects of policy measures
    • Quantitative easing
    • Negative rates
    • Tiering
    • Nonbank credit intermediaries, fintech, shadow banks
    • Market finance substitution
    • Interactions of monetary with prudential policies
    • Anacredit European credit register
    • Euro Area supervision and monetary policy interactions
    • International spillovers of monetary policies
  • Course format

    The ‘live online class’ format brings to your own devices, in real time, personal exchanges and interactions with instructors and other participants.

    The course format will consist in a series of live lectures, followed by a policy roundtable featuring contributions from high-profile guest speakers from the ECB.
    An intergral part of the course consists in practical applications and exercises, where you will work alongside the instructors in plenary sessions, as well as in small groups with the other course participants.

    The course format will give ample room to Q&A and collaboration. You will benefit from close guidance and supervision throughout the whole course, with occasions for individual feedback and personal interactions with the instructors.

    The course will take place over the course of five consecutive days, in series of synchronous live classes. Every day, you will be expected to devote approximately 3 hours to the course activities.
    The course will require approximately 14 hours to be completed.

  • Course schedule


    (before the course)
    • Access to the course platform.
    • Virtual presentations by participants
    • Access to readings, preparatory material


    First live class
    • Session 1 – The Transmission Channels of Monetary Policy Actions
    • Session 2 – Monetary Policy and Financial Markets Developments
    • Short exercise in a live plenary session:
      ‘The use of High-Frequency Data in Banking, Macroprudential and Monetary Policy.’


    Second live class
    • Session 3 – Micro Evidence on Transmission Channels via Banks
    • Session 4 – Monetary Policy in a Low Interest Rate Environment
    • Session 5 – Negative Rates
    • Short exercise in small breakout groups:
      ‘The Use of Granular Data (Credit register) for Banking, Macroprudential and Monetary Policy.’


    Third live class
    • Session 6 – Macroprudential and Supervision Policies; International Transmission
    • Session 7 – Non Banks and Monetary Policy
    • Self-paced exercise


    Fourth live class
    • Correction and discussion of the exercise
    • Session 8 – The Transmission of Monetary Policy to the Real Economy
    • Short exercise in small breakout groups
      ‘Time-Series Macro-Models for Banking, Macroprudential and Monetary Policy.’


    Fifth live class
    • Guest lecture ‘The ECB’s monetary policy at 20’
    • Presentation by Massimo Rostagno, ECB
    • Discussion, Q&A
    • Concluding session by the course instructors

  • Meet the instructors

    Carlo Altavilla is Head of Bank Lending Conditions Section in the Directorate General Monetary Policy of the European Central Bank (ECB). He holds a Ph.D. in Economics from the Catholic University of Leuven. In his role, Carlo oversees the assessment of bank liquidity and funding conditions across the Euro area, the assessment of credit constraints, the functioning of the bank lending channel, and the calibration of standard and non-standard measures working through the banking system. He also chairs the taskforce on banking analysis for monetary policy of the Monetary Policy Committee of the European System of Central Banks. Before joining the ECB, he has taught econometrics and economic policy at the University of Naples and Université libre de Bruxelles and he has been a visiting scholar and professor at Columbia University and University College London, respectively. His research has appeared in several journals including the Journal of Money Credit and Banking, Economic Policy, and the Journal of Monetary Economics.

    José-Luis Peydró is Full Professor of Finance at Imperial College London and ICREA Professor of Economics at UPF, Barcelona GSE and CREI, and CEPR Research Fellow. His research on Monetary Policy, Banking, Prudential Policies and Systemic Risk has been published in the top journals in Economics and Finance such as Journal of Financial Economics, Review of Financial Studies, Journal of Finance, Journal of Monetary Economics, Journal of International Economics, Journal of Political Economy, American Economic Review and Econometrica. José-Luis is currently a Duisenberg Fellow at the European Central Bank, advisor at Bank of Spain and Research Professor at Bundesbank. He currently works on issues on the rise of shadow banks and fintech, and how this depends on monetary and prudential policies. José-Luis holds a PhD in Finance from INSEAD and a Master in Economics from CEMFI. He has taught in-company executive education at the European Central Bank, Central Bank of Portugal, Central Bank of Chile and the Bundesbank.

  • Teaching Associates

    Andrea Fabiani is a PhD candidate in Economics at Universitat Pompeu Fabra in Barcelona, Spain. His research focuses on the influence of financial intermediation on firms’ activity, with a special emphasis on their interaction with monetary policy, macroprudential regulation and financial globalization. Andrea holds an MSc in Economics from the University of Bologna and he has worked for one year at the Financial Research division of the European Central Bank.

  • Prerequisites

    A Master’s Degree is required to attend the course.

    Participants are recommended to have at least an intermediate knowledge of the topics discussed in the course.

  • Fees

    1100€ – Public Authorities (e.g. National Competent Authorities, Central Banks and European Institutions).

    1200€ – Private Sector.

    850€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates). Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited.

    Please note that the payment must be settled one week before the start of the course.

    A certificate of attendance will be provided to all participants after the course.


    • In case a course is cancelled, registered participants will receive the full refund.
    • In case a course is moved to another date, registered participants have the following three options: request a voucher to attend another FBF course, transfer their registration to a colleague or request a refund.
    • Registered participants who have not yet paid the registration fee can cancel their participation until four weeks before the start of the course.

    For more details, please contact fbf@eui.eu

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Monetary Policy Brochure