Monetary Policy & Monetary Analysis
Module overview The Monetary Policy & Monetary Analysis module allows you to investigate the analytical and empirical tools available from macroeconomics and econometrics to understand the role of monetary policy and how it is implemented. The module emphasises the interaction between the financial system and the macroeconomy; and critiques post Global Financial Crisis policy responses. You will cover topics including optimal inflation targeting; quantitative easing; the credit cycle; global financial imbalances; and unconventional monetary policy-making in practice. Through these topics, you will learn the use of basic econometric tools for monetary policy such as the linear regression model; basic time
Who would benefit from this module? This module would benefit those working in central banks, investment banks and rating agencies, as well as those working as Asset Managers and Reserves Managers who need to gain an understanding of how it is derived and implemented as well as its effects.
Faculty This module is led by Shaun Vahey (Professor of Economic Modelling and Forecasting, WBS). You will also hear from a range of speakers including Huw Pill (Chief Economist and Executive Director for Monetary Analysis and Research, Bank of England), James Bell (Executive Director for Communication, and Former Director for Monetary Analysis, Bank of England), Michael Joyce (Adviser in the Macro Financial Analysis Division, Bank of England), Silvia Miranda-Agrippino (Senior Research Economist in Monetary Analysis, Bank of England) and Paul Fisher (Former Executive Director, Bank of England). Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Key benefits
Econometric tools Learn the use of basic econometric tools Monetary policy Understand how and why specific monetary policy is implemented Quantitative easing Understand the effects of quantitative easing and use of negative interest rates Award Gain a Postgraduate Award upon successful completion
The most important value-added of this programme is its universal nature. Central banking has become much more complex over the past decades and in order to understand it on a deeper level, one has to be familiar with a wide range of different, but interrelated concepts. This is true for both central bankers and market participants. I use the ideas, arguments and facts that the course has covered on a daily basis during my work.” Daniel Horvath
series models; vector auto regression and forecasting in monetary policy.
Key information
Key topics covered
The module will run between June 2026 and October 2026
The credit cycle, asset prices bubbles, financial intermediation and the macroeconomy
Linear regression model
The three-equation model, including the role of expectations and the exchange rate
Basic time series models
This module features a two-week induction period
Global Central Banking and Financial Regulation qualifications participant
Vector auto-regression
Monetary policy interactions with financial stability
Optimal inflation targeting
Forecasting in monetary policy
Watch the film
Quantitative easing
Unconventional monetary policy-making in practice
Empirical evidence on the effects of quantitative easing
W wbs.ac.uk/go/ MonetaryPolicy
The financial crisis: causes and policy intervention
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
wbs.ac.uk/go/banking
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Global Central Banking & Financial Regulation qualification
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