Introduction to Central Banks

This course covers the roles of central banks and how they have evolved over time. It discusses in depth the objectives of central banks and the policy tools they can use to control both interest rates and exchange rates. The course also reviews the communications that central banks release to the market. Finally, participants will consider the specific rates and targets for the some of the major central banks.

Suitability

For individuals with a basic understanding of economics and the financial markets

Learning Outcomes

At the end of this course participants should understand_x000D_
– The policy tools available to modern central banks and the impact on the market_x000D_
– How central banks communicate with the market and voting patterns_x000D_
– Different central banks targets and policies

Course Content

The Role of Central Banks_x000D_
‐ The money multiplier_x000D_
‐ Central banks’ policy tools_x000D_
_x000D_
A Brief History of Central Banks_x000D_
‐ Original purpose of government-sponsored banks _x000D_
‐ Gold standard & the Bretton Woods system_x000D_
_x000D_
Modern Central Banking_x000D_
‐ Macroeconomic & macroprudential goals_x000D_
‐ Monetary stimulus_x000D_
‐ Monetary policy transmission mechanism_x000D_
‐ Setting rates_x000D_
‐ Open Market Operations (OMO’s)_x000D_
‐ FX intervention_x000D_
_x000D_
Central Bank Communications_x000D_
‐ Long & variable lags_x000D_
‐ Forward guidance_x000D_
‐ MPC voting patterns_x000D_
‐ Federal reserve dot plots_x000D_
_x000D_
Central Bank Rates and Targets_x000D_
‐ Federal Reserve (The Fed)_x000D_
‐ European Central Bank (ECB)_x000D_
‐ Bank of Japan (BOJ)_x000D_
‐ Bank of England (BOE)_x000D_
‐ Swiss National Bank (SNB)_x000D_
‐ Reserve Bank of Australia (RBA)_x000D_
‐ People’s Bank of China (PBOC)_x000D_

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of a cohort was promoted within 2 years after participating in an Alpha course.

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of participants felt more confident in their role, following an Alpha commercial leadership course.

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