The first of its kind, this book is entirely dedicated to the implementation of monetary policy: how central banks go about achieving their monetary policy targets. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. This book argues that reserve position doctrine has never, and could never, be seriously put into practice. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century.
Monetary Policy Implementation : Theory, past, and present
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Book Description
Editorial Reviews
About the Author
Ulrich Bindseil is Principal Economist in the Directorate General Operations at the European Central Bank. In addition to understaking numerous missions on monetary policy implementation to emerging market central banks, he has been Economist at the European Monetary Institute at the European Central Bank, Economist in the Economics Department of the Deutsche Bundesbank, and a teacher at the University of Saarland.
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Inside This Book
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Key Phrases - Statistically Improbable Phrases (SIPs):
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domestic policy directive, reserve position doctrine, standing facility rates, rate hike expectations, symmetric corridor approach, aggregate recourse, autonomous liquidity factors, autonomous factor shocks, quantitative operational targets, reverse open market operations, autonomous factor forecasts, outstanding open market operations, reserve maintenance period, different reserve ratios, rate cut expectations, arbitrage diagram, reserve base categories, weekly open market operations, operational target variable, reserve market conditions, lombard lending, monetary policy implementation, minimum bid rate, demand for working balances, reserves targeting procedure Key Phrases - Capitalized Phrases (CAPs): (learn more)
Bank of England, Theory of Monetary Policy Implementation, Board of Governors, Deutsche Bundesbank, The Control of Short-Term Interest Rates, The Central Bank Balance Sheet, Federal Reserve, Reserve Banks, European Central Bank, Bank of Japan, Radcliffe Report, Second World War, Macmillan Committee, New York Fed, New Zealand, Bank of Ghana, Wall Street Journal, Market Recourse, Banque de France, First World War, Bank of Latvia, Governing Council, Reichsbank Act, Selected Central Banks, Lombard Facility Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
domestic policy directive, reserve position doctrine, standing facility rates, rate hike expectations, symmetric corridor approach, aggregate recourse, autonomous liquidity factors, autonomous factor shocks, quantitative operational targets, reverse open market operations, autonomous factor forecasts, outstanding open market operations, reserve maintenance period, different reserve ratios, rate cut expectations, arbitrage diagram, reserve base categories, weekly open market operations, operational target variable, reserve market conditions, lombard lending, monetary policy implementation, minimum bid rate, demand for working balances, reserves targeting procedure Key Phrases - Capitalized Phrases (CAPs): (learn more)
Bank of England, Theory of Monetary Policy Implementation, Board of Governors, Deutsche Bundesbank, The Control of Short-Term Interest Rates, The Central Bank Balance Sheet, Federal Reserve, Reserve Banks, European Central Bank, Bank of Japan, Radcliffe Report, Second World War, Macmillan Committee, New York Fed, New Zealand, Bank of Ghana, Wall Street Journal, Market Recourse, Banque de France, First World War, Bank of Latvia, Governing Council, Reichsbank Act, Selected Central Banks, Lombard Facility Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
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