Varieties of Monetary Policy Operating Procedures
Author | : Joseph Bisignano |
Publisher | : |
Total Pages | : 44 |
Release | : 1996 |
Genre | : Banks and banking |
ISBN | : |
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Author | : Joseph Bisignano |
Publisher | : |
Total Pages | : 44 |
Release | : 1996 |
Genre | : Banks and banking |
ISBN | : |
Author | : Board of Governors of the Federal Reserve System |
Publisher | : |
Total Pages | : 0 |
Release | : 2002 |
Genre | : Banks and Banking |
ISBN | : 9780894991967 |
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 66 |
Release | : 1989-07-21 |
Genre | : Business & Economics |
ISBN | : 1451967071 |
This paper examines and compares the instruments and procedures currently employed by the central banks of France, Germany, Japan, the United Kingdom, and the United States for implementing monetary policy in the short run. The analysis indicates that the monetary authorities of these five countries focus on influencing certain short-term interest rates in implementing monetary policy. Thus, to the extent that interest rate developments affect the behavior of exchange rates, this analysis facilitates ascertaining changes in monetary policies in the G-5 countries and their exchange rate implications
Author | : Carl E. Walsh |
Publisher | : MIT Press |
Total Pages | : 636 |
Release | : 2003 |
Genre | : Business & Economics |
ISBN | : 9780262232319 |
An overview of recent theoretical and policy-related developments in monetary economics.
Author | : Claudio E. V. Borio |
Publisher | : |
Total Pages | : 0 |
Release | : 2013 |
Genre | : |
ISBN | : |
In recent years monetary policy operating procedures have continued to evolve in the light of changes in the structure and workings of financial markets as well as in the broader economic and political environment. Since the mid-1980s, central banks have further strengthened the market-orientation of policy implementation, cut reserve requirements, widened the range of available instruments, increased the flexibility of liquidity management, sharpened the focus on interest rates as operating targets, improved the transparency of policy signals and shortened the maturity of interest rates serving as the fulcrum of policy. While these trends have resulted to some extent in a continuation of the process of convergence dating back to at least the 1970s, significant differences still exist across countries. This paper reviews current monetary policy implementation procedures within a common framework in order to highlight similarities and remaining differences across countries. It also provides some information about their evolution in recent years and suggests possible explanations for the main forces underlying the observed changes.
Author | : Mr.Chorng-Huey Wong |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 1991-04-01 |
Genre | : Business & Economics |
ISBN | : 1451845871 |
This paper reviews issues in the development of a market-based system of monetary control in developing countries. It focuses on the appropriate sequencing of financial reform that would facilitate the transition toward a market-based system and measures required to strengthen the effectiveness of market-based operations. The paper also assesses the effects of financial reform on the demand for money function and discusses the implications for policy formulation and implementation.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 27 |
Release | : 1997-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844344 |
It is shown how the frequency of central bank intervention in financial markets can affect the incentives for economic agents to acquire information, which will be reflected in market prices and thus become available to policy makers. The optimal frequency of intervention, and therefore the optimal interest rate variability, will balance the desirability of attaining given operational targets against the benefits of encouraging informational efficiency. The ability of the central bank to send clear signals of its own intentions will also depend on market informational efficiency.
Author | : |
Publisher | : |
Total Pages | : 59 |
Release | : 2001 |
Genre | : Monetary policy |
ISBN | : 9789291316311 |
Author | : Ulrich Bindseil |
Publisher | : OUP Oxford |
Total Pages | : 288 |
Release | : 2004-12-02 |
Genre | : Business & Economics |
ISBN | : 0191608475 |
The first of its kind, this book is entirely dedicated to the implementation of monetary policy. 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. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least in the US became the unchallenged dogma of monetary policy implementation for sixty years. The return of interest rate targeting also corresponds largely to the restoration of central banking principles established in the late 19th century. 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. In closing, he summarizes current views on efficient monetary policy implementation.