Monetary Policy Implementation

Oxford University Press

2004

xii, 276 p.

Includes bibliographical references and index

9780199274543

Monetary policy implementation within the theory of monetary policy -- The central bank balance sheet -- The control of short-term interest rates -- Standing facilities -- Open market operations -- Reserve requirements -- The practice of monetary policy implementation in the twentieth ecentury -- From the old view to the new

"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." "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 nineteenth 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."

Английский