Monetary Policy Implementation: Theory, Past, and Present / Edition 1

by Ulrich Bindseil

Overview

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.

Product Details

ISBN-13:	9780199274543
Publisher:	Oxford University Press
Publication date:	02/17/2005
Edition description:	New Edition
Pages:	288
Product dimensions:	9.42(w) x 6.55(h) x 0.83(d)

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.

Table of Contents

Preface1. Monetary policy implementation within the theory of monetary policy2. The central bank balance sheet and the quantity side of monetary policy implementation3. The control of short-term interest rates: a simple model4. Standing facilities5. Open market operations6. Reserve requirements7. Practice of monetary policy implementation in the 20th century8. From the old to the new view on monetary policy implementation