Monetary Policy Implementation

Theory, Past, and Present
Erscheinungsjahr 2005
ISBN: 978-0-19-927454-3
Verlag: OUP Oxford

Buch, Englisch, 288 Seiten, Print PDF, Format (B × H): 161 mm x 240 mm, Gewicht: 605 g

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.

Autoren/Hrsg.

Bindseil, Ulrich

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Geldwirtschaft, Währungspolitik

Inhaltsverzeichnis

- Preface

- 1: Monetary policy implementation within the theory of monetary policy

- 2: The central bank balance sheet and the quantity side of monetary policy implementation

- 3: The control of short-term interest rates: a simple model

- 4: Standing facilities

- 5: Open market operations

- 6: Reserve requirements

- 7: Practice of monetary policy implementation in the 20th century

- 8: From the old to the new view on monetary policy implementation

Über Autor(innen)

Ulrich Bindseil is Deputy Head of the Risk Management Division at the European Central Bank (ECB). Previously, he worked at the Deutsche Bundesbank and at the European Monetary Institute. From 2000 to 2004, he was Head of the ECB's Liquidity Management Section.