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BOOK
Monetary Policy Implementation: Theory, Past, and Present
Ulrich Bindseil
$115.00

About this product:
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. 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. This book argues that reserve position doctrine has never, and could never, be seriously put into practice, and that it was born out of a war time lie and the Fed's lack of experience in its early years. The fall of reserve position doctrine and 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 doing so he offers an empirical, historical account of the workings of the central banks of the US, Japan, and the UK in particular. In closing, he summarizes current views on monetary policy implementation: a short-term interest rate as an operational target should be the focus; the steering of interest rates should be transparent, unpretentious, and efficient; and monetary policy implementation should not impair the liquidity of the inter-bank market.

BOOK
Monetary Policy Implementation at Different Stagesof Market Development (IMF's Occasional Papers)
$11.11

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BOOK
The implementation of monetary policy in industrial countries: A survey (BIS economic papers)
C. E. V Borio
$0.01

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