Monetary Policy Implementation: Theory, past, and present

Hardcover | April 6, 2006

byUlrich Bindseil

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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 focuson 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 ofinterest 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 efficientmonetary policy implementation.

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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 focuson short-term interest rates. Enthusiastical...

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.

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Format:HardcoverDimensions:288 pages, 9.21 × 6.14 × 0.81 inPublished:April 6, 2006Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199274541

ISBN - 13:9780199274543

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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