Monetary Policy Implementation: Theory, Past, and Present

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.

Author: Ulrich Bindseil
Publisher: Oxford University Press, USA
Published: 02/17/2005
Pages: 288
Binding Type: Hardcover
Weight: 1.26lbs
Size: 9.42h x 6.55w x 0.83d
ISBN: 9780199274543

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.

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