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Monetary Policy Implementation: Theory, Past, and Present
Author(s): Ulrich Bindseil (Author)
- Publisher: Oxford University Press
- Publication Date: February 17, 2005
- Edition: 1st
- Language: English
- Print length: 288 pages
- ISBN-10: 0199274541
- ISBN-13: 9780199274543
Book Description
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.
Editorial Reviews
Book Description
Provides both a simple theory of monetary policy implementation and a comprehensive overview of practice and academic views
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.
