Monetary Policy Implementation : Theory, Past, and Present

Ulrich Bindseil

ISBN 10: 0199274541 / ISBN 13: 9780199274543

Published by Oxford University Press (UK), 2005

About this Item

nach der Bestellung gedruckt Neuware - Printed after ordering - 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.

Seller Inventory # 9780199274543

Bibliographic Details

• Title: Monetary Policy Implementation : Theory, Past, and Present
• Publisher: Oxford University Press (UK)
• Publication Date: 2005
• Language: English
• ISBN 10: 0199274541
• ISBN 13: 9780199274543
• Binding: Buch
• Condition: Neu
• Dimensions: 239W x 166H x 21D millimeters 239 millimeters width by 166 millimeters height by 21 millimeters depth
• Weight: 572 grams

About this title

Synopsis

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.

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.