Monetary Policy Implementation by Ulrich Bindseil
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Monetary Policy Implementation
By Ulrich Bindseil

Monetary Policy Implementation

Theory, Past, and Present

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Format: Hardback

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Monetary Policy Implementation by Ulrich Bindseil

Book Description

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.

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Book Details

ISBN: 9780199274543
ISBN-10: 0199274541
Format: Hardback
(240mm x 162mm x 22mm)
Pages: 288
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 2-Dec-2004
Country of Publication: United Kingdom

Books By Author Ulrich Bindseil

Monetary Policy Operations and the Financial System by Ulrich Bindseil Monetary Policy Operations and the Financial System, Hardback (September 2014)

An introduction to the way that central banks implement monetary policy through market operations. It explains monetary policy operations in normal times, reviews the basic mechanics of financial crises, and explains what central banks need to do to fulfil their monetary policy and financial stability mandates when markets and banks are impaired.

Risk Management for Central Banks and Other Public Investors by Ulrich Bindseil Risk Management for Central Banks and Other Public Investors, Paperback (October 2011)

A survey of the fundamental issues and techniques surrounding risk management.

» View all books by Ulrich Bindseil

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Author Biography - Ulrich Bindseil

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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Recent books by Ulrich Bindseil close
Monetary Policy Operations and the Financial System by Ulrich Bindseil
Risk Management for Central Banks and Other Public Investors by Ulrich Bindseil
Risk Management for Central Banks and Other Public Investors by Ulrich Bindseil
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