EBOOK Monetary Policy Implementation:Theory, past, and present -

EBOOK Monetary Policy Implementation:Theory, past, and present

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Wydawnictwo: Oxford University Press
ISBN: 9780191608476
EAN: 973A7EE2EB
Format: 0,0 x 0,0 x 0,0
Oprawa: ...
Stron: 292
Data wydania: 2004
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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 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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