Monetary Policy Implementation : Operational Issues for Countries with Evolving Monetary Policy Frameworks /

This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the d...

詳細記述

書誌詳細
第一著者: Maehle, Nils
フォーマット: 雑誌
言語:English
出版事項: Washington, D.C. : International Monetary Fund, 2020.
シリーズ:IMF Working Papers; Working Paper ; No. 2020/026
オンライン・アクセス:Full text available on IMF
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245 1 0 |a Monetary Policy Implementation :   |b Operational Issues for Countries with Evolving Monetary Policy Frameworks /  |c Nils Maehle. 
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300 |a 1 online resource (57 pages) 
490 1 |a IMF Working Papers 
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak. 
538 |a Mode of access: Internet 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2020/026 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2020/026/001.2020.issue-026-en.xml  |z IMF e-Library