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...
|a Monetary Policy Implementation :
|b Operational Issues for Countries with Evolving Monetary Policy Frameworks /
|c Nils Maehle.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2020.
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|a 1 online resource (57 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|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.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2020/026
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|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