Monetary Policy Operations and the Financial System
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Product details:
- Publisher OUP Oxford
- Date of Publication 11 September 2014
- ISBN 9780198716907
- Binding Hardback
- No. of pages338 pages
- Size 240x173x26 mm
- Weight 654 g
- Language English
- Illustrations 101 Figures, 17 Tables 0
Categories
Short description:
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.
MoreLong description:
Since 2007, central banks of industrialized countries have counteracted financial instability, recession, and deflationary risks with unprecedented monetary policy operations. While generally regarded as successful, these measures also led to an exceptional increase in the size of central bank balance sheets. The book first introduces the subject by explaining monetary policy operations in normal times, including the key instruments (open market operations, standing facilities, reserve requirements, and the collateral framework). Second, the book reviews the basic mechanics of financial crises as they have hit economies many times. The book then explains what central banks need to do to when financial markets and banks are impaired to fulfil their monetary policy and financial stability mandates. Besides demonstrating the need for non-conventional monetary policy measures, the book also highlights their dangers, such as moral hazard and increased central bank risk taking. The book draws a number of lessons from the crisis on non-conventional monetary policy operations, assessing what measures have worked well, and how a framework should be designed in future normal times such as to contribute to make financial crises less likely.
Central bank monetary policy operations have traditionally been considered as a matter of practice, while the macroeconomic modelling of the transmission mechanism of monetary policy is regarded as a discipline relying on substantial theory ('monetary economics'). However, monetary policy operations can equally benefit from a theory, and from a normative framework to guide policy choices. The limited interest that monetary policy operations have found for many decades in academic economics may well have contributed to the many misunderstandings on central bank actions over recent years. This book provides a basis for a better theoretical understanding of real-world monetary policy operations.
The financial crisis and its aftermath have highlighted the importance of understanding how central banks operate, that is, how they use their balance sheets and other tools to implement monetary policy decisions. This book offers a unique and detailed view of the structure, history, and impact of monetary policy operations, both in normal times and in times of crisis. Written by a leading expert and experienced central banker, it is essential reading for policy makers, practitioners, and academics alike.
Table of Contents:
Introduction and Overview
Part I: Monetary Policy Operations in Normal Times
Basic Terminology and the Relationship to Monetary Macroeconomics
Representing Monetary Policy Operations in Financial Accounts
Operational Target of Monetary Policy
Three Basic Approaches to Monetary Policy Implementation
Several Liquidity Shocks, Averaging, and the Martingale Property of Overnight Rates
Standing Facilities and the Interest Rate Corridor
Open Market Operations in Normal Times
Reserve Requirements
Collateral
Optimal Monetary Policy Operations in Normal Times
Part II: Monetary Policy in Times of Crises
The Mechanics of Liquidity Crises
The Role of Collateral Availability for Monetary Policy
Open Market Operations and Standing Facilities
The Central Bank as Lender of Last Resort (LOLR)
LOLR and Central Bank Risk Taking
LOLR, Moral Hazard, and Incentives
The International Lender of Last Resort
Optimal Monetary Policy Implementation in Crisis Times
