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Monetary policy operations and the financial system

Author: Ulrich Bindseil
Publisher: Oxford : Oxford University Press, [2014] ©2014
Edition/Format:   eBook : Document : English : First editionView all editions and formats
Summary:
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  Read more...
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Genre/Form: Electronic books
Electronic book
Additional Physical Format: Print version:
Bindseil, Ulrich.
Monetary policy operations and the financial system
(OCoLC)875151619
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ulrich Bindseil
ISBN: 9780191026454 019102645X 0191785555 9780191785559
OCLC Number: 887842116
Description: 1 online resource (328 pages)
Contents: Basic terminology and relationship to monetary macroeconomics --
Representing monetary policy operations in financial accounts --
Operational target of monetary policy --
Three basic techniques to control short-term interest rates --
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 frameworks in normal times --
The mechanics of liquidity crises --
Collateral availability and monetary policy --
Open market operations and standing facilities --
The central bank as lender of last resort (LOLR) --
LOLR and central bank risk-taking --
LOLR, market hazard, and liquidity regulation --
The international lender of last resort --
Optimal monetary policy operations in crisis times.
Responsibility: Ulrich Bindseil.

Abstract:

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  Read more...

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Ulrich Bindseil's book provides a consistent framework to understand central bank action, including the related trade-offs and dilemmas. It is both principle-based and deeply rooted in the ECB Read more...

 
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