Format:
1 Online-Ressource (circa 58 Seiten)
,
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ISBN:
9781513526850
Series Statement:
IMF working paper WP/20, 26
Content:
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
Additional Edition:
Erscheint auch als Druck-Ausgabe Maehle, Nils Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks Washington, D.C. : International Monetary Fund, 2020 ISBN 9781513526850
Language:
English
Keywords:
Graue Literatur
DOI:
10.5089/9781513526850.001
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