Implementing monetary policy in the 2000s: operating procedures in Asia and beyond

Corrinne Ho

No 253, BIS Working Papers from Bank for International Settlements

Abstract: Just as monetary policy at the strategic level has undergone significant changes over the years, so has its day-to-day implementation. This paper documents the key features of 17 central banks' monetary operating frameworks as of early 2007 and discusses their major developments over the preceding decade. It finds that while some common themes and practices can be identified, there is no unique "best" way to implement monetary policy. Moreover, central banks everywhere - even in industrial economies - have continued to refine their operating frameworks and procedures and to innovate where necessary, responding to changing needs in changing times.

Keywords: monetary policy implementation; operating procedures; policy rate; operating target; reserve requirements; standing facilities; discretionary operations; Asia-Pacific (search for similar items in EconPapers)
Pages: 51 pages
Date: 2008-06
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

Downloads: (external link)
http://www.bis.org/publ/work253.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/work253.htm (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:253

Access Statistics for this paper

More papers in BIS Working Papers from Bank for International Settlements Contact information at EDIRC.
Bibliographic data for series maintained by Martin Fessler ().