Monetary policy implementation: A European Perspective

Ulrich Bindseil () and Kjell Nyborg
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Ulrich Bindseil: European Central Bank, Germany, Postal: European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany

No 2007/10, Discussion Papers from Norwegian School of Economics, Department of Business and Management Science

Abstract: Monetary policy implementation is one of the most significant areas of interaction between central banking and financial markets. Historically, how this interaction takes place has been viewed as having an important impact on the ultimate objective of monetary policy, for example price stability or stimulating economic growth. In this article, we survey different approaches to monetary policy implementation. We cover briefly some of the historical trends, but give particular attention to the practice that is now (again) very common world-wide; namely, targeting short term interest rates. We discuss various ways this can be done and the implications for financial markets. We emphasize different European approaches, while also providing comparisons with the Fed.

Keywords: Monetary policy; short term interest rates; financial markets (search for similar items in EconPapers)
JEL-codes: E52 G10 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2007-03-27
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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