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Monetary Policy Implementation
Operational Issues for Countries with Evolving Monetary Policy Frameworks

by Nils Mæhle

Series:Working Paper No. 20/26
ISBN 9781513526850
Code: #WPIEA2020026

Publication year: 2020

Cdn: $27.00; US: $25.00
Paperback
Language: English
57 pages
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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.
Monetary Policy Implementation
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 126951 Added: 2020.2.9