Monetary policy operations and the financial system /
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 balan...
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| Format: | eBook |
| Language: | English |
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Oxford :
Oxford University Press,
[2014]
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| Edition: | First edition. |
| Subjects: | |
| Online Access: | Connect to the full text of this electronic book |
Table of 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.