Monetary policy implementation: Misconceptions and their consequences

Despite constituting the very heart of the monetary transmission mechanism, widespreadmisconceptions still exist regarding how monetary policy is implemented. This paperhighlights the key misconceptions in this regard and shows how they have compromised theunderstanding of important aspects of the monetary transmission mechanism. In particular,the misplaced emphasis on open market operations as the means through which monetarypolicy is implemented can give rise to inappropriate characterizations..

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Year of publication:	2008-12-01
Authors:	Disyatat, Piti
Institutions:	Bank für Internationalen Zahlungsausgleich <Basel>
Subject:	Kreditgewährung \| Cash Management \| Zinsfuß \| Transmissionsmechanismus \| transmission mechanism \| Geld \| money

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Extent:	326656 bytes 28 p. application/pdf
Series:	Bank for International Settlements - Working Papers BIS Working Paper ; No 269 (2008)
Type of publication:	Book / Working Paper
Language:	English
Classification:	E40 - Money and Interest Rates. General ; E41 - Demand for Money ; E51 - Money Supply; Credit; Money Multipliers ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; Management of financial services: stock exchange and bank management science (including saving banks) ; Individual Working Papers, Preprints ; Global Resources
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10009248817