The ‘New Consensus’, around independent central banks and the use of short-term interest rates as the key instrument of monetary policy, by no means
exhausts the range of modern central bank activities or the issues that
financial markets pose for the newly consensual monetary policy.
Monetary policy has always been underpinned by open market operations, for monetary control purposes, for financial stability purposes through ‘lender
of last resort’ facilities, and for exchange rate stabilisation. Latterly,
the focus of open market operations has been to enforce central banks’
preferred short-term interest rates, through repurchase agreements.
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