Discussion Papers, Department of Finance and Management Science, Norwegian School of Economics (NHH)
No 2007/10:
Monetary policy implementation: A European Perspective
Ulrich Bindseil ()
and Kjell G. Nyborg ()
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; (follow links to similar papers)
JEL-Codes: E52; G10; (follow links to similar papers)
35 pages, March 27, 2007
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