000			03385pam a2200217 i 4500
999			_c25192 _d25192
020			_a9780198716907
082	0	4	_a332.46
100	1		_aBindseil, Ulrich, _d1969- _948565
245	1	0	_aMonetary policy operations and the financial system _cUlrich Bindseil
300			_axiii, 320 p. : _bill. ; _c24 cm.
504			_aIncludes bibliographical references and index.
520			_aSince 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 balance sheets. The book first introduces the subject by explaining monetary policy operations in normal times, including the key instruments (open market operations, standing facilities, reserve requirements, and the collateral framework). Second, the book reviews the basic mechanics of financial crises as they have hit economies many times. The book then explains what central banks need to do to when financial markets and banks are impaired to fulfil their monetary policy and financial stability mandates. Besides demonstrating the need for non-conventional monetary policy measures, the book also highlights their dangers, such as moral hazard and increased central bank risk taking. The book draws a number of lessons from the crisis on non-conventional monetary policy operations, assessing what measures have worked well, and how a framework should be designed in future normal times such as to contribute to make financial crises less likely. Central bank monetary policy operations have traditionally been considered as a matter of practice, while the macroeconomic modelling of the transmission mechanism of monetary policy is regarded as a discipline relying on substantial theory ('monetary economics'). However, monetary policy operations can equally benefit from a theory, and from a normative framework to guide policy choices.
650		0	_aMonetary policy _98087
650		0	_aBanks and banking, Central _931558
650		0	_aFinancial institutions, International _95712
856			_uhttps://uowd.box.com/s/mp0qmn4vc5hxgcejykp5ram6yp2fjwxq _zLocation Map