000			02448nam a2200229Ia 4500
003			NULRC
005			20250520102821.0
008			250520s9999 xx 000 0 und d
020			_a9780198716907
040			_cNULRC
050			_aHG 230.2 .B56 2014
100			_aBindseil, Ulrich. _eauthor
245		0	_aMonetary policy operations and the financial system / _cUlrich Bindseil
260			_aUnites States of America : _bOxford University Press, _cc2014
300			_axiii, 320 pages : _billustrations ; _c24 cm.
365			_bUSD107.69
504			_aIncludes bibliographical references and index.
505			_aPart I. Monetary policy operations in normal times -- Part II. Monetary policy operations in times of crisis.
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			_aBANKS AND BANKING -- CENTRAL
942			_2lcc _cBK
999			_c16090 _d16090