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Monetary Policy Operations and the Financial System
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Monetary Policy Operations and the Financial System

Ulrich Bindseil

Abstract

This book provides an introduction to central bank monetary policy operations in normal and crisis times. Since 2007, central banks of industrialized countries have counteracted financial instability, recession, and deflation 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 requir ... More

Keywords: central banks, monetary policy operations, financial instability, deflation, open market operations, standing facilities, reserve requirements, collateral framework, lender of last resort, moral hazard

Bibliographic Information

Print publication date: 2014 Print ISBN-13: 9780198716907
Published to Oxford Scholarship Online: October 2014 DOI:10.1093/acprof:oso/9780198716907.001.0001

Authors

Affiliations are at time of print publication.

Ulrich Bindseil, author
Director General Market Operations, European Central Bank

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