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Monetary Policy Operations and the Financial System$
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Ulrich Bindseil

Print publication date: 2014

Print ISBN-13: 9780198716907

Published to Oxford Scholarship Online: October 2014

DOI: 10.1093/acprof:oso/9780198716907.001.0001

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Representing Monetary Policy Operations in Financial Accounts

Representing Monetary Policy Operations in Financial Accounts

(p.15) 2 Representing Monetary Policy Operations in Financial Accounts
Monetary Policy Operations and the Financial System

Ulrich Bindseil

Oxford University Press

This chapter introduces a system of financial accounts to allow for a representation of monetary policy implementation at the basic level of economic transactions. Transactions are represented within a closed economy consisting of four sectors: households, banks, corporations (including the government), and the central bank. This approach makes it possible to capture all transactions of relevance for monetary policy implementation and liquidity crises in a systematic way. Liquidity flows can be followed through the system, making it possible to identify the liquidity buffers a monetary system has, with which to cushion changes in the asset allocation of the household sector without economic damage. The financial accounts logic will be applied throughout the book.

Keywords:   financial accounts, economic sectors, economic transactions, liquidity flows, liquidity buffers

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