A proper understanding of central bank operations in response to the recent financial turmoil and of their implications for the monetary policy stance and for market functioning calls for an understanding of operating frameworks. And yet, not only are these the least familiar aspect of monetary policy, they also differ considerably across countries. The frameworks can have a first-order influence on the size and type of liquidity injections employed and on the need for exceptional measures.
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Article provided by Bank for International Settlements in its journal BIS Quarterly Review.
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Find related papers by JEL classification: E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Determination of Interest Rates; Term Structure of Interest Rates E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
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