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Monetary policy implementation: common goals but different practices

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  • Marlene Amstad
  • Antoine Martin

Abstract

While the goals that guide monetary policy in different countries are very similar, central banks diverge in their methods of implementing policy. This study of the policy frameworks of four central banks—the Federal Reserve, the European Central Bank, the Bank of England, and the Swiss National Bank—focuses on two notable areas of difference. The first is the choice of an interest rate target, a standard feature of conventional monetary policy. The second is the choice of instruments for managing the central banks’ expanded balance sheets—a decision made necessary by the banks’ unconventional practice of acquiring large quantities of assets during the financial crisis.

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Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 17 (2011)
Issue (Month): Nov ()
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Handle: RePEc:fip:fednci:y:2011:i:nov:n:v.17no.7

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Keywords: Banks and banking; Central ; Monetary policy ; European Central Bank ; Federal Reserve System ; Bank of England ; Swiss National Bank ; Interest rates ; Assets (Accounting);

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  1. Puriya Abbassi & Dieter Nautz & Christian Offermanns, 2010. "Interest Rate Dynamics and Monetary Policy Implementation in Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 146(I), pages 313-340, March.
  2. Todd Keister & James McAndrews, 2009. "Why are banks holding so many excess reserves?," Staff Reports 380, Federal Reserve Bank of New York.
  3. Antoine Martin & James McAndrews & David Skeie, 2011. "A note on bank lending in times of large bank reserves," Staff Reports 497, Federal Reserve Bank of New York.
  4. Michael J. Fleming & Nicholas J. Klagge, 2010. "The Federal Reserve's foreign exchange swap lines," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Apr).
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