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A comparison of monetary policy operating procedures in six industrial countries

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  • Bruce Kasman
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    Abstract

    The institutional environments in which central banks operate have become more alike over the past decade. The author examines the monetary policy operating procedures of the Federal Reserve and central banks in Japan, Germany, the United Kingdom, Canada, and Switzerland. In particular, he compares how monetary authorities in different countries have adapted their reserve management techniques to lower reserve requirements.

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    File URL: http://www.newyorkfed.org/research/quarterly_review/1992v17/v17n2article2.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of New York in its journal Quarterly Review.

    Volume (Year): (1992)
    Issue (Month): Sum ()
    Pages: 5-24

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    Handle: RePEc:fip:fednqr:y:1992:i:sum:p:5-24:n:v.17no.2

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    Keywords: Monetary policy ; Banks and banking; Central ; Monetary policy - United States ; Bank reserves;

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    Cited by:
    1. Bernanke, Ben S. & Mihov, Ilian, 1997. "What does the Bundesbank target?," European Economic Review, Elsevier, vol. 41(6), pages 1025-1053, June.
    2. Kaen, Fred R. & Sherman, Heidemarie C. & Tehranian, Hassan, 1997. "The effects of Bundesbank discount and Lombard rate changes on German bank stocks," Journal of Multinational Financial Management, Elsevier, vol. 7(1), pages 1-25, April.
    3. Forssbaeck, Jens & Oxelheim, Lars, 2007. "The transition to market-based monetary policy: What can China learn from the European experience?," Journal of Asian Economics, Elsevier, vol. 18(2), pages 257-283, April.
    4. Conover, C. Mitchell & Jensen, Gerald R. & Johnson, Robert R., 1999. "Monetary environments and international stock returns," Journal of Banking & Finance, Elsevier, vol. 23(9), pages 1357-1381, September.
    5. Estrella, Arturo & Mishkin, Frederic S., 1997. "The predictive power of the term structure of interest rates in Europe and the United States: Implications for the European Central Bank," European Economic Review, Elsevier, vol. 41(7), pages 1375-1401, July.
    6. Richard Clarida & Mark Gertler, 1996. "How the Bundesbank Conducts Monetary Policy," NBER Working Papers 5581, National Bureau of Economic Research, Inc.
    7. Arturo Estrella & Frederic S. Mishkin, 1998. "The Term Structure of Interest Rates and Its Role in Monetary Policy for The European Central Bank," NBER Working Papers 5279, National Bureau of Economic Research, Inc.
    8. Garretsen, Harry & Swank, Job, 1998. "The Transmission of Interest Rate Changes and the Role of Bank Balance Sheets: A VAR-Analysis for the Netherlands," Journal of Macroeconomics, Elsevier, vol. 20(2), pages 325-339, April.
    9. Rahul Dhumale, 1999. "Systemic Risk in International Settlements," ESRC Centre for Business Research - Working Papers wp152, ESRC Centre for Business Research.

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