Monetary Policy Operating Frameworks of Major Central Banks after the Global Financial Crisis (in Korean)

Major central banks have responded to the Global Financial Crisis by introducing various unconventional monetary policy measures, which call for changes in the way monetary policies are implemented. In other words, monetary policy operating (or operational) frameworks — consisting of operational target (policy rate or base money, for example), policy instruments (reserve requirements, open market operations, and central bank deposit and lending facilities), and related frameworks (selecting counterparties, defining eligible collaterals, etc.) — have been modified and revised to implement smoothly unconventional monetary policies. Quantitative easing by major central banks has been accompanied by interest on reserves. New lending facilities have been established, and maturities of open market operations have been extended. The range of eligible collateral against which central banks make lendings has been widened. Against this background, this paper aims to trace and review changes monetary policy operating frameworks of major central banks after the Global Financial Crisis. By doing that, this paper identifies similarities and differences of the recent changes across major central banks.