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Issuing central bank securities

Many central banks around the world are faced with the challenge of implementing their policy goals in the presence of surplus liquidity in domestic banking systems. Surplus liquidity can impair the central bank's ability to control its operational target and impact on its profitability, potentially affecting its ability to operate in an independent manner. Within the range of instruments available, the issuance of central bank securities is one policy option that has been used effectively by a number of central banks. In this handbook we look at the characteristics of central bank securities and how the fit into the broader monetary operations framework of a central bank. We then look at alternative instruments available to a central bank, before considering the advantages and disadvantages of these different options. It concludes by considering means of co-ordinating central bank securities with the issuance of central government securities and briefly looks at methods of auction employed to issue such securities.

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File URL: http://www.bankofengland.co.uk/education/ccbs/handbooks/pdf/ccbshb30.pdf
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This book is provided by Centre for Central Banking Studies, Bank of England in its series Handbooks with number 30 and published in 2011.
Edition: 1
ISBN: 1756-7270 (online)
Handle: RePEc:ccb:hbooks:30
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Phone: +44 (020) 7601 4444
Fax: +44 (020) 7601 4771
Web page: http://www.bankofengland.co.uk/education/Pages/ccbs/default.aspx
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  1. Claudio Borio & Piti Disyatat, 2009. "Unconventional monetary policies: an appraisal," BIS Working Papers 292, Bank for International Settlements.
  2. Andrew P. Blake & Tatiana Kirsanova, 2008. "Inflation-Conservatism and Monetary-Fiscal Policy Interactions," Discussion Papers 0801, Exeter University, Department of Economics.
  3. Todd Keister & James McAndrews, 2009. "Why are banks holding so many excess reserves?," Staff Reports 380, Federal Reserve Bank of New York.
  4. Claudia Helene Dziobek & John W. Dalton, 2005. "Central Bank Losses and Experiences in Selected Countries," IMF Working Papers 05/72, International Monetary Fund.
  5. Todd Keister & Antoine Martin & James McAndrews, 2008. "Divorcing money from monetary policy," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 41-56.
  6. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543, March.
  7. Blake, Andy & Kirsanova, Tatiana & Yates, Tony, 2011. "The gains from delegation revisited: price-level targeting, speed-limit and interest rate smoothing policies," Bank of England working papers 415, Bank of England.
  8. Blake, Andrew P. & Zampolli, Fabrizio, 2011. "Optimal policy in Markov-switching rational expectations models," Journal of Economic Dynamics and Control, Elsevier, vol. 35(10), pages 1626-1651, October.
  9. Blake, Andy & Gondat-Larralde, Celine, 2010. "Chief Economists' Workshop: state-of-the-art modelling for central banks," Bank of England Quarterly Bulletin, Bank of England, vol. 50(3), pages 214-218.
  10. Robert N McCauley, 2003. "Unifying government bond markets in East Asia," BIS Quarterly Review, Bank for International Settlements, December.
  11. Liu, Philip & Mumtaz, Haroon, 2010. "Evolving macroeconomic dynamics in a small open economy: an estimated Markov-switching DSGE model for the United Kingdom," Bank of England working papers 397, Bank of England.
  12. Joyce, Michael & Lasaosa, Ana & Stevens , Ibrahim & Tong, Matthew, 2010. "The financial market impact of quantitative easing," Bank of England working papers 393, Bank of England.
  13. Baumeister, Christiane & Liu, Philip & Mumtaz, Haroon, 2010. "Changes in the transmission of monetary policy: evidence from a time-varying factor-augmented VAR," Bank of England working papers 401, Bank of England.
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