The concrete Euro: implementing monetary policy in the Euro area
Gespeichert in:
| Weitere Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford [u.a.]
Oxford Univ. Press
2011
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | XXIX, 373 S. graph. Darst. |
| ISBN: | 9780199557523 0199557527 |
Internformat
MARC
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| 245 | 1 | 0 | |a The concrete Euro |b implementing monetary policy in the Euro area |c ed. by Paul Mercier ... |
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Datensatz im Suchindex
| _version_ | 1820136628804386816 |
|---|---|
| adam_text |
Contents
List of Figures
xxiii
List of Tables
xxvii
List of Contributors xxix
Introduction
1
0.1
An ambitious endeavour
1
0.2
Words and facts
2
0.3
An
appropriate
monetary technology?
2
0.4
The plan
oí
the book
3
1
Theory of monetary policy implementation
U.
Bindseil 5
1.1
Introduction
5
1.2
Representing monetary policy implementation in a closed
system of financial accounts
10
1.3
The short-term interest rate as the operational target of
monetary policy
14
1.4
Three basic techniques to control short-term interest rates
17
1.5
A disaggregate model of liquidity
25
1.6
A model with several autonomous factor shocks and
interbank trading sessions
32
1.7
Efficient frameworks for monetary policy implementation
38
1.8
Standing facilities providing buffers against autonomous
factor shocks
43
1.9
Collateral for central bank refinancing operations
50
1.10
The nature of a liquidity
crisis
60
1.11
Steering the short-term interest rate in a financial crisis
72
1.12
Adapting open market operations technique and standing
facilities in a financial crisis
76
1.13
Funding liquidity support to banks and central bank risk-taking
85
1.14
Outright purchases of financial assets in financial crises
98
Contents
1.15
Conclusions: The theory of monetary policy implementation
in normal and crisis times
107
Annex: Notation used in Chapter
1 107
2
The story of the
Eurosystem
framework
M. Galvenius and P.
Mercier
115
2.1
The institutional foundation
116
2.2
The operational frameworks of national central banks
128
2.3
Basic conditions and guiding principles
136
2.4
Open market operations and standing facilities
148
2.5
Reserve requirements
162
2.6
Counterparties
170
2.7
Collateral
174
2.8
Liquidity management
191
2.9
The supporting infrastructure
193
2.10
The final preparations and the resulting framework
197
2.11
The Monetary Policy Framework in
1999 198
2.12
Comparison with other operational frameworks
211
3
Functioning of the
Eurosystem
framework since
1999
F. Papadia and
T. Välunäki
215
3.1
An overview
215
3.2
Instruments
236
3.3
Balance sheet
246
3.4
Collateral and counterparty policy
261
3.5
Communication and credibility
m
liquidity management
277
3.6
Precision of monetary policy implementation
285
3.7
Behaviour of the term risk
premia
during the crisis
298
3.8
The quantitative perspective
305
3.9
Auction procedures
315
3.10
Relationships with the interbank money market
331
4
Challenges for the next decade of monetary policy implementation
U.
Bindseil,
P.
Mercier, F.
Papadia, and
F. Würtz 343
4.1
Introduction
343
4.2
What should the operational objectives of the central bank be?
344
4.3
Paradigms for controlling interest rates
347
4.4
A broad or a narrow monetary policy implementation
technology?
353
4.5
A conclusion
365
Index
367
The euro areo's framework for monetary
policy implementation was
introducea1
in
1999.
Eleven years on, this volume
examines the theoretical and historical
underpinnings of the framework, haw it has
fared in practice, and what challenges it is
likely to
foce in
the future. The technology
serving the implementation of monetary
policy has historically been the exclusive
preserve of a narrow group of specialists
but the recent global financial crisis brought
the issue into the public eye, as the supply
of base money exploded while inflation
risked turning into deflation. This book
addresses all aspects of monetary policy
implementation, with particular emphasis
on the European Central Bank and the
euro, allowing
о
more informed assessment
of a neglected, but
importont,
aspect of
economic life, and a better understanding
of the exceptional developments brought
about by the financial crisis. Written by the
leoding money market operators at the Euro¬
pean Central Bank who were involved in
creating
ond
implementing the framework,
and who are still managing monetary policy
implementation at the Bank today, this
book provides a rare insider account of how
the framework has evolved, how
il
works in
practice, and the challenges of monetary
policy implementation going forward. |
| any_adam_object | 1 |
| author2 | Mercier, Paul 1952- |
| author2_role | edt |
| author2_variant | p m pm |
| author_GND | (DE-588)170893332 |
| author_facet | Mercier, Paul 1952- |
| building | Verbundindex |
| bvnumber | BV036700311 |
| classification_rvk | QM 333 |
| ctrlnum | (OCoLC)646393889 (DE-599)BVBBV036700311 |
| dewey-full | 332.494 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.494 |
| dewey-search | 332.494 |
| dewey-sort | 3332.494 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 1. publ. |
| format | Book |
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| geographic_facet | Europäische Union. Mitgliedsstaaten |
| id | DE-604.BV036700311 |
| illustrated | Illustrated |
| indexdate | 2025-01-02T11:32:33Z |
| institution | BVB |
| isbn | 9780199557523 0199557527 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020618761 |
| oclc_num | 646393889 |
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| physical | XXIX, 373 S. graph. Darst. |
| publishDate | 2011 |
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| publishDateSort | 2011 |
| publisher | Oxford Univ. Press |
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| spelling | The concrete Euro implementing monetary policy in the Euro area ed. by Paul Mercier ... 1. publ. Oxford [u.a.] Oxford Univ. Press 2011 XXIX, 373 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Europäische Union (DE-588)5098525-5 gnd rswk-swf Monetary policy / European Union countries Euro area Währungsunion (DE-588)4188829-7 gnd rswk-swf Notenbank (DE-588)4042669-5 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Europäische Union. Mitgliedsstaaten Europäische Union (DE-588)5098525-5 b Geldpolitik (DE-588)4019902-2 s DE-604 Währungsunion (DE-588)4188829-7 s Notenbank (DE-588)4042669-5 s DE-188 Mercier, Paul 1952- (DE-588)170893332 edt Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020618761&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020618761&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | The concrete Euro implementing monetary policy in the Euro area Europäische Union (DE-588)5098525-5 gnd Monetary policy / European Union countries Euro area Währungsunion (DE-588)4188829-7 gnd Notenbank (DE-588)4042669-5 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4188829-7 (DE-588)4042669-5 (DE-588)4019902-2 |
| title | The concrete Euro implementing monetary policy in the Euro area |
| title_auth | The concrete Euro implementing monetary policy in the Euro area |
| title_exact_search | The concrete Euro implementing monetary policy in the Euro area |
| title_full | The concrete Euro implementing monetary policy in the Euro area ed. by Paul Mercier ... |
| title_fullStr | The concrete Euro implementing monetary policy in the Euro area ed. by Paul Mercier ... |
| title_full_unstemmed | The concrete Euro implementing monetary policy in the Euro area ed. by Paul Mercier ... |
| title_short | The concrete Euro |
| title_sort | the concrete euro implementing monetary policy in the euro area |
| title_sub | implementing monetary policy in the Euro area |
| topic | Europäische Union (DE-588)5098525-5 gnd Monetary policy / European Union countries Euro area Währungsunion (DE-588)4188829-7 gnd Notenbank (DE-588)4042669-5 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Europäische Union Monetary policy / European Union countries Euro area Währungsunion Notenbank Geldpolitik Europäische Union. Mitgliedsstaaten |
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