The use of the monetary policy instruments by central banks under globalization

Under present economical environment of globalization, of the interdependence of the financial markets and instability of the capital flows, a central bank takes a great dare and responsibility in as-suming the final objective of the monetary policy, naming the price stability. The decision to use certain monetary policy instruments have to be based on their capacity to an efficient and adequate contribution to the correction of the monetary market and real economy development. Under these circumstances, although the frequent use of the open market operations seems justified, some central banks, from developed counties like Japan and USA, decided to maintain the discount rate as a mone-tary policy instrument. The present study disclose the comparative effect of the decision to currently use the official dis-count rate as a monetary policy instrument made by three important central banks (FED, ECB, The Bank of Japon). The study intend to show how the official discount rate, an instrument that some analysts con-sider to be caducous (European Central Bank, for example, does not mention it as a possible instrument to be used), keeps the positive effects (for certain business segments in USA) or the ability to send a message regarding the central bank intention towards the course of the real economy, espe-cially when is in association with other monetary policy instruments like open market operations.