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Market Information and Signaling in Central Bank Operations, or, How Often Should a Central Bank Intervene?

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  • International Monetary Fund

Abstract

A central bank must decide on the frequency with which it will conduct open market operations and the variability in short-term money market that it will allow. It is shown how the optimal operating procedure balances the value of attaining an immediate target and broadcasting the central bank’s intentions against the informational advantages to the central bank of allowing the free play of market forces to reveal more of the information available to market participants.

Suggested Citation

  • International Monetary Fund, 1997. "Market Information and Signaling in Central Bank Operations, or, How Often Should a Central Bank Intervene?," IMF Working Papers 1997/028, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/028
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    Cited by:

    1. Mr. Jerome Vandenbussche & Mr. Stanley B Watt & Szabolcs Blazsek, 2009. "The Liquidity and Liquidity Distribution Effects in Emerging Markets: The Case of Jordan," IMF Working Papers 2009/228, International Monetary Fund.

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