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Monetary Policy Implementation: Results from a Survey

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  • Miss Inese Buzeneca
  • Mr. Rodolfo Maino

Abstract

Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an overview of the information contained in the database in the form of comparative summary tables and graphs to illustrate the use of monetary policy instruments by groups of countries (developing, emerging market and developed countries). The main trend that can be identified from the database information is the increasing reliance on money market operations for monetary policy implementation. We emphasize the relevance and usefulness of the data collected through periodic surveys of central banks, for general descriptive and analytical purposes.

Suggested Citation

  • Miss Inese Buzeneca & Mr. Rodolfo Maino, 2007. "Monetary Policy Implementation: Results from a Survey," IMF Working Papers 2007/007, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2007/007
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    References listed on IDEAS

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    1. Mr. Tomás J. T. Baliño & Mr. Charles Enoch & Mr. William E. Alexander, 1995. "The Adoption of Indirect Instruments of Monetary Policy," IMF Occasional Papers 1995/008, International Monetary Fund.
    2. International Monetary Fund, 1993. "Reserve Requirements and Monetary Management: An Introduction," IMF Working Papers 1993/035, International Monetary Fund.
    3. Denis Blenck & Harri Hasko & Spence Hilton & Kazuhiro Masaki, 2001. "The main features of the monetary policy frameworks of the Bank of Japan, the Federal Reserve and the Eurosystem," BIS Papers chapters, in: Bank for International Settlements (ed.), Comparing monetary policy operating procedures across the United States, Japan and the euro area, volume 9, pages 23-56, Bank for International Settlements.
    4. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543.
    5. Mr. Paul Louis Ceriel Hilbers & Mr. Arto Kovanen & Mr. Charles Enoch, 1997. "Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union," IMF Working Papers 1997/178, International Monetary Fund.
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    Cited by:

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    2. Corrinne Ho, 2008. "Implementing monetary policy in the 2000s: operating procedures in Asia and beyond," BIS Working Papers 253, Bank for International Settlements.
    3. Montiel, Peter J & Spilimbergo, Antonio & Mishra, Prachi, 2010. "Monetary transmission in low income countries," CEPR Discussion Papers 7951, C.E.P.R. Discussion Papers.
    4. Arne Hansen & Dirk Meyer, 2021. "EZB-Schuldverschreibungen — neue Verwendung für ein altes Instrument? [ECB Debt Certificates — New Use for an Old Instrument?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(9), pages 732-739, September.
    5. KAMGNA, Severin Yves & Ndambendia, Houdou, 2008. "Excès de liquidité systémique et effectivité de la politique monétaire : cas des pays de la CEMAC [Excess liquidity and monetary policy effectiveness: The case of CEMAC countries]," MPRA Paper 9599, University Library of Munich, Germany.
    6. Prachi Mishra & Peter J Montiel & Antonio Spilimbergo, 2012. "Monetary Transmission in Low-Income Countries: Effectiveness and Policy Implications," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 60(2), pages 270-302, July.
    7. World Bank Group, 2016. "Fifth Ethiopia Economic Update," World Bank Publications - Reports 25747, The World Bank Group.

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