MONETARY OPERATIONS

Handbooks in Central Banking

MONETARY OPERATIONS Simon Gray & Nick Talbot

March 2006 82页　　英文 Bank of England 2006

MONETARY OPERATIONS
Contents
ABSTRACT..............................................................................................................................................4
1 INTRODUCTION ..............................................................................................................................5
2 INTERACTION BETWEEN TARGETS AND LEVERS.................................................................8
i: Domestically-framed monetary policy............................................................................................8
(a) Maturity of interest rate operations...........................................................................................10
(b) Relationship between the operational lever and the tactical target...........................................12
(c) Corridor Systems ......................................................................................................................15
(d) Monetary policy decisions and reserve maintenance periods...................................................16
ii: Externally-framed monetary policy ..............................................................................................17
3 BALANCE SHEET OF THE CENTRAL BANK............................................................................19
iii: The structure of the balance sheet.............................................................................................19
iv: Using the central bank’s balance sheet ..................................................................................... 23
v: Shortage or surplus .......................................................................................................................25
4 LIQUIDITY FORECASTING..........................................................................................................27
5 MONETARY POLICY INSTRUMENTS - OVERVIEW...............................................................32
vi: Direct controls..........................................................................................................................32
vii: Indirect instruments ..................................................................................................................33
6 OPEN MARKET OPERATIONS ....................................................................................................36
viii: Primary securities markets........................................................................................................36
ix: Secondary markets ....................................................................................................................37
x: Broad categories of Open Market Operations .............................................................................. 38
xi: Maturity of OMO......................................................................................................................39
xii: Regular or irregular operations? ...............................................................................................40
(a) Regular operations ....................................................................................................................41
(b) Irregular operations...................................................................................................................41
xiii: OMO tenders: price or quantity ................................................................................................43
xiv: The policy rate and shortage or surplus ....................................................................................44
7 STANDING FACILITIES................................................................................................................46
xv: Broad categories of Standing Facilities .................................................................................... 46
xvi: Standing credit facilities ...........................................................................................................47
xvii: Standing deposit facilities .........................................................................................................48
xviii: Symmetry or asymmetry in SFs? .......................................................................................... 48
xix: Maturity of SFs and collateral positioning ............................................................................... 49
8 REQUIRED AND VOLUNTARY RESERVES..............................................................................51
xx: Remuneration of reserves .........................................................................................................53
xxi: Short to medium term liquidity management ........................................................................... 53
xxii: The maintenance period............................................................................................................55
xxiii: Monetary policy purposes.....................................................................................................56
xxiv: General issues about reserve requirements ........................................................................... 57
9 COUNTERPARTIES.......................................................................................................................59
10 STRUCTURES OF MONETARY POLICY INSTRUMENTS...................................................63
11 CONCLUSIONS..........................................................................................................................66
APPENDIX 1: RESERVE MONEY TARGETING............................................................................69
APPENDIX 2: SECURITIES USED IN MARKET-BASED OPERATIONS .................................71
APPENDIX 3: SIZE OF OPERATIONS.............................................................................................72
APPENDIX 4: DECENTRALISATION..............................................................................................74
Further Reading......................................................................................................................................77

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