TY - BOOK ID - 133690582 TI - Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks PY - 2020 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Finance: General KW - Money and Monetary Policy KW - Monetary Systems KW - Standards KW - Regimes KW - Government and the Monetary System KW - Payment Systems KW - Interest Rates: Determination, Term Structure, and Effects KW - Money Supply KW - Credit KW - Money Multipliers KW - Monetary Policy KW - Central Banks and Their Policies KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - General Financial Markets: General (includes Measurement and Data) KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Banking KW - Finance KW - Monetary economics KW - Central bank policy rate KW - Short term interest rates KW - Interbank markets KW - Monetary base KW - Financial services KW - Interbank rates KW - Financial markets KW - Money KW - Interest rates KW - Banks and banking KW - International finance KW - Money supply KW - Czech Republic UR - https://www.unicat.be/uniCat?func=search&query=sysid:133690582 AB - This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak. ER -