Template-Type: ReDIF-Article 1.0
Author-Name: Adam Cap
Author-Name: Mathias Drehmann
Author-Name: Andreas Schrimpf
Title: Changes in monetary policy operating procedures over the last decade: insights from a new database
Abstract: We introduce a new interactive database that allows users to easily retrieve and customise detailed information on central banks monetary policy operating procedures (MPOPs). These procedures govern the day-to-day implementation of monetary policy in markets. After a high-level conceptual overview of how MPOPs have evolved over the past decade, we showcase common trends and selected cross-country differences. We discuss, in particular, how the persistent environment of excess liquidity and the effective interest rate lower bound shaped MPOPs in the aftermath of the Great Financial Crisis of 2007–09.
Journal: BIS Quarterly Review
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2012c.pdf
File-Format: Application/pdf
File-URL: http://www.bis.org/publ/qtrpdf/r_qt2012c.htm
File-Format: text/html
Year: 2020
Month: December
Classification-JEL: E42, E43, E52, E58
Handle: RePEc:bis:bisqtr:2012c