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2 results

  • 8 - Monetary Policy without Money

  • from Part III - How Is Monetary Policy Conducted in Korea?
  • Woosik Moon, Seoul National University
  • Book:
    Monetary Policy and Central Banking in Korea
    Published online:
    17 February 2022
    Print publication:
    24 February 2022, pp 186-210

  • Summary

    >Monetary policy is no longer the decisions to determine money, but just to decide on the short-term interest rates. Notwithstanding this, old principles consider these decisions as being equivalent, based upon the negative correlation between the bank reserve and the interest rate in the money market. Moreover, the BoK staff had a firm belief that the open market operation in the money market was the most desirable policy tool. In practice, however, the interest rate is neither determined by the interplay of demand and supply in the money market, nor is the open market operation an indispensable instrument, given the increasing role of the standby facility. This chapter examines the determination of the short-term interest rate under the 'corridor' system

  • MONETARY POLICY IMPLEMENTATION FRAMEWORKS: A COMPARATIVE ANALYSIS

  • Antoine Martin, Cyril Monnet
  • Journal:
    Macroeconomic Dynamics / Volume 15 / Issue S1 / April 2011
    Published online by Cambridge University Press:
    22 December 2010, pp. 145-189

  • We compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, whereas the second framework relies only on open-market operations. We show that the Friedman rule cannot be implemented when the central bank uses standing facilities only. For a given rate of inflation, we show that standing facilities unambiguously achieve higher welfare than just conducting open-market operations. We conclude that elements of both frameworks should be combined. Also, our results suggest that any monetary policy implementation framework should remunerate both required and excess reserves.