Monetary Operations and the Financial Turmoil

16 Pages Posted: 8 Jul 2012

See all articles by Claudio E. V. Borio

Claudio E. V. Borio

Bank for International Settlements (BIS) - Research and Policy Analysis

William R. Nelson

Board of Governors of the Federal Reserve System

Date Written: March 3, 2008

Abstract

A proper understanding of central bank operations in response to the recent financial turmoil and of their implications for the monetary policy stance and for market functioning calls for an understanding of operating frameworks. And yet, not only are these the least familiar aspect of monetary policy, they also differ considerably across countries. The frameworks can have a first-order influence on the size and type of liquidity injections employed and on the need for exceptional measures.

JEL Classification: E43, E49, G21, G32

Suggested Citation

Borio, Claudio E.V. and Nelson, William Richard, Monetary Operations and the Financial Turmoil (March 3, 2008). BIS Quarterly Review, March 2008, Available at SSRN: https://ssrn.com/abstract=1517679

Claudio E.V. Borio (Contact Author)

Bank for International Settlements (BIS) - Research and Policy Analysis ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

William Richard Nelson

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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