Monetary Policy Operations and the Financial System (Hardback)Ulrich Bindseil (author)
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Publisher: Oxford University Press
Number of pages: 338
Weight: 654 g
Dimensions: 240 x 173 x 26 mm
For a long time, monetary policy operations used to be a rather boring subject. But since 2007, central banks worldwide had to engage in a wide range of unconventional policy measures which are hard to understand and evaluate for non-experts. Written by the person in charge of monetary policy operations at the ECB, this book provides an excellent account of the conduct of monetary policy during times of crises. It introduces the basic theoretical models needed to understand the driving forces behind liquidity crises and outlines adequate policy responses. At the same time, it carefully addresses the risks involved in these measures. The interaction between monetary policy and financial stability being of key relevance for the next decades, this book comes just at the right time. It provides invaluable insights both in the theory and the practice of non-conventional monetary policy. * Gerhard Illing, Professor at LMU University of Munich *
Any monetary economist, central banker, or central bank watcher should read this. If only a treatise like this had been available when I joined the Monetary Policy Committee of the Bank of England: rigorous, aware of historical and institutional realities, and directly and operationally policy-relevant. * Willem H. Buiter, Ph.D., Global Chief Economist, Citi *
Ulrich Bindseil's book provides a consistent framework to understand central bank action, including the related trade-offs and dilemmas. It is both principle-based and deeply rooted in the ECB experience in the European crisis. It is a must read for central bankers, in sunny and in rainy days. * Benoit Coeure, member of the Executive Board of the European Central Bank *
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