Abstract

This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of EMS participants to maintain their exchange rates within agreed limits has often led them to undertake policy measures aimed at exchange rate objectives. The procedures for implementing monetary policy in the five countries examined here exhibit numerous common features; the dissimilarities that exist do not appear to be fundamental, but rather are attributable primarily to differences in institutional conditions. This paper describes the procedures employed by these monetary authorities so that changes in policy stances can be identified.

References

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    • Export Citation
  • Bank for International Settlements, Financial Innovation and Monetary Policy (Basle: Bank for International Settlements, 1984).

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    • Search Google Scholar
    • Export Citation
  • Bank of France, “Instruction Réglementaire de la Banque de France Relative aux Actions sur le Marché Monétairé,” No. 586 (Paris, November 1986).

    • Search Google Scholar
    • Export Citation
  • Batten, Dallas S., and Daniel L. Thornton, “Discount Rate Changes and the Foreign Exchange Market,” Journal of International Money and Finance, Vol. 3 (December 1984), pp. 27992.

    • Search Google Scholar
    • Export Citation
  • Board of Governors of the Federal Reserve System, “Monetary Policy Report to Congress,” Federal Reserve Bulletin (Washington), Vol. 74 (August 1988), pp. 51733.

    • Search Google Scholar
    • Export Citation
  • Board of Governors of the Federal Reserve System, “Record of Policy Actions of the Federal Open Market Committee,” Federal Reserve Bulletin (Washington), Vol. 76 (February 1990), pp. 5560.

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    • Export Citation
  • Bruneel, Didier, “Recent Evolution of Financial Structures and Monetary Policy in France,” paper presented at Conference on Domestic and International Aspects of Macroeconomic Policy, University of Illinois, September 12–14, 1986.

    • Search Google Scholar
    • Export Citation
  • Cargill, Thomas F., “Japanese Monetary Policy, Flow of Funds, and Domestic Financial Liberalization,” Economic Review, Federal Reserve Bank of San Francisco (San Francisco), Summer 1986 (No. 3), pp. 2132.

    • Search Google Scholar
    • Export Citation
  • Coleby, A.L., “Changes in Money-Market Instruments and Procedures in the United Kingdom,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Deutsche Bundesbank, “The Bundesbank’s Transactions in Securities Under Repurchase Agreements,” Monthly Report (Frankfurt-am-Main), Vol. 35 (May 1983), pp. 2330.

    • Search Google Scholar
    • Export Citation
  • Deutsche Bundesbank, “Recent Developments with Respect to the Bundesbank’s Securities Repurchase Agreements,” Monthly Report (Frankfurt-am-Main), Vol. 37 (October 1985), pp. 1824.

    • Search Google Scholar
    • Export Citation
  • Deutsche Bundesbank, The Deutsche Bundesbank: Its Monetary Policy Instruments and Functions, Deutsche Bundesbank Special Series, No. 7 (Frankfurt-am-Main: Deutsche Bundesbank, 2nd ed., October 1987).

    • Search Google Scholar
    • Export Citation
  • Deutsche Bundesbank, “Methodological Notes on the Monetary Target Variable ‘M3’,” Monthly Report (Frankfurt-am-Main), Vol. 40 (March 1988), pp. 1821.

    • Search Google Scholar
    • Export Citation
  • Dudler, Hermann-Joseph, “Changes in Money-Market Instruments and Procedures in Germany,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Fukui, Toshihiko, “The Recent Development of the Short-Term Money Market in Japan and Changes in the Techniques and Procedures of Monetary Control Used by the Bank of Japan,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Gilbert, R. Alton, “Operating Procedures for Conducting Monetary Policy,” Review, Federal Reserve Bank of St. Louis (St. Louis), Vol. 67 (February 1985), pp. 1321.

    • Search Google Scholar
    • Export Citation
  • Heller, H. Robert, “Implementing Monetary Policy,” Federal Reserve Bulletin (Washington), Vol. 74 (July 1988), pp. 41929.

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    • Export Citation
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    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Johnson, Manuel H., “Current Perspectives on Monetary Policy,” in Dollars, Deficits, & Trade, ed. by James A. Dorn and William A. Niskanen (Boston: Kluwer Academic Publishers, 1989).

    • Search Google Scholar
    • Export Citation
  • Johnson, Manuel H., “Perspectives on the Implementation of Monetary Policy,” in Monetary Policy for a Changing Financial Environment, ed. by William Haraf and Phillip Cagan (Washington: American Enterprise Institute, 1990).

    • Search Google Scholar
    • Export Citation
  • Kanzaki, T., “Determination of the Short-Term Money Market Interest Rates: Comparison of Monetary Adjustment in the United States and Japan,” (in Japanese) (unpublished working paper, Bank of Japan, Institute for Monetary and Economic Studies, March 24, 1988).

    • Search Google Scholar
    • Export Citation
  • Kneeshaw, J. T., and P. Van den Bergh, Changes in Central Bank Money-Market Operating Procedures in the 1980’s, BIS Economic Papers, No. 23 (Basle: Bank for International Settlements, 1989).

    • Search Google Scholar
    • Export Citation
  • Madigan, Brian F., and Warren T. Trepeta, “Implementation of U.S. Monetary Policy,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Neumann, Manfred J. M., “Implementation of Monetary Policy in Germany,” in Financial Sectors in Open Economies: Empirical Analysis and Policy Issues, ed. by Peter Hooper and others (Washington: Board of Governors of the Federal Reserve System, 1990, forthcoming).

    • Search Google Scholar
    • Export Citation
  • Poole, William, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model,” Quarterly Journal of Economics, Vol. 84 (May 1970), pp. 197216.

    • Search Google Scholar
    • Export Citation
  • Sellon, Gordon H., Jr., and Ronald L. Teigen, “The Choice of Short-Run Targets for Monetary Policy,” Economic Review, Federal Reserve Bank of Kansas City (Kansas City), Vol. 66 (April 1981), pp. 316.

    • Search Google Scholar
    • Export Citation
  • Shimamoto, Reiichi, “Monetary Control in Japan,” in Central Bank Views on Monetary Targeting, ed. by Paul Meek (New York: Federal Reserve Bank of New York, 1983).

    • Search Google Scholar
    • Export Citation
  • Suzuki, Yoshio, “Monetary Control Mechanism in Japan,” in Financial Sectors in Open Economies: Empirical Analysis and Policy Issues, ed. by Peter Hooper and others (Washington: Board of Governors of the Federal Reserve System, 1990, forthcoming).

    • Search Google Scholar
    • Export Citation
  • Takagi, Shinji, “Recent Developments in Japan’s Bond and Money Markets,” Journal of the Japanese and International Economies, Vol. 2 (March 1988), pp. 6391.

    • Search Google Scholar
    • Export Citation
  • Thornton, Daniel L., “The Discount Rate and Market Interest Rates: Theory and Evidence,” Review, Federal Reserve Bank of St. Louis (St. Louis), Vol. 68 (August/September 1986), pp. 521.

    • Search Google Scholar
    • Export Citation
  • Thornton, Daniel L., “The Borrowed-Reserves Operating Procedure: Theory and Evidence,” Review, Federal Reserve Bank of St. Louis (St. Louis), Vol. 70 (January/February 1988), pp. 3054.

    • Search Google Scholar
    • Export Citation
  • Truquet, J., “The Development of Central-Bank Intervention on the Money Market in France: Changes in Instruments and Procedures Since 1972,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Wallich, Henry C., “Recent Techniques of Monetary Policy,” Economic Review, Federal Reserve Bank of Kansas City (Kansas City), Vol. 69 (May 1984), pp. 2130.

    • Search Google Scholar
    • Export Citation
  • Wenninger, J., “Federal Reserve Operating Procedures and Recent Experience with Monetary Targeting,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation

Occasional Papers of the International Monetary Fund

70. The Conduct of Monetary Policy in the Major Industrial Countries: Instruments and Operating Procedures, by Dallas S. Batten, Michael P. Blackwell, In-Su Kim, Simon E. Nocera, and Yuzuru Ozeki. 1990.

69. International Comparisons of Government Expenditure Revisited: The Developing Countries, 1975–86, By Peter S. Heller and Jack Diamond. 1990.

68. Debt Reduction and Economic Activity, by Michael P. Dooley, David Folkerts-Landau, Richard D. Haas, Steven A. Symansky, and Ralph W. Tryon. 1990.

67. The Role of National Saving in the World Economy: Recent Trends and Prospects, by Bijan B. Aghevli, James M. Boughton, Peter J. Montiel, Delano Villanueva, and Geoffrey Woglom. 1990.

66. The European Monetary System in the Context of the Integration of European Financial Markets, by David Folkerts-Landau and Donald J. Mathieson. 1989.

65. Managing Financial Risks in Indebted Developing Countries, by Donald J. Mathieson, David Folkerts-Landau, Timothy Lane, and Iqbal Zaidi. 1989.

64. The Federal Republic of Germany: Adjustment in a Surplus Country, by Leslie Lipschitz, Jeroen Kremers, Thomas Mayer, and Donogh McDonald. 1989.

63. Issues and Developments in International Trade Policy, by Margaret Kelly, Naheed Kirmani, Miranda Xafa, Clemens Boonekamp, and Peter Winglee. 1988.

62. The Common Agricultural Policy of the European Community: Principles and Consequences, by Julius Rosenblatt, Thomas Mayer, Kasper Bartholdy, Dimitrios Demekas, Sanjeev Gupta, and Leslie Lipschitz. 1988.

61. Policy Coordination in the European Monetary System. Part I: The European Monetary System: A Balance Between Rules and Discretion, by Manuel Guitián. Part II: Monetary Coordination Within the European Monetary System: Is There a Rule? by Massimo Russo and Giuseppe Tullio. 1988.

60. Policies for Developing Forward Foreign Exchange Markets, by Peter J. Quirk, Graham Hacche, Viktor Schoofs, and Lothar Weniger. 1988.

59. Measurement of Fiscal Impact: Methodological Issues, edited by Mario I. Blejer and Ke-Young Chu. 1988.

58. The Implications of Fund-Supported Adjustment Programs for Poverty: Experiences in Selected Countries, by Peter S. Heller, A. Lans Bovenberg, Thanos Catsambas, Ke-Young Chu, and Parthasarathi Shome. 1988.

57. The Search for Efficiency in the Adjustment Process: Spain in the 1980s, by Augusto Lopez-Claros. 1988.

56. Privatization and Public Enterprises, by Richard Hemming and Ali M. Mansoor. 1988.

55. Theoretical Aspects of the Design of Fund-Supported Adjustment Programs: A Study by the Research Department of the International Monetary Fund. 1987.

54. Protection and Liberalization: A Review of Analytical Issues, by W. Max Corden. 1987.

53. Floating Exchange Rates in Developing Countries: Experience with Auction and Interbank Markets, by Peter J. Quirk, Benedicte Vibe Christensen, Kyung-Mo Huh, and Toshihiko Sasaki. 1987.

52. Structural Reform, Stabilization, and Growth in Turkey, by George Kopits. 1987.

51. The Role of the SDR in the International Monetary System: Studies by the Research and Treasurer’s Departments of the International Monetary Fund. 1987.

50. Strengthening the International Monetary System: Exchange Rates, Surveillance, and Objective Indicators, by Andrew Crockett and Morris Goldstein. 1987.

49. Islamic Banking, by Zubair Iqbal and Abbas Mirakhor. 1987.

48. The European Monetary System: Recent Developments, by Horst Ungerer, Owen Evans, Thomas Mayer, and Philip Young. 1986.

47. Aging and Social Expenditure in the Major Industrial Countries, 1980–2025, by Peter S. Heller, Richard Hemming, Peter W. Kohnert, and a Staff Team from the Fiscal Affairs Department. 1986.

46. Fund-Supported Programs, Fiscal Policy, and Income Distribution: A Study by the Fiscal Affairs Department of the International Monetary Fund. 1986.

45. Switzerland’s Role as an International Financial Center, by Benedicte Vibe Christensen. 1986.

44. A Review of the Fiscal Impulse Measure, by Peter S. Heller, Richard D. Haas, and Ahsan H. Mansur. 1986.

42. Global Effects of Fund-Supported Adjustment Programs, by Morris Goldstein. 1986.

41. Fund-Supported Adjustment Programs and Economic Growth, by Mohsin S. Kahn and Malcolm D. Knight. 1985.

39. A Case of Successful Adjustment: Korea’s Experience During 1980–84, by Bijan B. Aghevli and Jorge Márquez-Ruarte. 1985.

38. Trade Policy Issues and Developments, by Shailendra J. Anjaria, Naheed Kirmani, and Arne B. Petersen. 1985.

36. Formulation of Exchange Rate Policies in Adjustment Programs, by a Staff Team Headed by G.G. Johnson. 1985.

35. The West African Monetary Union: An Analytical Review, by Rattan J. Bhatia. 1985.

34. Adjustment Programs in Africa: The Recent Experience, by Justin B. Zulu and Saleh M. Nsouli. 1985.

33. Foreign Private Investment in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1985.

30. The Exchange Rate System—Lessons of the Past and Options for the Future: A Study by the Research Department of the International Monetary Fund. 1984.

29. Issues in the Assessment of the Exchange Rates of Industrial Countries: A Study by the Research Department of the International Monetary Fund. 1984.

28. Exchange Rate Volatility and World Trade: A Study by the Research Department of the International Monetary Fund. 1984.

26. The Fund, Commercial Banks, and Member Countries, by Paul Mentré. 1984.

24. Government Employment and Pay: Some International Comparisons, by Peter S. Heller and Alan A. Tait. 1983. Revised 1984.

22. Interest Rate Policies in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1983.

20. Alternatives to the Central Bank in the Developing World, by Charles Collyns. 1983.

19. The European Monetary System: The Experience, 1979–82, by Horst Ungerer, with Owen Evans and Peter Nyberg. 1983.

Note: For information on the title and availability of Occasional Papers not listed, please consult the IMF Publications Catalog or contact IMF Publications Services. Occasional Papers Nos. 5–26 are $5.00 a copy (academic rate: $3.00); Nos. 27–64 are $7.50 a copy (academic rate: $4.50); and from No. 65 on, the price is $10.00 a copy (academic rate: $7.50).

instruments and Operations Procedures: Occa Paper No.70
  • Axilrod, Stephen H., “U.S. Monetary Policy in Recent Years: An Overview,” Federal Reserve Bulletin (Washington), Vol. 71 (January 1985), pp. 1424.

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, Financial Innovation and Monetary Policy (Basle: Bank for International Settlements, 1984).

  • Bank of England, “Annex 3—Bank of England Dealings in the Sterling Money Market: Operational Arrangements,” Bank of England Quarterly Bulletin (London), Vol. 28 (August 1988), pp. 403409.

    • Search Google Scholar
    • Export Citation
  • Bank of France, “Instruction Réglementaire de la Banque de France Relative aux Actions sur le Marché Monétairé,” No. 586 (Paris, November 1986).

    • Search Google Scholar
    • Export Citation
  • Batten, Dallas S., and Daniel L. Thornton, “Discount Rate Changes and the Foreign Exchange Market,” Journal of International Money and Finance, Vol. 3 (December 1984), pp. 27992.

    • Search Google Scholar
    • Export Citation
  • Board of Governors of the Federal Reserve System, “Monetary Policy Report to Congress,” Federal Reserve Bulletin (Washington), Vol. 74 (August 1988), pp. 51733.

    • Search Google Scholar
    • Export Citation
  • Board of Governors of the Federal Reserve System, “Record of Policy Actions of the Federal Open Market Committee,” Federal Reserve Bulletin (Washington), Vol. 76 (February 1990), pp. 5560.

    • Search Google Scholar
    • Export Citation
  • Bruneel, Didier, “Recent Evolution of Financial Structures and Monetary Policy in France,” paper presented at Conference on Domestic and International Aspects of Macroeconomic Policy, University of Illinois, September 12–14, 1986.

    • Search Google Scholar
    • Export Citation
  • Cargill, Thomas F., “Japanese Monetary Policy, Flow of Funds, and Domestic Financial Liberalization,” Economic Review, Federal Reserve Bank of San Francisco (San Francisco), Summer 1986 (No. 3), pp. 2132.

    • Search Google Scholar
    • Export Citation
  • Coleby, A.L., “Changes in Money-Market Instruments and Procedures in the United Kingdom,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Deutsche Bundesbank, “The Bundesbank’s Transactions in Securities Under Repurchase Agreements,” Monthly Report (Frankfurt-am-Main), Vol. 35 (May 1983), pp. 2330.

    • Search Google Scholar
    • Export Citation
  • Deutsche Bundesbank, “Recent Developments with Respect to the Bundesbank’s Securities Repurchase Agreements,” Monthly Report (Frankfurt-am-Main), Vol. 37 (October 1985), pp. 1824.

    • Search Google Scholar
    • Export Citation
  • Deutsche Bundesbank, The Deutsche Bundesbank: Its Monetary Policy Instruments and Functions, Deutsche Bundesbank Special Series, No. 7 (Frankfurt-am-Main: Deutsche Bundesbank, 2nd ed., October 1987).

    • Search Google Scholar
    • Export Citation
  • Deutsche Bundesbank, “Methodological Notes on the Monetary Target Variable ‘M3’,” Monthly Report (Frankfurt-am-Main), Vol. 40 (March 1988), pp. 1821.

    • Search Google Scholar
    • Export Citation
  • Dudler, Hermann-Joseph, “Changes in Money-Market Instruments and Procedures in Germany,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Fukui, Toshihiko, “The Recent Development of the Short-Term Money Market in Japan and Changes in the Techniques and Procedures of Monetary Control Used by the Bank of Japan,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Gilbert, R. Alton, “Operating Procedures for Conducting Monetary Policy,” Review, Federal Reserve Bank of St. Louis (St. Louis), Vol. 67 (February 1985), pp. 1321.

    • Search Google Scholar
    • Export Citation
  • Heller, H. Robert, “Implementing Monetary Policy,” Federal Reserve Bulletin (Washington), Vol. 74 (July 1988), pp. 41929.

  • Hutchison, Michael M., “Japan’s ‘Money Focused’ Monetary Policy,” Economic Review, Federal Reserve Bank of San Francisco (San Francisco), Summer 1986 (No. 3), pp. 3345.

    • Search Google Scholar
    • Export Citation
  • Icard, André (1987a), “La Réforme du Marché Interbancaire, Premières Impressions,” Banque (Paris), No. 468 (January 1987), pp. 7781.

    • Search Google Scholar
    • Export Citation
  • Icard, André (1987b), “Les Instruments de la Politique des Taux,” Banque (Paris), No. 474 (July—August 1987), pp. 698702.

  • Isard, Peter, “Exchange Rate Modeling: An Assessment of Alternative Approaches,” in Empirical Macroeconomics for Interdependent Economies, ed. by Ralph C. Bryant and others (Washington: The Brookings Institution, 1988).

    • Search Google Scholar
    • Export Citation
  • Ito, Takatoshi, “The Recent Evolution of Monetary Control Techniques: The Case of Japan,” paper presented at Seminar on Central Banking, International Monetary Fund, Washington, November 1988.

    • Search Google Scholar
    • Export Citation
  • Johnson, Manuel H., “Current Perspectives on Monetary Policy,” in Dollars, Deficits, & Trade, ed. by James A. Dorn and William A. Niskanen (Boston: Kluwer Academic Publishers, 1989).

    • Search Google Scholar
    • Export Citation
  • Johnson, Manuel H., “Perspectives on the Implementation of Monetary Policy,” in Monetary Policy for a Changing Financial Environment, ed. by William Haraf and Phillip Cagan (Washington: American Enterprise Institute, 1990).

    • Search Google Scholar
    • Export Citation
  • Kanzaki, T., “Determination of the Short-Term Money Market Interest Rates: Comparison of Monetary Adjustment in the United States and Japan,” (in Japanese) (unpublished working paper, Bank of Japan, Institute for Monetary and Economic Studies, March 24, 1988).

    • Search Google Scholar
    • Export Citation
  • Kneeshaw, J. T., and P. Van den Bergh, Changes in Central Bank Money-Market Operating Procedures in the 1980’s, BIS Economic Papers, No. 23 (Basle: Bank for International Settlements, 1989).

    • Search Google Scholar
    • Export Citation
  • Madigan, Brian F., and Warren T. Trepeta, “Implementation of U.S. Monetary Policy,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Neumann, Manfred J. M., “Implementation of Monetary Policy in Germany,” in Financial Sectors in Open Economies: Empirical Analysis and Policy Issues, ed. by Peter Hooper and others (Washington: Board of Governors of the Federal Reserve System, 1990, forthcoming).

    • Search Google Scholar
    • Export Citation
  • Poole, William, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model,” Quarterly Journal of Economics, Vol. 84 (May 1970), pp. 197216.

    • Search Google Scholar
    • Export Citation
  • Sellon, Gordon H., Jr., and Ronald L. Teigen, “The Choice of Short-Run Targets for Monetary Policy,” Economic Review, Federal Reserve Bank of Kansas City (Kansas City), Vol. 66 (April 1981), pp. 316.

    • Search Google Scholar
    • Export Citation
  • Shimamoto, Reiichi, “Monetary Control in Japan,” in Central Bank Views on Monetary Targeting, ed. by Paul Meek (New York: Federal Reserve Bank of New York, 1983).

    • Search Google Scholar
    • Export Citation
  • Suzuki, Yoshio, “Monetary Control Mechanism in Japan,” in Financial Sectors in Open Economies: Empirical Analysis and Policy Issues, ed. by Peter Hooper and others (Washington: Board of Governors of the Federal Reserve System, 1990, forthcoming).

    • Search Google Scholar
    • Export Citation
  • Takagi, Shinji, “Recent Developments in Japan’s Bond and Money Markets,” Journal of the Japanese and International Economies, Vol. 2 (March 1988), pp. 6391.

    • Search Google Scholar
    • Export Citation
  • Thornton, Daniel L., “The Discount Rate and Market Interest Rates: Theory and Evidence,” Review, Federal Reserve Bank of St. Louis (St. Louis), Vol. 68 (August/September 1986), pp. 521.

    • Search Google Scholar
    • Export Citation
  • Thornton, Daniel L., “The Borrowed-Reserves Operating Procedure: Theory and Evidence,” Review, Federal Reserve Bank of St. Louis (St. Louis), Vol. 70 (January/February 1988), pp. 3054.

    • Search Google Scholar
    • Export Citation
  • Truquet, J., “The Development of Central-Bank Intervention on the Money Market in France: Changes in Instruments and Procedures Since 1972,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation
  • Wallich, Henry C., “Recent Techniques of Monetary Policy,” Economic Review, Federal Reserve Bank of Kansas City (Kansas City), Vol. 69 (May 1984), pp. 2130.

    • Search Google Scholar
    • Export Citation
  • Wenninger, J., “Federal Reserve Operating Procedures and Recent Experience with Monetary Targeting,” in Bank for International Settlements, Changes in Money-Market Instruments and Procedures: Objectives and Implications (Basle: Bank for International Settlements, 1986).

    • Search Google Scholar
    • Export Citation