1st Edition

Open Market Operations and Financial Markets

Edited By David Mayes, Jan Toporowski Copyright 2007
    368 Pages 44 B/W Illustrations
    by Routledge

    382 Pages 44 B/W Illustrations
    by Routledge

    A mixture of academic and practitioner research, this is the most detailed book available that provides an account of open market operations. With broad international appeal it includes discussions of central bank operations in Europe, North America, Australia and Japan.

    Exploring the effectiveness of short-term interest rates and other modern central bank activities in monetary policy and the effect of structural changes in the securities markets and greater liquidity upon them, this volume represents a unique exchange of views between central bankers. It covers a range of topics including:

    • bankers recent experience of open market operations
    • monetary and financial economists on the impact of monetary policy on the yield curve
    • the practitioners in banking and finance on recent and prospective operations in money and capital markets.

    Covering the full range of the subject, both the issues and geographically, in a logical order and in a coherent style the, this set of carefully selected papers on a common theme are an essential read for undergraduate and postgraduate students studying Macroeconomics, international finance and banking.

    1. Introduction 2. Monetary Policy and its Theoretical Foundations 3. The Scope and Significance of Open Market Operations 4. Open Market Operations: Their Role and Significance Today 5. Money Market Development and Changes in Monetary Policy Operations in 11 Small European Countries 1980-2000 6. Monetary Policy in a Changing Financial Environment: A Case for the Signalling Function of Central Banks' Operating Framework 7. Open Market Operations in Emerging Markets: The Mexican Experience 8. Open Market Operations and the Federal Funds Rate 9. On the Optimal Frequency of the Central Bank's Operations in the Reserve Market 10. Money Market Volatility: A Simulation Study 11. Monetary Policy by Signal 12. The Impact of the Reserve Bank's OMOs on Financial Markets 13. Sustainability, Inflation and Public Debt Policy in Japan


    David Mayes, Jan Toporowski