Posted by: Dirk | January 20, 2014

Monetary policy frameworks and central bank market operations before the storm

While the sub-prime crisis already started in 2007, the central banks’ policy framework and operations were changed only later on. The Bank for International Settlements has a nice document about the state of central banking in 2007. Here is the contents:

Introduction ………………………………………………………………………………………………………………1
Reserve Bank of Australia ………………………………………………………………………………………….3
Central Bank of Brazil ………………………………………………………………………………………………..7
Bank of Canada ………………………………………………………………………………………………………11
European System of Central Banks……………………………………………………………………………17
Hong Kong Monetary Authority………………………………………………………………………………….23
Reserve Bank of India………………………………………………………………………………………………27
Bank of Japan …………………………………………………………………………………………………………31
Bank of Korea …………………………………………………………………………………………………………37
Bank of Mexico ……………………………………………………………………………………………………….41
Monetary Authority of Singapore ……………………………………………………………………………….45
Riksbank ………………………………………………………………………………………………………………..49
Swiss National Bank ………………………………………………………………………………………………..53
Bank of England………………………………………………………………………………………………………57
Federal Reserve System ………………………………………………………………………………………….61

The document is updated every year, available at the Markets Committee section of the BIS website. The links seem somehow disordered. Here are the respective reports of 2007, 2008, 2009 (2009 updated). Sadly, the idea of publishing annual updates was abandoned just when the ECB encountered stress in the Greek sovereign bonds market. However, the document from 2007 is a nice basis for discussing (changes in) monetary policy.


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