Central Banking and Monetary Policy Implementation
Volume I
Published on 27. June 2025
Book
Hardback
314 pages
978-1-0353-0279-6 (ISBN)
Description
This informative book discusses the evolution of monetary policy, particularly since the subprime crisis. The contributors analyse diverse examples of the implementation of monetary policies across a range of countries, from those with major central banks such as Canada and Switzerland to developing economies such as Brazil and Nigeria, exploring how the practical workings of these measures can vary.
The authors examine the different instruments that can be used to control base interest rates, such as open market operations, reserve requirements and remuneration and rediscount operations. Chapters delve into 11 different case studies, which include monetary policy implementations in China, a reconstruction of the monetary policy framework in Argentina during COVID-19 and an overview of the instruments and procedures used by the European Central Bank. This comprehensive book also provides an overview of the various challenges that can arise in the process of implementing novel strategies.
Students and scholars of financial economics and regulation, political economy and money and banking will greatly benefit from this book. With its theoretical insights, it is also a crucial resource for academics in post-Keynesian economics, as well as practitioners in central banking and the financial press.
The authors examine the different instruments that can be used to control base interest rates, such as open market operations, reserve requirements and remuneration and rediscount operations. Chapters delve into 11 different case studies, which include monetary policy implementations in China, a reconstruction of the monetary policy framework in Argentina during COVID-19 and an overview of the instruments and procedures used by the European Central Bank. This comprehensive book also provides an overview of the various challenges that can arise in the process of implementing novel strategies.
Students and scholars of financial economics and regulation, political economy and money and banking will greatly benefit from this book. With its theoretical insights, it is also a crucial resource for academics in post-Keynesian economics, as well as practitioners in central banking and the financial press.
Reviews / Votes
'There is a great deal of interesting information in this book - much more than I can summarise.' -- William A. Allen, Society of Professional Economists 'This book is a must-read for anybody interested in central banking in modern financial systems. It traces the evolving role of central banks across the globe covering cases as diverse as the Federal Reserve Bank of the US, the Central Bank of Argentina, and the Central Bank of Nigeria. The contributions are empirically rich, theoretically grounded and will be key references for future work on monetary policy in a rapidly changing global economy.' -- Annina Kaltenbrunner, University of Leeds, UKMore details
Series
Language
English
Place of publication
Cheltenham
United Kingdom
Target group
Professional and scholarly
Dimensions
Height: 234 mm
Width: 156 mm
ISBN-13
978-1-0353-0279-6 (9781035302796)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Edited by Sylvio Antonio Kappes, Assistant Professor, Federal University of Alagoas, Brazil, Co-Editor, Review of Political Economy and Co-Director, Monetary Policy Institute, Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute and Guillaume Vallet, Full Professor, Universite Grenoble Alpes and Research Fellow, Centre de Recherche en Economie de Grenoble (CREG), France
Content
Contents
Introduction to Central Banking and Monetary Policy
Implementation xix
Sylvio Antonio Kappes, Louis-Philippe Rochon and Guillaume Vallet
1 A reconstruction of the monetary policy framework in
Argentina during the Covid-19 pandemic 1
Juan Matias De Lucchi, Ariel Dvoskin and German D. Feldman
2 Implementation of the Reserve Bank of Australia's inflation
target and the impact of Covid-19: an assessment 26
Peter Docherty
3 An analysis of the Brazilian Central Bank balance sheet and
its main policy instruments 65
Sylvio Antonio Kappes
4 The Bank of Canada and the six principles of monetary
policy implementation: lessons from post-Keynesian economics 78
Guillermo Matamoros
5 The evolution of monetary policy implementation in China 96
Hui Yuan and Geyang Xie
6 The European Central Bank: monetary policy instruments,
procedures, and decisions 119
Eladio Febrero
7 Monetary policy in open emergent economies with weak
financial markets: the case of Mexico and its effect on the
banking system 147
Noemi Levy Orlik and Jorge Bustamante
8 Central Bank of Nigeria and monetary policy implementation 171
Salewa Olawoye and Adesuwa Erediauwa
9 Monetary policy under permanent excess liquidity: the case
of Poland 182
Zbigniew Polanski
10 Central banking and monetary policy implementation in Russia 219
Vadim Grishchenko, Grigory Zhirnov and Vasily Tkachev
11 Monetary policy operating procedures in Switzerland: a
critical appraisal 261
Sergio Rossi
Introduction to Central Banking and Monetary Policy
Implementation xix
Sylvio Antonio Kappes, Louis-Philippe Rochon and Guillaume Vallet
1 A reconstruction of the monetary policy framework in
Argentina during the Covid-19 pandemic 1
Juan Matias De Lucchi, Ariel Dvoskin and German D. Feldman
2 Implementation of the Reserve Bank of Australia's inflation
target and the impact of Covid-19: an assessment 26
Peter Docherty
3 An analysis of the Brazilian Central Bank balance sheet and
its main policy instruments 65
Sylvio Antonio Kappes
4 The Bank of Canada and the six principles of monetary
policy implementation: lessons from post-Keynesian economics 78
Guillermo Matamoros
5 The evolution of monetary policy implementation in China 96
Hui Yuan and Geyang Xie
6 The European Central Bank: monetary policy instruments,
procedures, and decisions 119
Eladio Febrero
7 Monetary policy in open emergent economies with weak
financial markets: the case of Mexico and its effect on the
banking system 147
Noemi Levy Orlik and Jorge Bustamante
8 Central Bank of Nigeria and monetary policy implementation 171
Salewa Olawoye and Adesuwa Erediauwa
9 Monetary policy under permanent excess liquidity: the case
of Poland 182
Zbigniew Polanski
10 Central banking and monetary policy implementation in Russia 219
Vadim Grishchenko, Grigory Zhirnov and Vasily Tkachev
11 Monetary policy operating procedures in Switzerland: a
critical appraisal 261
Sergio Rossi