Monetary Policy Implementation

Monetary policy implementation refers to the mechanism for interbank payments, the set of administered interest rates, and the strategy for central bank actions designed to achieve an intermediate monetary policy goal – for example a target for an overnight nominal interest rate. This piece shows the implications of the Poole model – a common framework used to articulate ideas about monetary policy implementation – for corridor and floor systems of monetary policy implementation. A general equilibrium Poole-type dynamic model is also studied, which shows where Poole-type analysis can go wrong. Given current interest in how large central bank balance sheets and floor systems matter, the author also analyzes a general equilibrium model of quantitative easing and discusses issues with quantitative easing and monetary policy.

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