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Monetary Policy Operations and the Financial System$
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Ulrich Bindseil

Print publication date: 2014

Print ISBN-13: 9780198716907

Published to Oxford Scholarship Online: October 2014

DOI: 10.1093/acprof:oso/9780198716907.001.0001

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Open Market Operations and Standing Facilities

Open Market Operations and Standing Facilities

Chapter:
(p.203) 13 Open Market Operations and Standing Facilities
Source:
Monetary Policy Operations and the Financial System
Author(s):

Ulrich Bindseil

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198716907.003.0014

During the financial crisis, central banks have made various changes to their standing facilities and open market operations. First, most central banks of large advanced monetary areas switched from a symmetric corridor approach to one in which the short-term interest rate is pegged to the remuneration rate of excess reserves (e.g. in the form of a deposit facility). Excess reserves dominated the money market mostly because of large-scale asset purchase programmes. The various reasons for central bank outright purchase programmes in a financial crisis are reviewed. Central banks also made more convenient their open market credit operations, namely by extending maturity and switching from auctions to so-called fixed-rate full allotment procedures.

Keywords:   excess reserves, outright purchase programmes, large-scale asset purchase programmes, maturity extension, fixed rate, full allotment procedure

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