文章基本信息

标题：Changes in monetary policy operating procedures over the last decade: insights from a new database
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作者：Adam Cap ; Mathias Drehmann ; Andreas Schrimpf 等
期刊名称：BIS Quarterly Review: International Banking and Financial Market Developments = BIZ-Quartalsbericht: Internationales Bankgeschäft und internationale Finanzmärkte
印刷版ISSN：1012-9979
出版年度：2020
卷号：2020
语种：English
出版社：Bank for International Settlements
摘要：We introduce a new interactive database that allows users to easily retrieve and customise detailed information on central banks' monetary policy operating procedures (MPOPs). These procedures govern the day-to-day implementation of monetary policy in markets. After a high-level conceptual overview of how MPOPs have evolved over the past decade, we showcase common trends and selected cross-country differences. We discuss, in particular, how the persistent environment of excess liquidity and the effective interest rate lower bound shaped MPOPs in the aftermath of the Great Financial Crisis of 2007–09.