Review of Monetary Policy Implementation: Theory, Past, and Present

Over the last 20 years, our understanding of monetary policy implementation has undergone radical change. "Reserve position doctrine" has been quietly abandoned, and central banks now focus explicitly on short-term interest rates as operational targets of monetary policy. The reserve position doctrine, which was developed mainly by central bankers and academics in the United States during the early 1920s, was enthusiastically supported by Keynes in his "Treatise on Money" and later by the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.