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 [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

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 here: