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

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