Monetary Policy and Money Markets in Europe欧洲货币政策和货币市场.pptVIP

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Monetary Policy and Money Markets in Europe欧洲货币政策和货币市场.ppt

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Monetary Policy and Money Markets in Europe欧洲货币政策和货币市场

April, 9th, 2001 Bank of Korea Monetary Policy and Money Marketsan European perspective Abel M. Mateus Banco of Portugal Board Member (MPC) Executive Director for Monetary Operations and IT (1992-1998) An efficient money market is an absolute prerequisite for a well functioning bond market We will present what in our view is an optimal monetary policy framework, considering monetary theory, the state of the art of CBs, based on experience of European central banks Today, the SECB comprises ECB and NCB So, these models will correspond better to NCB just before the euro started Outline Framework for Monetary Policy Money market infrastructure Money market operations Criteria for market efficiency Treasury/MOF and Central Bank relationship Market surveillance Outline Framework for Monetary Policy Money market infrastructure Money market operations Criteria for market efficiency Treasury/MOF and Central Bank relationship Market surveillance Basic principles (based on the recent advances in optimal monetary policy models and the European Monetary Union experience) Independent Central Bank (setting objectives, politically independent, free from government pressure, Board Members cannot be dismissed, accountability) Clearly defined nominal anchor Central Bank has complete freedom and all the instruments required to attain objectives Prohibition of government credit and buying directly bonds from the government All these rules should be enshrined on the Constitution and/or Central Bank Charter Monetary Policy Rules Inflation targeting Inflation depends on real interest rate Real interest rate depends on nominal interest rate and inflation expectations Nominal interest rate can be manipulated thru bank reserves P=a. (Real Interest Rate, GDP-Normal GDP) Exchange rate targeting Policy pursued by most of EU countries in the 1990s, Interest Rate Parity Monetary Programming Macroeconomic Forecasting Exercise (IS-MR, AD-IA) Or, more traditionally, fix intermediate monetary agg