01776cas a2200241 a 4500 AALejournalIMF007494 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451973389 1934-7456 BD-DhAAL BD-DhAAL Johnson, Omotunde. The Payment System and Monetary Policy / Omotunde Johnson. Washington, D.C. : International Monetary Fund, 1998. 1 online resource (30 pages) IMF Policy Discussion Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Achieving the primary objective of price stability without unduly compromising the operational efficiency of the payment system constitutes a major problem for central banks. Routine monetary policy presumes a given institutional and technological framework, including aspects of the payment system. Such a monetary policy concerns itself with intraday and interday credit for payments settlements and with float. Liquidity shocks and panics sometimes pose an additional challenge. In recent years, major and rapid institutional and technological changes in the payment system (mainly to lower risks and augment operational efficiency) have affected the monetary policy decision-making process, particularly in the short run. Mode of access: Internet IMF Policy Discussion Papers; Policy Discussion Paper ; No. 1998/004 Full text available on IMF http://elibrary.imf.org/view/journals/003/1998/004/003.1998.issue-004-en.xml IMF e-Library