01852cas a2200241 a 4500 AALejournalIMF016171 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513526850 1018-5941 BD-DhAAL BD-DhAAL Maehle, Nils. Monetary Policy Implementation : Operational Issues for Countries with Evolving Monetary Policy Frameworks / Nils Maehle. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (57 pages) IMF Working 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 This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2020/026 Full text available on IMF http://elibrary.imf.org/view/journals/001/2020/026/001.2020.issue-026-en.xml IMF e-Library