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Sunday, November 17, 2013

Link: Explorations in Macro, Money, and Financial Markets

For those of you who are interested in monetary policy implementation, the link below leads to a list of posts discussing technical aspects of monetary policy implementation. This is on a new blog "Explorations in Macro, Money, and Financial Markets" by "ATR". The articles explain the means by which central banks steer short-term rates within a target interest rate corridor.

Explorations in Macro, Money, and Financial Markets: Table of Contents - Monetary Policy Implementation Series


  1. Hey, thanks for the free publicity!

    I'm actually pretty excited about the material I'm sharing in those posts, since it goes above and beyond the explanations and discussions I typically see on the internet – including from the typically more nuanced heterodox folks. It's also very compatible with Post-Keynesian views of banking (which Bindseil essentially holds: and aligns, in many respects, with the descriptions of monetary policy implementation I've seen from the likes of Lavoie and Fullwiler. However, it does seem to depart a bit from their descriptions in that it argues quantities can be used to achieve (and not just defend) new target interbank rates. I have a feeling these views can be reconciled through the assumption regarding certainty/uncertainty (explained here, but not sure. I aim to do a post on this, plus comparing it with what we hear from common mainstream, explanations.

    In any case, I’d love to have the heterodox blog community (Post-K, MMT, MR, etc. folks) share their thoughts on this stuff. Mainstreamers, market monetarists, etc. as well. I recognize it’s a ton of material to get through though. I would like to condense it even more at some point…

    1. You're welcome. I am usually more worried about the longer maturities on the yield curve, and top down macro, so I generally want to simplify out the details of policy implementation. But with things like QE and debt ceiling dramas, the implementation details are now of a lot more interest.

      With regards to the length of the presentation, one possibility is creating a pdf or ebook. My feeling is that the blog format is not really suited for longer articles with equations. I am currently looking at dusting off my LaTex skills and doing some longer pieces in those formats. Since I would have to be a bit more careful with things like literature surveys, it will take awhile.

  2. Yap! I got more information on how monetary policy implementation has been worked and what are the things needed for it.


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