The main features of the monetary policy frameworks of the Bank of Japan, the Federal Reserve and the Eurosystem

Abstract

This paper presents the main aspects of the monetary policy instruments and procedures of the Bank of Japan, the Federal Reserve and the Eurosystem. In particular, it describes the monetary policy objectives, the minimum reserve systems, the demand for central bank balances and the main autonomous factors affecting their supply, the types of open market operations, the standing facilities available, the range of counterparties able to participate in monetary policy operations, the eligible assets used as collateral and, finally, the overnight interbank markets, whose interest rates are strongly influenced by central bank policies.

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