This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of...

Chapter 1. Asset Management at Central Banks and Monetary Authorities -- Chapter 2. Central Banks: Gatekeepers of Monetary Stability and Guardians of Public Interest -- Chapter 3. Larger Central Bank Balance Sheets: A New Normal for Monetary Policy?- Chapter 4. How Countries Manage Large Central...