rule cannot be implemented when the central bank uses standing facilities, while it can be implemented with open market …

particular, we define an operational procedure for a central bank capable of ensuring the stability of the monetary system. …

The authors study credible information transmission by a benevolent central bank. They consider two possibilities … of transmitting information have very different consequences. Since the objectives of the central bank and those of … individual investors are not always aligned, private investors might rationally ignore announcements by the central bank. In …

applying these standard techniques to central banks, and reviews some of the literature that has attempted to apply these … techniques to central banking. The uniqueness of some of the activities of central banking, the difficulty in measuring some of … the central banking outputs, and the complicated and multiple objectives pursued by central banks makes application of the …

Over the last decade, the legal and institutional frameworks governing central banks and financial market regulatory … of central banks in achieving their objectives and ultimately yielding better economic outcomes. Although much has been … written pointing out the potential role institutional form can play in central bank performance, little empirical work has …