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

swap lines to provide central banks with cover for unwanted, but temporary accumulations of dollars and to provide foreign … central banks with dollar funds to finance their own interventions. The Treasury also began intervening in the market. The …

Central banks worldwide have become more transparent. An important reason is that democratic societies expect more …

establishing temporary reciprocal currency swap lines, or facilities, with foreign central banks designed to ameliorate dollar … abroad and stresses in the money markets. Furthermore, the facilities have been an integral part of the central bank toolbox …

While the goals that guide monetary policy in different countries are very similar, central banks diverge in their … methods of implementing policy. This study of the policy frameworks of four central banks—the Federal Reserve, the European … Central Bank, the Bank of England, and the Swiss National Bank—focuses on two notable areas of difference. The first is the …