Understanding monetary policy implementation

The Federal Reserve implements its monetary policy objectives by intervening in the interbank market for overnight loans. In particular, it aims to change the supply of reserves available to commercial banks so that the (average) interest rate in this market equals an announced target rate. A recent change in legislation will give the Federal Reserve greater flexibility in this process by allowing it to pay interest on reserve balances. Together, the change and recent events in financial markets have renewed interest in the process of monetary policy implementation. This article presents a simple analytical framework for understanding this process. We use the framework to illustrate the main factors that influence a central bank’s ability to keep the market interest rate close to a target level. We also discuss how paying interest on reserves can be a useful policy tool in this regard.Monetary policy ; Federal Reserve banks

Learning and steering: changing implementation patterns and the Greek central government

Greece is frequently characterized as a laggard in the implementation of EU policy. This article examines the key characteristics of the Greek central government and links them to patterns of policy implementation. However, governments, like all organizations, have the capacity to learn. Thus, implementation patterns change over time. Observations and inferences from experience matched by the acquisition of new techniques and critical events help to improve the implementation of EU public policy. This is demonstrated bymeans of a case study (public procurement policy)

Beyond the Win: Pathways for Policy Implementation

When it comes to policy, a lot of attention is given to "the win." Whether it is something new and big like the Affordable Care Act, a piece of legislation in a large federal omnibus bill, or inclusion of critical language in a state policy, seeing the fruits of advocacy efforts put into law makes advocates and champions feel that their hard work, often many years in the making, has paid off.However, in reality, "the win" is just the beginning -- a necessary first step in a much longer and equally as fraught process of policy implementation. Once a policy is created, there are numerous factors that shape and determine how that policy is implemented -- and ultimately, the impact it will have -- regardless of how well the policy is formulated. Some of these factors include rulemaking, funding, capacity of local implementing agencies, and fights to repeal or modify wins, among many others.And, just as in the case of "the win," advocacy plays an important role in shaping implementation whether in advocating across these factors or participating in ongoing monitoring over time. Interestingly, while the role of advocacy in agenda setting, policy formulation, and policy adoption has been widely explored in theory and practice, the role of advocacy in the policy implementation process has received less attention in the literature.To learn more about the role of advocacy at the policy implementation stage, ORS Impact spoke with organizations that engage in, or provide funding for, advocacy efforts at the state and/or federal level. We focused on the following questions:When had advocates played a positive role in policy implementation?When had implementation not gone as well as expected, and what did advocates take away from that?Our conversations yielded important learnings about the unique characteristics of, and range of approaches to, advocacy efforts during the implementation phase. The two following scenarios illustrate some of the different types and levels of advocacy intervention, as well as the results they produce, to demonstrate the ways advocacy can play out when shifting from policymaking to implementation

Policy Implementation Permenkes No.2562/Menkes/XII/2011 about Delivery Guarantee in North Konawe, Province of Southeast Sulawesi

The implementation of Jampersal policy in North Konawe has been running good. The target programs in North Konawe District also have appropriate regulations. The Service procedures have been implemented as expected. Likewise, the types of services provided. The procedure has the appropriate funding procedures. The Society of North Konawe greatly benefit for antenatal care, childbirth and postpartum. However, there are still some obstacles in the implementation. Keywords: the public policy of delivery guarantee, policy implementation, obstacle factor

The implementation of monetary policy

Federal Reserve System ; Monetary policy

Joint Implementation in Climate Change Policy

The textbook economists' model of a tradable permit system cannot usually be applied perfectly at either the domestic or international scale because of the difficulty and/or expense of defining allocations to and monitoring emissions of some groups, as well as for political reasons. It may be impossible to bring these groups fully into a tradeable permit system but it is often possible to find compromise solutions to gain some benefits from trade. This paper explores this problem in the context of the Joint Implementation mechanism associated with the Kyoto Protocol. This paper starts by outlining the current international rules governing Joint Implementation. We provide a summary of key jargon for those who are unfamiliar with the complex Kyoto language. We then discuss two key international issues that are still unresolved: baseline development and monitoring. We then turn to domestic governance of Joint Implementation and how the private sector might engage in Joint Implementation. At this point we consider how Joint Implementation fits within the suite of Kyoto flexibility mechanisms, why sellers and buyers might choose to engage in each, and how the different mechanisms might interact in the market for tradeable units. We conclude with some thoughts about productive directions for future research.Climate, Joint Implementation, tradeable permits, emissions trading

Implementation of free delivery policy in Ghana

This evaluation was undertaken as part of IMMPACT’s global efforts, funded by the Bill & Melinda Gates Foundation, the U.K. Department for International Development, the European Commission and U.S. Agency for International Development

The implementation problem of monetary policy

Monetary policy - United States

Directed Security Policies: A Stateful Network Implementation

Large systems are commonly internetworked. A security policy describes the communication relationship between the networked entities. The security policy defines rules, for example that A can connect to B, which results in a directed graph. However, this policy is often implemented in the network, for example by firewalls, such that A can establish a connection to B and all packets belonging to established connections are allowed. This stateful implementation is usually required for the network's functionality, but it introduces the backflow from B to A, which might contradict the security policy. We derive compliance criteria for a policy and its stateful implementation. In particular, we provide a criterion to verify the lack of side effects in linear time. Algorithms to automatically construct a stateful implementation of security policy rules are presented, which narrows the gap between formalization and real-world implementation. The solution scales to large networks, which is confirmed by a large real-world case study. Its correctness is guaranteed by the Isabelle/HOL theorem prover.Comment: In Proceedings ESSS 2014, arXiv:1405.055