A mixture of academic and practitioner research, this is the most detailed book available that provides an account of open market operations. With broad international appeal, it includes discussions of central bank operations in Europe, North America, Australia and Japan. Exploring the effectiveness of short-term interest rates and other modern central bank activities in monetary policy and the effect of structural changes in the securities markets and greater liquidity upon them, this volume represents a unique exchange of views between central bankers. It covers a range of topics including: bankers' recent experience of open market operations; monetary and financial economists on the impact of monetary policy on the yield curve; and the practitioners in banking and finance on recent and prospective operations in money and capital markets. Covering the full range of the subject, both the issues and geographically, in a logical order and in a coherent style the, this set of carefully selected papers on a common theme are an essential read for undergraduate and postgraduate students studying macroeconomics, international finance and banking.