ABSTRACT. Goodfriend and Prasad asserts that the fraction of reserves sterilized by the central bank has varied over the last few years, and it is not even straightforward to assess exactly how much sterilization has taken place. Gerlach and Gerlach-Kristen contend that the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) have been strikingly successful in delivering on their monetary policy objectives. Bhattacharya says that the most important part of the monetary policy framework in a country is the task mandated to the monetary authorities; the relative emphasis on price stability versus growth is subject to interpretation. Ito reviews Japanese monetary policy from 1998 to the present.



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