The first of its kind, this book is entirely dedicated to the implementation of monetary policy: how central banks go about achieving their monetary policy targets. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. This book argues that reserve position doctrine has never, and could never, be seriously put into practice. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century. ÍNDICE: 1. Monetary policy implementation within the theory of monetary policy 2.The central bank balance sheet and the quantity side of monetary policy implementation 3.The control of short-term interest rates: a simple model 4.Standing facilities 5.Open market operations 6.Reserve requirements 7.Practice of monetary policy implementation in the 20th century 8.From the old to the new view on monetary policy implementation