Introduction -- Monetary policy and its theoretical foundations / David Laidler -- The scope and significance of open market operations / Bill Allen -- Open market operations / Ulrich Bindseil and Flemming Wแeurtz -- Money market development and changes in monetary policy operations in 11 small European countries 1980-2000 / Jens Forssbµck and Lars Oxelheim -- Monetary policy in a changing financial environment / Laurent Clerc and Maud Thuaudet -- Open market operations in emerging markets / Noemi Levy Orlik and Jan Toporowski -- Open market operations and the federal funds rate / Daniel L Thornton -- On the optimal frequency of the central bank's operations in the reserve market / Beata Bierut -- Money market volatility / Michal Kempa -- Monetary policy by signal / Sheila Dow, Matthias Klaes and Alberto Montagnoli -- The impact of the reserve bank's OMOs on financial markets / Xinsheng Lu and Francis In -- Sustainability, inflation and public debt policy in Japan / Takero Doi, Toshihio Ihori and Kiyoshi Mitsui