[I think this article clarifies that what is open market operations. So, I would like to publish this most important article about Transformations to Open Market Operations written by Stephen H. Axilrod in 1997. – Chandra S. Stha]
– Stephen H. Axilrod©1997 International Monetary Fund
The Economic Issues series was inaugurated in September 1996. Its aim is to make accessible to a broad readership of nonspecialists some of the economic research being produced in the International Monetary Fund on topical issues. The raw material of the series is drawn mainly from IMF Working Papers, technical papers produced by Fund staff members and visiting scholars, as well as from policy-related research papers. This material is refined for the general readership by editing and partial redrafting.