Operational frameworks can be designed along two main dimensions: (i) the operational target for monetary policy; and (ii) the measures used for implementing that target, which include the mode of liquidity provision or absorption, the counterparties that are eligible to take part in those operations and facilities, and the choice of collateral which is accepted in reverse repo operations.
Despite this, international surveys of educational achievement suggest that we are not getting educational outcomes consistent with this high level of expenditure.