Following the financial crisis, several central banks adjusted their primary policy target rate regimes or markedly changed how these frameworks were used. The Capstone team will review the mechanics of the pre and post crisis operating frameworks for the ECB, BoJ and Federal Reserve. It will first outline the market-based mechanics of how policy rate changes are realized, including asset types and counterparties which are incorporated into central banks transactions and will further explore how each regime’s approach transmits monetary policy across short- and long-term interest rates. The team will then discuss implementation advantages and challenges of each of the regimes, both from a perspective of implementation mechanics and a changing interest rate environment. Contextual factors such as use of the primary rate tool in combination with non-conventional tools and in some cases in the environment of negative interest rates will also be briefly discussed.