Description :
This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. The book discusses the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. It sums up “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” and reflects on what we have learnt about monetary policy over the last thirty years. The book blends theory, empirical evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, its focus is on the following key areas: • the importance of price stability and a nominal anchor
• fiscal and financial preconditions for achieving price stability
• central bank independence as an additional precondition
• central bank accountability
• the rationale for inflation targeting
• the optimal inflation target
• central bank transparency and communication
• the role of asset prices in monetary policy.
Content :
1 How Did We Get Here?
Frederic S. Mishkin
I Fundamental Issues in the Conduct of Monetary Policy
Introduction to Part I
2 What Should Central Banks Do?
Frederic S. Mishkin
3 The Transmission Mechanism and the Role of Asset Prices in Monetary Policy
Frederic S. Mishkin
4 The Role of Output Stabilization in the Conduct of Monetary Policy
Frederic S. Mishkin
5 Can Central Bank Transparency Go Too Far?
Frederic S. Mishkin
6 Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?
Arturo Estrella and Frederic S. Mishkin
7 Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty
Arturo Estrella and Frederic S. Mishkin
II Monetary Policy Strategy in Advanced Economies
Introduction to Part II
8. Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries
Ben Bernanke and Frederic S. Mishkin
9 Inflation Targeting: A New Framework for Monetary Policy?
Ben Bernanke and Frederic S. Mishkin
10 International Experiences with Different Monetary Policy Regimes
Frederic S. Mishkin
11 Why the Federal Reserve Should Adopt Inflation Targeting
Frederic S. Mishkin
III Monetary Policy Strategy in Emerging Market and Transition Economies
Introduction to Part III
12 Inflation Targeting in Emerging Market Countries
Frederic S. Mishkin
13 Monetary Policy Strategies for Latin America
Frederic S. Mishkin and Miguel A. Savastano
14 Monetary Policy Strategies for Emerging Market Countries: Lessons from Latin America
Frederic S. Mishkin and Miguel A. Savastano
15 Inflation Targeting in Transition Economies: Experience and Prospects
Jiri Jonas and Frederic S. Mishkin, with comment by Olivier Blanchard
16 A Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?
Frederic S. Mishkin and Klaus Schmidt-Hebbel
17 The Dangers of Exchange-Rate Pegging in Emerging Market Countries
Frederic S. Mishkin
18 The Mirage of Exchange-Rate Regimes for Emerging Market Countries
Guillermo A. Calvo and Frederic S. Mishkin
IV What Have We Learned?
Introduction to Part IV
19 Everything You Wanted to Know about Monetary Policy Strategy, but Were Afraid to Ask
Frederic S. Mishkin
Sources
Index
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