Monetary Policy StrategyThis book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch 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; and the role of asset prices in monetary policy. |
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accountability achieve adopted announced approach argue asset authorities band base Bernanke central bank chapter commitment concerns conduct countries credibility crisis currency demand developed di¤erent discussion dollarization domestic e¤ects Economic emerging market example exchange rate exchange-rate expectations experience Federal Reserve financial first fiscal focus forecasts future goal growth hard important increase independence indicates inflation rate inflation targeting inflation-targeting institutions interest interest rates International issue Journal lead less long-run lower measure Mishkin monetary aggregates monetary policy monetary targeting money growth NAIRU nominal anchor objective optimal output Panama path percent performance period political potential price stability problem produce pursue range reason recent reduce regime requires Reserve Bank result Review rise role rule shocks short-run strategy successful suggests tion transparency unemployment United variable