<DIV>In <I>Monetary Policy,</I> leading monetary economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central banking actions.<BR><BR>Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. Others analyze price behavior and inflation, particularly the short-run behavior of prices. Still others examine the monetary transmission mechanism—the channel through which the central bank's actions affect spending on goods and services—with a special focus on the reduction in bank lending that must accompany a reduction in reserves.<BR>This new research will be of special interest to central bankers and academic economists.
