Mishkin, Frederic - National Bureau of Economic Research (NBER) - 2006
-inconsistency problem; 5) central bank independence helps improve the efficacy of monetary policy; and 6) a strong nominal anchor is the key …This paper, which is the introductory chapter in my book, "Monetary Policy Strategy", forthcoming from MIT Press …, outlines how thinking in academia and central banks about monetary policy strategy has evolved over time. It shows that six …