This paper surveys the monetarist position on various aspects of American monetary policy in an informal way and provides the personal reactions of a participant observer in this debate. It emphasizes the intellectual milieu in which monetarism emerged, the background factors that facilitated...

China monetary policy, as well as its transmission, is yet to be understood by researchers and policymakers. In the spirit of Taylor (1993, 2000), we develop a tractable framework that approximates practical monetary policy of China. The framework, grounded in relevant institutional elements,...

The main topic of the research work is, whether the exchange rate targeting is an efficient strategy for maintaining price stability without decelerating the economic growth below the potential one in a situation when national currency area is not an optimum currency area with the anchor...

National Bank of the Republic of Macedonia (NBRM) has been implementing an exchange rate targeting strategy for a more then a decade and so far it proved to be very successful. The aim of this paper is shortly to explain the advantages of this strategy and moreover to put more focus on the...

This paper examines the degree of monetary policy coordination between major industrialized countries from a completely new perspective. The analysis uses a new data set on central bank issued interest rate targets for 14 OECD countries. The methodology that we use decomposes the notion of...

This paper analyzes the effectiveness of delegation in solving the time inconsistency problem of monetary policy using a microfounded general equilibrium model where delegation and reappointment are explicitly included into the government's strategy. The method of Chari and Kehoe (1990) is...

This paper is a contribution to the analysis of optimal monetary policy. It begins with a critical assessment of the existing literature, arguing that most work is based on implausible models of inflation-output dynamics. It then suggests that this problem may be solved with some recent...