Monetary and financial stability are of central importance to the effective functioning of a market economy. They provide the basis for rational decisionmaking about the allocation of real resources through time and therefore improve the climate for saving and investment.

This essay considers strategies that developing and emerging-market economies might use when seeking to exit from currency pegs. It also considers techniques for completing the move to greater flexibility, as well as the scope for adopting inflation targeting as a nominal anchor following an...

This essay offers an analysis of actual German and Swiss monetary policy that explains this gap between operation and performance. It shows that neither country's central bank can be called a monetary targeter, according to a strict, formal definition of targeting, and it argues that the...

It is often argued that a high level of central-band independence coupled with an explicit mandate that the bank aim for price stability are important institutional devices for maintaining that stability. Indeed, a number of countries have recently increased the independence of their central...