pt. 1. Introduction and heritage -- pt. 2. Money in the economy -- pt. 3. The demand for money -- pt. 4. Monetary policy and central banking -- pt. 5. Monetary policy and the macroeconomy -- pt. 6. The rates of interest in the economy -- pt. 7. Overlapping generations models of money -- pt. 8....

During the global financial crisis, central banks in Pacific island countries eased monetary policy to stimulate economic activity. Judging by the ensuing movements in commercial bank interest rates and private sector credit, monetary policy transmission appears to be weak. This is confirmed by...

Recent discussions at the IMF and the G-20 on strengthening the international monetary system have emphasized, among other efforts, increasing the financial depth of emerging markets. Such deepening is widely believed to confer important stability benefits, helping countries limit swings in...