The traditional approach to monetary policy, which relied on one instrument to achieve a single goal, has proven ineffective during recent periods of global instability. In response to the challenges that this traditional framework could not address, non-standard monetary policy instruments have...

Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This chapter surveys the historical experience of both international and domestic (national)...

Cover; Half Title; Title Page; Copyright Page; Dedication; Table of Contents; Preface; Introduction; 1. Optimum Currency Areas: Currency Area Composition and Exchange-Rate Regimes-Theory and Evidence Reconciled; 2. Measuring the Sacrifice Ratio: Some International Evidence (with Kai Leitemo); 3. Regional...

Optimum currency area : currency area composition and exchange-rate regimes-theory and evidence reconciled -- Measuring the sacrifice ratio : some international evidence / with Kai Leitemo -- Regional labor market adjustment in Norway