We demonstrate that average interest rates in the EMU countries in 1990-98, with the exception of the period of exchange market turmoil in 1992-93, moved very closely in relation to average output gaps and inflation as suggested by the Taylor rule.

As the global organisation of central banks, the Bank for International Settlements (BIS) has played a significant role in the momentous changes the international monetary and financial system has undergone over the past half century. This book offers a key contribution to understanding these...

Challenges facing central bankers are expertly examined and analyzed. The book explores monetary policy and financial crisis as well as insolvency, collective action clauses, international mediation, and management of central banks. The author has worked as an economist at the Monetary and...