Intro -- Contents -- Contributors -- Preface -- 1 Introduction and Overview -- 2 Maintaining Low Inflation: Rationale and Reality -- 3 Strategic Choices in Inflation Targeting: The New Zealand Experience -- 4 Inflation Forecast Targeting: The Swedish Experience -- 5 The Canadian Monetary...

Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money—clearinghouse moneyand treasury money—this paper discusses whether the complete extinction of base money could undermine monetary control. It argues...

A growing number of countries are anchoring their monetary policy through explicit inflation targeting. This policy has already scored remarkable successes in several countries, establishing central bank credibility, and reining in inflation where it had long been stubbornly high. But...