During the recent economic crisis, when nominal interest rates were at their effective lower bounds, central banks used forward guidance announcements about future policy rates to conduct their monetary policy. Many policymakers believe that forward guidance will remain in use after the end of...

During the recent economic crisis, when nominal interest rates were at their effective lower bounds, central banks used forward guidance announcements about future policy rates to conduct their monetary policy. Many policymakers believe that forward guidance will remain in use after the end of...

Intro -- Contents -- Preface -- PART I -- ONE International Rules of the Monetary Game -- TWO Dollar Dominance in Trade and Finance -- SYMPOSIUM ON Capital Flows, the IMF's Institutional View and Alternatives -- Introduction -- THREE Managing Capital Flows: Toward a Policy Maker's Vade Mecum --...

A central feature of the monetarist approach to the problem of inflation is a preannounced gradual reduction in monetary growth. This reduction is to be sustained until a monetary growth consistent with a zero, or acceptably low, target rate of inflation is reached. Thereafter, monetary growth...