This talk emphasizes the connection between inflation targeting and monetary policy rules. Inflation targeting is not enough. You need to have a policy procedure - a policy rule - to achieve the target. And one cannot design or evaluate a monetary policy rule without a target inflation rate....

The recovery from the recession after the financial crisis, in both the UK and the US, has been very slow compared with other similar events in history. During the period before the financial crash and afterwards, monetary policy deviated from the very effeective rules-based approach of the...

The authors -- Foreword -- Acknowledgement -- Summary -- Tables and figures -- 1 Policy stability and economic growth: lessons from the Great Recession -- Introduction -- The Great Recession compared with earlier recessions -- The principles of good policy -- Monetary policy: to the Taylor rule...