Central bankers in the United States and abroad must grapple with a broad array of questions about how best to conduct … central bank independence aid in achieving either or both of these goals? Does a stable, short-run trade-off between inflation … and unemployment exist, and can it be exploited by a central bank? What instrument should the central bank manipulate in …

The institutional environments in which central banks operate have become more alike over the past decade. The author … examines the monetary policy operating procedures of the Federal Reserve and central banks in Japan, Germany, the United …