This paper presents a central banker's perspective on the Asian crisis. Central banks have two core missions: the pursuit of monetary policy to achieve broad macroeconomic objectives and the maintenance of financial stability, including the management of financial crises. The management of...

The Federal Reserve allowed unemployment to fall substantially in the late 1990s, to a level well below earlier estimates of the NAIRU, without a corresponding tightening of monetary policy. In addition, Meyer (1999) has suggested that episodes of heightened uncertainty about the NAIRU may...

In this paper we provide two building blocks for an analysis of international policy coordination: (1) a survey of models of policy coordination, and (2) an account of experience with policy coordination among the G-7 countries and within Europe since the breakdown of the Bretton Woods System....