By any exacting standard of transparency, most monetary authorities (hereafter MAs) are losers. Indeed, most MAs fail to make timely, full and fair disclosures of their financial positions. This allows them to operate under a thick shroud of secrecy. The ensuing confusion and ambiguity renders...

Proposals for monetary reform based on inflation targeting, in Iraq and elsewhere, face a variety of practical and theoretical difficulties. In evaluating attempted reforms based on inflation targeting, we suggest some propositions broadly consistent with the new institutionalist critique. In...