In "Monetary Policy, " leading monetary economists discuss applied
aspects of monetary policy and offer practical new research on the
timing, magnitude, and channels of central banking actions.
Some of the papers in this volume evaluate a variety of policy
rules based on monetary aggregates, nominal income, commodity
prices, and other economic variables. Others analyze price behavior
and inflation, particularly the short-run behavior of prices. Still
others examine the monetary transmission mechanism--the channel
through which the central bank's actions affect spending on goods
and services--with a special focus on the reduction in bank lending
that must accompany a reduction in reserves.
This new research will be of special interest to central bankers
and academic economists.
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