Over the last thirty years or so the developments in the area of
monetary and macroeconomic policies have been quite substantial.
Within the new consensus macroeconomics (NCM), monetary policy is
upgraded while fiscal policy is downgraded. This new monetary
policy has been the main instrument of policy under the guise of
inflation targeting, an approach pursued by a number of central
banks worldwide. There are a number of problems relating to this
new monetary and macroeconomic policy approach which are raised in
this book.
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