Monetary Policy

• One of the first comprehensive guides to the targets, strategy, and instruments of the European Central Bank
• Unusually for the field of monetary policy, combines a theoretical with a policy-oriented approach

Readership: Investment bankers and other professional investors, central bankers, academics and advanced level students in the field of monetary policy.

Peter Bofinger, University of Wuerzburg

"A comprehensive user's guide to monetary policy ... a noble endeavour to improve understanding of the "dark art", to gather all the strands together so that this book is one that both practitioners and non-practitioners alike can benefit from. While central bankers will find it a valuable resource, academics will find it a useful work of reference and it should become a requisite handbook for students of central banking ... It is his [Bofinger's] blend of analysis of institutional practice within a theoretical framework that makes his book so useful." - Central Banking Journal

I. Theoretical Fundamentals of Monetary Policy1: What is Money?
2: The Demand for Money
3: The Money Supply Process---Trailhead of the Transmission Process
4: Monetary Policy Transmission
II. Domestic Aspects of Monetary Policy5: The Ultimate Goal and the Final Targets of Monetary Policy
6: The Institutional Framework for Monetary Policy I: "Rules versus Discretion"
7: The Institutional Framework of Monetary Policy II: The Design of the Central Bank Legislation
8: Strategies ("Simple Rules") for a Stability-Oriented Monetary Policy
9: The Conduct of Monetary Policy by the World's major Central Banks
10: The Instruments of Monetary Policy
11: Seigniorage and Inflation Tax
III. Monetary Policy in an Open Economy12: Important Building Blocks of Open Economy Macroeconomics
13: Monetary Policy Strategies in an Open Economy