New Monetary Policy

Edited by Philip Arestis, University Director of Research, Cambridge Centre for Economic and Public Policy, Department of Land Economy, University of Cambridge and Fellow, Wolfson College, UK, Michelle Baddeley, University of Technology Sydney, Australia and John S.L. McCombie, Professor of Regional and Applied Economics and Director, Cambridge Centre for Economic and Public Policy, Department of Land Economy, University of Cambridge and Fellow of Downing College, Cambridge, UK

'. . . this book provides a useful overview of the challenges facing the IT policy framework, both by pointing to the limitations of the underlying theory and, more importantly, by outlining the importance of a transparent policy framework for anchoring expectations. . . the book should be of interest to all central bankers and students of monetary policy.'

• Contents: 1. Introduction 2. New Consensus Monetary Policy: An Appraisal 3. Central Bank Behaviour and the Stability of Macroeconomic Equilibrium: A Critical Examination of the ‘New Consensus’ 4. Monetary Policy Divergences in the Euro Area: The Early Record of the European Central Bank 5. Stock Market Prices and the Conduct of Monetary Policy under the New Consensus Monetary Policy 6. On the US Post-‘New Economy’ Bubble: Should Asset Prices be Controlled? 7. Monetary Policy in the Information Economy: Old Problems and New Challenges 8. The Monetary Policy Outcomes Curve: Can the Size and Structure of Public Debt Undermine Policy Objectives? 9. The Old Lady in New Clothes: Uncertainty and the UK Monetary Policy Framework 10. The Experience of Inflation Targeting since 1993 11. Reflections on the Bank of Canada’s Monetary Policy Framework 12. The Determinants of Saving in Developing Countries, and the Impact of Financial Liberalization 13. Monetary Models and Inflation Targeting in Emerging Market Economies 14. International Aspects of Current Monetary Policy Index