MONEY, INTEREST RATES AND INFLATION

Frederic S. Mishkin, Executive Vice President and Director of Research, Federal Reserve Bank of New York, US

'Although most monetary specialists will be familiar with Mishkin's work this is still a volume to acquire and essential for libraries.'

• Part 1 Money and interest rates: monetary policy and long-term interest rates - an efficient markets approach; monetary policy and short-term interest rates - an efficient markets-rational expectations approach. Part 2 Real interest rates and inflation: the real rate of interest - an empirical investigation; inflation and real interest rates on assets with different risk characteristics; the real interest rate - a multi-country empirical study; are real interest rates equal across countries? an empirical investigation of international party conditions; the international linkage of real interest rates - the European-US connection; monetary policy regime shifts and the unusual behaviour of real interest rates; understanding real interest rates; can future market data be used to understand the behaviour of real interest rates?. Part 3 The information in the term structure about future inflation and interest rates: the information in the term structure - some futher results; what does the term structure tell us about future inflation?; the information in the longer-maturity term structure about future inflation; a multi-country study of the information in the term structure about future inflation; a multi-country comparison of term structure forecasts as long horizons.