A. Leijonhufvud - Böcker

Since the inflationary 1970s, theoretical work on monetary policy has concentrated almost exclusively on price level stabilization and the avoidance of nominal shocks. In the aftermath of the collapse of financial bubbles in various parts of the world, the accomplishments and limitations of this dominant approach are debated in this volume with contributions by a number of monetary economists, including Nobel Laureate Robert Lucas.

Monetary Theory and Policy Experience offers a broad context for the question of why governments prefer to limit themselves to a specific inflation target. Academic specialists and senior officials of the European Central Bank, the OECK and national central banks look beyond inflation targeting as the goal of monetary policy.