A Framework for Monetary Stability

This text focuses on various important aspects of monetary policy, such as: the final objective of monetary policy; the position of the central bank; the design and implementation of monetary policy; the relationship between monetary policy and exchange-rate regimes; and the consequences of financial reforms in Central and Eastern Europe and in Latin America. This book begins with introductions by President W. Duisenberg (DNB) and Vice Chairman D. Mullins, Jr (Federal Reserve Board). Furthermore, 12 contributions discuss and analyze theoretical, empirical and institutional issues of monetary policy and central banking in Europe and America, as well as in other countries. Contributors are reputed policy-makers such as C. Freedman (Bank of Canada), J. de Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche Bundesbank), A. Crockett (Bank of England), M. Guitian (IMF) and A. Icard (Banque de France). Also, academics, such as Professors S. Fischer (MIT), A Cukierman (Tel Aviv), B. Friedman (Harvard), M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and R. Dornbusch (MIT), have made contributions. The book ends with a general report by S. Eijffinger.
This collection of papers and proceedings should be of interest to anyone who is professionally involved with monetary policy and central banking.