Experiences of Monetary Policy

David Cobham is Emeritus professor in the Department of Economics at Heriot-Watt University, Edinburgh. He has worked at St Andrews and Heriot-Watt universities. He was a Houblon-Norman Fellow at the Bank of England in 1987 and 2001. He is author of The Making of Monetary Policy in the UK, 1975–2000 (2002) and co-editor of books including Twenty Years of Inflation Targeting (2010).

• 1. Foreword Charles Goodhart; 2. Introduction David Cobham; 3. Monetary policy frameworks from 1999 to 2023: moins ça change, moins c'est la même chose David Cobham; 4. The evolution of monetary policy frameworks in the world Filiz Unsal and Chris Papageorgiou; 5. Monetary policy in China: a different model? Rongrong Sun and Eric Girardin; 6. The ECB's monetary policy Bernd Hayo and Johannes Zahner; 7. The bank of Japan: the lonely forerunner of unconventional monetary policy Toshitaka Sekine; 8. Monetary policy challenges of the United States: 2000–2024 George Bratsiotis and Kasun D. Pathirage; 9. Monetary policy in India: the long road to inflation targeting Rajeswari Sengupta; 10. The evolving framework of inflation targeting in Mexico Carlos A Carrasco and Juan Alberto Vázquez-Muñoz; 11. Monetary policy in South Africa: building credibility, managing risk Vincent Dadam and Nicola Viegi; 12. Türkiye's monetary policy in the 21st century A. Hakan Kara; 13. British monetary policy, 1997–2024 William A. Allen and Richhild Moessner; 14. How does (un)conventional monetary policy work? Alex Haas and Michael McMahon; 15. Macroprudential policy: advances towards a new policy function Erlend Nier; 16. Global monetary policy interactions: patterns and drivers of policy rate co-movements Mengdi Song; 17. Financial sector interconnectedness and monetary policy transmission Daniel Carvalho; 18. Afterword David Cobham; Index.

'This book comes at a great time. Nearly forty years after central banks started to adopt the inflation targeting strategy and were granted independence, it offers overviews of what has happened. Now, however, second thoughts have emerged, partly for wrong reasons, partly because some mistakes have been made. The book offers sketches on what could happen next. This is all extremely useful for central bankers and academics.' Charles Wyplosz, The Graduate Institute, Geneva