Monetary Policy

Peter Bofinger is Full Professor and Chair in Monetary and International Economics at the University of Wuerzburg. He is also Consultant for the European Commission, the European Parliament, the Government of Kazakstan, and the Central Bank of Uzbekistan.

• 1. WHAT IS MONEY? ; 2. The Demand for Money ; 3. The Money Supply Process--Trailhead of the Transmission Process ; 4. Monetary Policy Transmission ; 5. THE ULTIMATE GOAL AND THE FINAL TARGETS OF MONETARY POLICY ; 6. The Institutional Framework for Monetary Policy I: "Rules versus Discretion" ; 7. The Institutional Framework of Monetary Policy II: The Design of the Central Bank Legislation ; 8. Strategies ("Simple Rules") for a Stability-Oriented Monetary Policy ; 9. The Conduct of Monetary Policy by the World's major Central Banks ; 10. The Instruments of Monetary Policy ; 11. Seigniorage and Inflation Tax ; 12. IMPORTANT BUILDING BLOCKS OF OPEN ECONOMY MACROECONOMICS ; 13. Monetary Policy Strategies in an Open Economy

A comprehensive user's guide to monetary policy ... a noble endeavour to improve understanding of the "dark art", to gather all the strands together so that this book is one that both practitioners and non-practitioners alike can benefit from. While central bankers will find it a valuable resource, academics will find it a useful work of reference and it should become a requisite handbook for students of central banking ... It is his [Bofinger's] blend of analysis of institutional practice within a theoretical framework that makes his book so useful.