MONEY, INTEREST RATES AND INFLATION

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

• 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.

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