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Monetary policy under uncertainty and learning
Huge swings in oil, food, and other commodity prices and the global financial crisis are at the core of current monetary policy discussion. The latter events are vivid reminders of how uncertainty, imperfect knowledge, and the need to learn affect macroeconomic behavior and the conduct of monetary ...
Monetary policy under inflation targeting
Inflation targeting cum exchange-rate floating has become the framework of choice in countries pursuing an independent and effective monetary policy. Since its adoption by New Zealand (1990) and Chile (1991), central banks of nearly 25 industrial and emerging economies have implemented an explicit ...
Independence, credibility, and communication of central banking
The three topics covered in the title of this volume have proved to be critical in the remarkable success of modern central banks around the globe in the fight to control inflation and smooth macroeconomic fluctuations. Despite these achievements, some old challenges have come back in recent years and ...