Current issues in monetary economics

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In recent years, significant methodological and thematic developments relevant to practical economic policy have emerged in the theory of monetary and exchange rate policy. This book explores these advancements, their evaluations, and unresolved questions. It is structured into four parts: the first focuses on central bank design; the second examines strategies for monetary policies and their implementation; the third addresses theoretical aspects of exchange rate policy and monetary union; and the fourth discusses specific issues related to monetary and exchange rate policy in developing and transition countries. The contributions, except for an article by Nobel Laureate James Tobin, were presented and discussed at an academic symposium I organized in Castrop Rauxel on September 8-9, 1997. Tobin graciously agreed to write a comprehensive article for this publication. The concluding section of the book, titled "Conclusion and Supplements," summarizes comments, supplementary papers, and general discussions, along with additional insights on the most debated topics from the symposium.