ABSTRACT

This handbook explains the development and implementation of monetary policy. It examines theories and issues related to the preservation of economic activity and explores why the preservation of economic stability is a principal goal of public policy.

chapter 1|24 pages

Beyond Shocks

What Causes Business Cycles? An Overview

chapter 2|38 pages

The Business Cycle

It’s Still a Puzzle

chapter 3|5 pages

Changes in the Business Cycle

chapter 6|17 pages

Social Norms and Economic Theory

chapter 7|7 pages

Okun’s Law Revisited

Should We Worry About Low Unemployment?

chapter 8|15 pages

Nobel Laureate Robert E. Lucas, Jr.

Architect of Modern Macroeconomics

chapter 13|12 pages

Recent U.S. Intervention

Is Less More?

chapter 15|7 pages

Inflation Targets

The Next Step for Monetary Policy

chapter 21|7 pages

Money

chapter 22|5 pages

Monetary Policy and the Great Crash of 1929

A Bursting Bubble or Collapsing Fundamentals?

chapter 23|4 pages

A Primer on Monetary Policy

Part I: Goals and Instruments

chapter 24|4 pages

A Primer on Monetary Policy

Part II: Targets and Indicators

chapter 25|13 pages

U.S. Monetary Policy

An Introduction

chapter 26|22 pages

Against the Tide

Malcolm Bryan and the Introduction of Monetary Aggregate Targets

chapter 29|16 pages

Monetary Policy Comes of Age

A Twentieth Century Odyssey

chapter 31|5 pages

Monetary Policy in the 1990s

chapter 32|6 pages

Price Stability

Is a Tough Central Bank Enough?

chapter 34|6 pages

Output and Inflation

A 100-Year Perspective

chapter 35|20 pages

Inflation and Growth

chapter 36|5 pages

Economic Activity and Inflation

chapter 46|5 pages

Controlling Inflation

chapter 47|4 pages

Ending Inflation

chapter 49|16 pages

Is Inflation Dead?

chapter 51|5 pages

A Better CPI

chapter 53|4 pages

Inflation and Growth

chapter 54|5 pages

The New Output-Inflation Trade-Off

chapter 57|5 pages

U.S. Inflation Targeting

Pro and Con

chapter 59|6 pages

The Century of Markets

chapter 60|17 pages

European System of Central Banks

chapter 62|15 pages

Monetary Policy and Financial Market Expectations

What Did They Know and When Did They Know It?

chapter 66|10 pages

Disruptions in Global Financial Markets

The Role of Public Policy

chapter 69|4 pages

NAIRU

Is It Useful for Monetary Policy?

chapter 74|10 pages

Monetary Policy and the Long Boom

chapter 78|4 pages

Real Interest Rates

chapter 79|20 pages

Taylor’s Rule and the Fed

1970–1997