Contents:
Volume I
Acknowledgements
Introduction Alec Chrystal and Paul Mizen
PART I CREDIBILITY AND REPUTATION
1. Finn E. Kydland and Edward C. Prescott (1977), ‘Rules Rather
than Discretion: The Inconsistency of Optimal Plans’
2. Robert J. Barro and David B. Gordon (1983), ‘Rules, Discretion
and Reputation in a Model of Monetary Policy’
3. Kenneth Rogoff (1985), ‘The Optimal Degree of Commitment to an
Intermediate Monetary Target’
4. Francesco Giavazzi and Marco Pagano (1988), ‘The Advantage of
Tying One’s Hands: EMS Discipline and Central Bank Credibility’
PART II TARGET ZONES
5. Paul R. Krugman (1991), ‘Target Zones and Exchange Rate
Dynamics’
6. Giuseppe Bertola and Ricardo J. Caballero (1992), ‘Target Zones
and Realignments’
PART III CENTRAL BANK INDEPENDENCE
7. Guy Debelle and Stanley Fischer (1994), ‘How Independent Should
a Central Bank Be?’
8. Alex Cukierman (1994), ‘Central Bank Independence and Monetary
Control’
PART IV INFLATION TARGETING
9. Carl E. Walsh (1995), ‘Optimal Contracts for Central
Bankers’
10. Lars E.O. Svensson (1997), ‘Optimal Inflation Targets,
“Conservative” Central Banks, and Linear Inflation Contracts’
11. Ben S. Bernanke and Frederic S. Mishkin (1997), ‘Inflation
Targeting: A New Framework for Monetary Policy?’
PART V MONETARY TRANSMISSION
12. Ben S. Bernanke and Mark Gertler (1995), ‘Inside the Black Box:
The Credit Channel of Monetary Policy Transmission’
13. Nobuhiro Kiyotaki and John Moore (1997), ‘Credit Cycles’
14. Charles T. Carlstrom and Timothy S. Fuerst (1997), ‘Agency
Costs, Net Worth, and Business Fluctuations: A Computable General
Equilibrium Analysis’
15. Lawrence J. Christiano, Martin Eichenbaum and Charles L. Evans
(2005), ‘Nominal Rigidities and the Dynamic Effects of a Shock to
Monetary Policy’
16. Marvin Goodfriend and Bennett McCallum (2007), ‘Banking and
Interest Rates in Monetary Policy Analysis: A Quantitative
Exploration’
PART VI POLICY RULES
17. John B. Taylor (1993), ‘Discretion versus Policy Rules in
Practice’
18. Richard Clarida, Jordi Gali and Mark Gertler (1998), ‘Monetary
Policy Rules in Practice: Some International Evidence’
19. Nicoletta Batini and Andrew Haldane (1999), ‘Forward-Looking
Rules for Monetary Policy’
20. Lars E.O. Svensson (2003), ‘What Is Wrong with Taylor Rules?
Using Judgment in Monetary Policy through Targeting Rules’
21. Bennett T. McCallum and Edward Nelson (2005), ‘Targeting versus
Instrument Rules for Monetary Policy’
Name Index
Volume II
Acknowledgements
An introduction to both volumes by the editors appears in Volume
I
PART I MONETARY POLICY AND ASSET PRICES
1. Ben S. Bernanke and Mark Gertler (2001), ‘Should Central Banks
Respond to Movements in Asset Prices?’
2. C.A.E. Goodhart (2001), ‘What Weight Should Be Given to Asset
Prices in the Measurement of Inflation?’
3. Charles Bean (2003), ‘Asset Prices, Financial Imbalances and
Monetary Policy: Are Inflation Targets Enough?’
PART II LOW INFLATION, ZERO BOUNDS
4. Paul Krugman (1998), ‘It’s Baaack: Japan’s Slump and the Return
of the Liquidity Trap’
5. Bennett T. McCallum (2000), ‘Theoretical Analysis Regarding a
Zero Lower Bound on Nominal Interest Rates’
6. Marvin Goodfriend (2000), ‘Overcoming the Zero Bound on Interest
Rate Policy’
PART III ROLE OF MONEY IN MONETARY POLICY
7. Michael Woodford (2000), ‘Monetary Policy in a World Without
Money’
8. Michael Woodford (2008), ‘How Important Is Money in the Conduct
of Monetary Policy?’
9. Bennett T. McCallum (2001), ‘Monetary Policy Analysis in Models
Without Money’
PART IV UNCERTAINTY AND POLICY
10. Charles Goodhart (1999), ‘Central Bankers and Uncertainty’
11. Athanasios Orphanides (2003), ‘Monetary Policy Evaluation with
Noisy Information’
PART V LESSONS FROM RECENT MONETARY POLICY EXPERIENCE
12. Marvin Goodfriend (2005), ‘The Monetary Policy Debate Since
October 1979: Lessons for Theory and Practice’
13. Ben S. Bernanke, Alan S. Blinder and Bennett T. McCallum
(2005), ‘Panel Discussion I: What Have We Learned Since October
1979’
PART VI POLICYMAKING: CHALLENGES FOR THE FUTURE
14. Mervyn King (1999), ‘Challenges for Monetary Policy: New and
Old’
15. Alan S. Blinder (2006), ‘Monetary Policy Today: Sixteen
Questions and about Twelve Answers’
16. John B. Taylor (2007), ‘Thirty Five Years of Model Building for
Monetary Policy Evaluation: Breakthroughs, Dark Ages, and a
Renaissance’
Name Index
Edited by Alec Chrystal, Professor of Money and Banking, Sir John Cass Business School, City University London, UK and Paul Mizen, Professor of Monetary Economics, School of Economics, University of Nottingham, UK
'Chrystal and Mizen have done researchers and students with an interest in central banking the great service of collecting the most commonly cited papers in this area into two volumes. I have no doubt that these volumes will find their way to the reading lists of many graduate and advanced undergraduate courses, as well as into the bookshelves of many monetary economists. These volumes collect many modern classics in the monetary policy area and deserve to read and reread - as they undoubtedly will - by advanced students and established researchers alike.' - Stefan Gerlach, University of Frankfurt and Deutsche Bundesbank, Germany
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