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Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant. Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability? The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.

Issues in Monetary Policy

List of Contributors.

1 Issues in Monetary Policy (Kent Matthews and Philip Booth).

2 Monetary Policy: Practice Ahead of Theory (Mervyn King).

3 Are the Structure and Responsibilities of the Bank of England Optimal and If Not, Does It Matter? (David B. Smith).

4 Why Price-Level Targeting is better than Inflation Targeting (Andrew Lilico).

5 A Price Targeting Regime Compared to a Non Price Targeting Regime. Is Price Stability a Good Idea? (Keith Pilbeam).

6 Optimal Monetary Policy with Endogenous Contracts: Is there a Case for Price-Level Targeting and Money Supply Control? (Patrick Minford).

7 Forecasting Inflation: The Inflation 'Fan Charts' (Kevin Dowd).

8 Asset Prices, Financial Stability, and the Role of the Central Bank (Forrest Capie and Geoffrey Wood).

9 Money, Asset Prices and the Boom-Bust Cycles in the UK: An Analysis of the Transmission Mechanism from Money to Macro-Economic Outcomes (Tim Congdon).

10 Money, Bubbles and Crashes: Should a Central Bank Target Asset Prices? (Gordon T. Pepper with Michael J. Oliver).

11 Monetary Policy and the Bank of Japan (John Greenwood).

Appendix 1: Unemployment versus Inflation? An Evaluation of the Phillips Curve (Milton Friedman).

Appendix 2: The Counter-Revolution in Monetary Theory (Milton Friedman).

Index.