Journal of Economic Literature
Book Reviews
2026-09-01
Jordi Gali of CREI and Universitat Pompeu Fabra reviews “Monetary Policy Strategy” by Frederic S. Mishkin,. The EconLit Abstract of the reviewed work begins “Eighteen papers, some previously published, present Frederic S. Mishkin’s work on the changes in the conduct of monetary policy in recent years, focusing on the turn to inflation targeting. Papers discuss what central banks should do; the transmission mechanism and the role of asset prices in monetary policy; the role of output stabilization in the conduct of monetary policy; whether central bank transparency can go too far; whether there is a role for monetary aggregates in the conduct of monetary policy; rethinking the role of the nonaccelerating inflation rate of unemployment in monetary policy--implications of model formulation and uncertainty; central bank behavior and the strategy of monetary policy--observations from six industrialized countries; whether inflation targeting is a new framework for monetary policy; international experiences with different monetary policy regimes; why the Federal Reserve should adopt inflation targeting; inflation targeting in emerging market countries; monetary policy strategies for Latin America; monetary policy strategies for emerging market countries--lessons from Latin America; inflation targeting in transition economies--experience and prospects; a decade of inflation targeting in the world--what we know and what we need to know; the dangers of exchange-rate pegging in emerging market countries; the mirage of exchange-rate regimes for emerging market countries;… Index.”