Dimensions: 6.5'' x 9.75'' 150 pages AEI Press  (Washington) Publication Date: December 1990 Hardcover ISBN: 084473697X Price: $ 28.50 Add to Cart   Examination Copies

This book discusses monetary and fiscal policy. A companion volume by the same authors is Monetary Policy for a Volatile Global Economy.

Because of inflation in the 1970s, disinflation in the 1980s, the globalization of financial markets, and the extreme changes in banking systems, the goal of monetary stability has remained elusive. This volume reviews the new rules needed for the conduct of monetary policy. Avoiding the highly mathematical and the merely theoretical, the contributors to this volume discuss actual operating procedures. They weigh the impact of interest-rate targeting by the Federal Reserve on long-term price stability, for example, and examine the dangers of intraday bank clearings and overdrafts over Fedwire, as well as the risk of settlement failure.

William Haraf, vice president for policy analysis at Citicorp, was J. Edward Lundy Visiting Scholar and director of the financial markets project at AEI. Thomas Willett, AEI adjunct scholar, is professor of economics at Columbia University.