"In Monetary Policy Strategy, Frederic Mishkin—a prominent policymaker and respected academic—presents the conclusions of his decade-plus research on monetary policy in both advanced and emerging market countries. The research is empirical, careful, and balanced, and it leads him to support a pragmatic and flexible form of inflation targeting as the best type of monetary policy for both the United States and many other countries. This is the book to read if you want to understand where monetary policy is heading, and why."
—Stanley Fischer, Governor, Bank of Israel
"Frederic Mishkin has been one of the principal contributors to advancing our understanding of monetary policy, at both the scientific and the practical level, for more than a quarter-century. These collected papers chart an intellectual trajectory that closely defines how core thinking in the field has evolved over this period. Going through them in order is a splendid tour of the field for anyone seeking either a review or an introduction. And having them collected in one volume, to consult as the need arises, is a boon for up-to-date specialists as well."
—Benjamin M. Friedman, William Joseph Maier Professor of Political Economy, Harvard University
"This collection of recent articles by Frederic Mishkin is one of the best available introductions to current thinking about monetary policy. It distills an immense amount of practical wisdom, drawing upon a rare combination of theoretical insight and close observation of central banking around the world, and takes the reader into the heart of current controversies while remaining accessible to nonspecialists."
—Michael Woodford, John Bates Clark Professor of Political Economy, Columbia University
"No one is better equipped to offer insight on monetary policy strategy than Frederic Mishkin, who draws on his experience from distinguished careers in both academia and the Federal Reserve System. This collection of papers is essential reading for anyone wishing to become knowledgeable on the subject."
—Mark Gertler, Henry and Lucy Moses Professor of Economics, New York University
"The collection is enriched by excellent introductory and concluding chapters and provides a remarkably comprehensive, insightful, and pragmatic discussion of virtually every topic on monetary policy strategy that central bankers regularly confront in practice and that students of central banking should appreciate learning more about. Personally, Monetary Policy Strategy was a really good read for a former central banker who has strong views on virtually all the topics covered."
—Laurence H. Meyer, Vice Chairman of Macroeconomic Advisers
About the Author
Frederic S. Mishkin is Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University, Research Associate at the National Bureau of Economic Research, a past Executive Vice President and Director of Research at the Federal Reserve Bank of New York and after finishing this book was appointed a member of the Board of Governors of the Federal Reserve System. He is the author of The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich and other books.