Central Banking in Theory and
Practice
This brief exposé of central
banking and monetary policy. . . should be required reading for all those, specialists and
nonspecialists alike, interested in those subjects.
Manuel Guitián, Finance and Development
Alan S. Blinder offers the
dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman
of the Federal Reserve Board--one who practiced what he had long preached and then
returned to academia to write about it. He tells central bankers how they might better
incorporate academic knowledge and thinking into the conduct of monetary policy, and he
tells scholars how they might reorient their research to be more attuned to reality and
thus more useful to central bankers.
Based on the 1996 Lionel
Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a
wide variety of issues in monetary policy. The book also includes the author's suggested
solution to an age-old problem in monetary theory: what it means for monetary policy to be
neutral.
112 pages