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Contents
1 The Return of Monetary Rules 1
1 The Importance of Price Stability . . . . . . . . . . . . . . . . . . . . . . . . 5
1.1 Toward a New “Neoclassical Synthesis” . . . . . . . . . . . . . . . . . 7
1.2 Microeconomic Foundations and Policy Analysis . . . . . . . . . . . . 13
2 The Importance of Policy Commitment . . . . . . . . . . . . . . . . . . . . . 17
2.1 Central Banking as Management of Expectations . . . . . . . . . . . 18
2.2 Pitfalls of Conventional Optimal Control . . . . . . . . . . . . . . . . 23
3 Monetary Policy without Control of a Monetary Aggregate . . . . . . . . . . 30
3.1 Implementing Interest-Rate Policy . . . . . . . . . . . . . . . . . . . 31
3.2 Monetary Policy in a Cashless Economy . . . . . . . . . . . . . . . . 37
4 Interest-Rate Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
4.1 Contemporary Proposals . . . . . . . . . . . . . . . . . . . . . . . . . 47
4.2 General Criticisms of Interest-Rate Rules . . . . . . . . . . . . . . . . 53
4.3 Neo-Wicksellian Monetary Theory . . . . . . . . . . . . . . . . . . . . 58
5 Plan of the Book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

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