Editorial: Special Issue on Deflation

 

Volume 6, No. 4 (Winter 2003)

 

Deflation is not only of great political importance. It also brings to light interesting theoretical problems that provide us with the opportunity to develop the theory of money and related areas such as business cycle theory. The works assembled in the present volume contribute to such development. Hopefully, they will inspire further research along the same lines.

Optimal Monetary Policy

Volume 6, No. 4 (Winter 2003)

Mainstream writings on monetary policy typically focus on the goals that are assumed to be the goals of monetary policy makers. Inflation targeting, employment, equilibration of the balance of payments, growth targets for monetary aggregates, the stabilization of exchange rates, GDP, or asset prices—these and similar goals for monetary policy are discussed in more or less detail in present-day textbooks.