The new monetary policy : implications and relevance 1. Introduction 2. New consensus monetary policy : an appraisal 3. Central bank behaviour and the stability of macroeconomic equilibrium : a critical examination of the new consensus 4. Monetary policy divergences in the Euro area : the early record of the European central bank 5. Stock market prices and the conduct of monetary policy under the New Consensus Monetary Policy 6. On the US Post New Economy bubble : should asset prices be controlled 7. Monetary policy in the information economy : old problems and new challenges 8. The monetary policy outcomes curve : can the size and structure of public debt undermine policy objectives 9. The old lady in new clothes : uncertainty and the UK Monetary Policy framework 10. The experience of inflation targeting since 1993 11. Reflections on the Bank of Canadas monetary policy framework 12. The determinants of saving in developing countries and the impact of financial liberalization 13. Monetary models and inflation targeting in emerging market economies 14. International aspects of current monetary policy Beginning with an assessment of new thinking in macroeconomics and monetary theory this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply which was fashionable in the 1970s and 1980s in the UK US Europe and elsewhere was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific or a range of inflation targets