Monetary Policy Strategy: How Did We Get Here?

@article{Mishkin2006MonetaryPS,
  title={Monetary Policy Strategy: How Did We Get Here?},
  author={Frederic S. Mishkin},
  journal={NBER Working Paper Series},
  year={2006}
}
This paper, which is the introductory chapter in my book, "Monetary Policy Strategy", forthcoming from MIT Press, outlines how thinking in academia and central banks about monetary policy strategy has evolved over time. It shows that six ideas that are now accepted by monetary authorities and governments in almost all countries of the world have led to improved monetary performance: 1) there is no long-run tradeoff between output (employment) and inflation; 2) expectations are critical to… 
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