Experiences of Monetary Policy

The first quarter of the 21st Century was a difficult period. it covers the last few years of the Great Moderation but then the Global Financial Crisis of 2007-2008, followed by the shocks to the world economy caused by the Covid pandemic and the war in Ukraine. Written by a team of leading economists, Experiences of Monetary Policy provides a wide-ranging perspective on the evolution of monetary policy over this period in response to these developments, in general and with particular reference to some of the world's most important economies – both advanced economies and the emerging economies of China, India, Mexico, South Africa and Türkiye. It analyses what policies worked and what did not, and why. The Afterword includes a discussion on how monetary policy might develop in the future, in the light of the actions of the Trump administration in the US in its first year.

David Cobham is Emeritus professor in the Department of Economics at Heriot-Watt University, Edinburgh. He has worked at St Andrews and Heriot-Watt universities. He was a Houblon-Norman Fellow at the Bank of England in 1987 and 2001. He is author of The Making of Monetary Policy in the UK, 1975–2000 (2002) and co-editor of books including Twenty Years of Inflation Targeting (2010).