Monetary policy in the major industrial countries has largely been a success story in recent years. This two-volume set includes previously published papers by Nobel Laureates, central bankers and leading research economists. The key advances in recent thinking that underpin modern monetary policy and indicate some of the current controversies that remain are brought together in this timely publication. Some of these challenges will continue to dominate the thinking of scholars and practitioners for years to come. An authoritative introduction by the editors provides a fascinating guide to this important field.