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Intro -- Contents -- Preface -- Chapter 1 -- Central Banks, Monetary Policy, and Their Efficiency -- Abstract -- I. Introduction: History of Central Bankning -- (i) The North American Banks (1781-1912) -- (ii) The Creation of the Federal Reserve System (1913-Present) -- II. Monetary Policy and Its Instruments and Objectives -- (i) The Goals of Monetary Policy -- (ii) The Instruments and Implementation of Monetary Policy -- III. Modern Monetary Policy and Its Fficiency -- (i) Macroeconomic Theory and Modern Monetary Policy -- (ii) The Latest Pursued Inefficient Monetary Policies -- (iii) A Theoretical Model of Monetary Policy Efficiency -- (iv) Some Empirical Results -- IV. Some Socio-Politico-Economic Considerations of Central Banking -- (i) Social Implications of the Central Banks Efficiency -- (ii) Monetary Policy and Its Effects on Wall Street and Main Street -- V. Conclusion: Monetary Policy and Social Welfare -- References -- Chapter 2 -- Asymmetric Monetary Policy Action Effects: Evidence and Implications Regarding Europe -- Abstract -- 1. Introduction -- 2. Literature Review -- 3. Estimating the Euro Area - Country Specific Effects of Monetary Policy Shocks -- 3.1. The Empirical Model: A Bayesian Panel Var Approach -- 3.2. Data, Country Specific Characterisics and Model Estimation -- 3.2.1. The Data -- Macroeconomic Variables -- Stock Market Performance Variables -- Monetary Policy Measure -- 3.2.2. Stylized Facts of the 19 EU Countries (or the Dynamics of the Major Indicators in EU Area) -- 3.2.3. Model Estimation -- 3.3. Impulse Response Functions -- Monetary Policy Effects on Real Economic Activity Variables -- Monetary Policy Effects on Stock Market Performance Indicators -- Impulse Response Functions of Real Economic Activity Variables to Interest Rate Shocks for the 19 Countries

How many people should decide about monetary policy? In this paper, we take an empirical perspective on this issue, analyzing the relationship between the number of monetary policy decision-makers and monetary policy outcomes. Using a new data set that characterizes Monetary Policy Committees (MPCs) in more than 30 countries from 1960 through 2000, we find a U-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability and output growth. We also find that MPC size influences the success of monetary targeting regimes. In contrast, there is no evidence that either turnover rates of MPC members or the membership composition of MPCs affect economic outcomes.

Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an overview of the information contained in the database in the form of comparative summary tables and graphs to illustrate the use of monetary policy instruments by groups of countries (developing, emerging market and developed countries). The main trend that can be identified from the database information