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    • Virtual Issue – Monetary Policy

Virtual Issue – Monetary Policy

Monetary policy is an area of economic policy that has particularly far-reaching impacts on everybody’s lives. Since the financial crisis of 2008, monetary policy has taken centre stage as many central banks have struggled to revitalise their economies through low interest rates and injections of money. The common pre-crisis concerns that central banks had about high inflation have in many places turned, post-crisis, into concerns about extremely low interest rates and potential deflation. Pre-crisis, central banks limited their direct activity largely to the setting of interest rates with the aim of hitting inflation targets, but have subsequently become more interventionist, adopting a range of policy instruments under the tag of ‘unconventional monetary policy’. Central banking has never been more happening.

This collection of OUP content on monetary policy, the latest instalment in OUP’s series of economics ‘virtual issues’, includes over 50 pieces from our journals, books and reference works. It covers a wide range of topics, from analyses of the crisis and aspects of the unconventional monetary policy responses to it, to studies of inflation targeting, monetary transmission mechanisms, asset purchase spillovers, monetary unions, bank bailouts, the value of DSGE models to policy analysis, and the future of macroeconomics itself. While much of the focus is on the US and major developed economies, the collection also covers the operation of monetary policy in different parts of the world.

As the world economy continues to fall short of a full recovery to pre-crisis levels of confidence and growth, the prominence of the debates over monetary policy looks set to remain, and the importance of new monetary-policy research has never been greater. We hope you enjoy this taste of the richness of the work that economists are doing in this area.