When the 12 District Banks of the Federal Reserve System opened their doors for business on November 16, 1914, few observers could have foreseen the Fed's prese

This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best

Finally, the authors outline the reforms necessary to create monetary, financial and banking systems free of the episodic inflation, devaluation, debt crises, a

"Printed for the use of the Committee on Banking, Housing, and Urban Affairs."

This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and