Designed for advanced undergraduates in economics, this new text provides an up-to-date analysis of the practice and theory of monetary policy and discusses key models that tie in with contemporary research and policy.</p><p>The transmission mechanism of monetary policy is given particular emphasis and the book discusses the behaviour of a number of central banks, in particular the Bank of England, the European Central Bank and the Federal Reserve. The worldwide credit crunch and subsequent recession and non-conventional monetary policies such as quantitative easing are also given extensive treatment.</p><p> </p>