The first quarter of the 21st Century was a difficult period. it covers the last few years of the Great Moderation but then the Global Financial Crisis of 2007-2008, followed by the shocks to the world economy caused by the Covid pandemic and the war in Ukraine. Written by a team of leading economists, Experiences of Monetary Policy provides a wide-ranging perspective on the evolution of monetary policy over this period in response to these developments, in general and with particular reference to some of the world's most important economies – both advanced economies and the emerging economies of China, India, Mexico, South Africa and Türkiye. It analyses what policies worked and what did not, and why. The Afterword includes a discussion on how monetary policy might develop in the future, in the light of the actions of the Trump administration in the US in its first year.

‘This book comes at a great time. Nearly forty years after central banks started to adopt the inflation targeting strategy and were granted independence, it offers overviews of what has happened. Now, however, second thoughts have emerged, partly for wrong reasons, partly because some mistakes have been made. The book offers sketches on what could happen next. This is all extremely useful for central bankers and academics.'

Charles Wyplosz - The Graduate Institute, Geneva

‘David Cobham provides a valuable service by pulling together narrative accounts of the conduct of monetary policy in major advanced and emerging economies during the first quarter of the twenty-first century, while also drawing lessons from comparative analyses of cross-cutting themes such as the role of unconventional monetary policy instruments, the development of macroprudential frameworks, the co-movement of policy rates, and the implications of rising financial integration. This book should attract a worldwide readership in central banks, universities, and financial markets.'

Philip Lane - European Central Bank