EDITOR’S PREFACE

PART 1. LESSONS FROM THE CRISIS

Chapter 1. Rethinking Central Banking
 Gerald P. O’Driscoll Jr.

Chapter 2. Sorting Out Monetary and Fiscal Policies
 Mickey D. Levy

Chapter 3. Learning the Right Lessons from the Financial Crisis
 Kevin Dowd and Martin Hutchinson

Chapter 4.The New Monetary Framework
 Jerry L. Jordan

Chapter 5. Liquidity Risk after the Crisis
 Allan M. Malz

PART 2. EXIT STRATEGY AND NORMALIZATION

Chapter 6. Exit Strategies from Monetary Expansion and Financial Repression
 Gunther Schnabl

Chapter 7. Needed: A Federal Reserve Exit from Preferential Credit Allocation
 Lawrence H. White

Chapter 8. The Optimum Quantity of Money and the Zero Lower Bound
 J. Huston McCulloch

Chapter 9. Normalizing Monetary Policy
 Martin Feldstein

Chapter 10. Priorities on the Path to Normalization
 Kevin Warsh

Chapter 11. Interest on Excess Reserves: The Hobie Cat Effect
 George Selgin

PART 3. MONETARY RULES

Chapter 12. Monetary Policy in an Uncertain World: The Case for Rules
James A. Dorn

Chapter 13. Reforming the Rules That Govern the Fed
 Charles W. Calomiris

Chapter 14. Improving Monetary Policy by Adopting a Simple Rule
 Athanasios Orphanides

Chapter 15. Nudging the Fed Toward a Rules-Based Policy Regime
 Scott Sumner

PART 4. INTERNATIONAL MONETARY REFORM

Chapter 16. Toward a Rules-Based International Monetary System
 John B. Taylor

Chapter 17. Some Thoughts on International Monetary Policy Coordination
Charles I. Plosser

Chapter 18. The Case for a New International Monetary System
 Judy Shelton

INDEX