The Art of Monetary Policy

ENDORSEMENTS “Kristin Forbes provides a clear and compelling evaluation of central bank policy over the past 15 years. She helps us understand how monetary policymakers can use this experience to further enhance their effectiveness going forward.” —Stephen G. Cecchetti, Professor and Rosen Family Chair in International Finance, Brandeis University “Kristin Forbes provides a concise, engaging, comprehensive, up-to-date, universally relevant, and well-judged guide to the conduct of monetary policy. This book should be on the desks of central bankers around the world, while also being highly accessible to a wide general readership.” —Philip Lane, Chief Economist, European Central Bank “Blending history, strategy, and economics, Kristin Forbes offers central banks an invaluable guide to navigating uncertainty, balancing trade-offs, and securing economic resilience in the face of unprecedented global challenges.” —Pablo Hernández de Cos, General Manager, Bank for International Settlements “Kristin Forbes applies lessons from Sun Tzu’s The Art of War to central banking in these uncertain times, even as she describes masterfully the recent conduct of monetary policy. A necessary read for every budding central banker.” —Raghuram G. Rajan, Professor, University of Chicago Booth School of Business; former Governor of the Reserve Bank of India “Successful monetary policy requires judgment beyond economics. Kristin J. Forbes masterfully shows how timeless principles of military strategy can effectively guide central banking. A compelling and original contribution for all entrusted with safeguarding monetary stability.” —Thomas J. Jordan, former Chairman of the Governing Board, Swiss National Bank